The cryptocurrency sector has experienced minor volatility over the past 24 hours, with its total market capitalization remaining stable around the same level observed yesterday. However, certain alternative coins have shown notable gains, while Bitcoin (BTC) continues to trade well above $97,000.
BTC Remains in Green Territory
The leading cryptocurrency, Bitcoin, did face some challenges this week, slipping briefly below $95,000 on February 12. This decline followed the US Bureau of Labor Statistics’ release of the January Consumer Price Index data, which indicated an inflation rate that surpassed expectations, triggering a downward trend in the overall crypto market.
In response, bullish sentiment returned quickly, leading to a recovery that saw Bitcoin’s price escalate to $98,000. Following some fluctuation in the subsequent days, BTC managed to inch higher, recently peaking at around $98,700. It is currently trading at approximately $97,600, marking a 1% increase in the past day.
Bitcoin’s market capitalization has now reached $1.93 trillion, maintaining its dominance over alternative coins at approximately 59.6%, according to CoinMarketCap data.
Mantra (OM) Leads the Altcoin Pack
Among the alternative cryptocurrencies, several have notably outperformed Bitcoin in terms of daily gains. One standout is Mantra (OM), which has surged by 35% to achieve a new all-time high of $7.90.
Another significant performer is Ripple’s XRP, which has increased by 8% in the last 24 hours, hitting a two-week high of $2.82. This impressive rally appears to be driven by the US SEC’s recent decision to accept 21Shares’ application to convert its XRP Trust into an exchange-traded fund (ETF).
Other cryptocurrencies that have seen respectable upticks include Chainlink (LINK), Dogecoin (DOGE), and Shiba Inu (SHIB). Conversely, Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Cardano (ADA) have experienced slight declines.
Currently, the total cryptocurrency market capitalization hovers around $3.24 trillion, reflecting a modest increase of 0.3% for the day.
