February has brought a breath of fresh air for crypto investors who were made to endure January, Bitcoin’s worst outing since 2018. Over the weekend, the crypto market enjoyed its biggest rally since November 2021.
The rally saw the global crypto market cap gain over $200 billion to briefly touch $2 trillion for the first time since January 20. On Friday morning, the global crypto market was capped at $1.73 trillion but now holds $1.928 trillion.
The one-month chart of the global crypto market. Source: Tradingview
Relief for Bitcoin and Ethereum
Bitcoin led the charge, amassing 15% since Friday, February 4. Bitcoin opened for trade on Friday at $37,149 but now trades at $42,680.
The price chart of Bitcoin (BTC) since Friday. Source: Tradingview
The rally also saw Ethereum trade above the $3,000 mark for the first time in more than two weeks. Opening February 4 valued at $2,681, Ethereum now trades at $3,080, gaining more than 15% over the last three days.
The three days price chart of Ethereum (ETH). Source: Tradingview
Dogecoin and Shiba Inu (SHIB), Ripple’s XRP Shows Massive Comeback
While all the top 50 altcoins are trading in the green, with the exclusion of THETA, meme coins remained the stars of the market rally.
Over the last 24 hours, Shiba Inu (SHIB) has gained more than 22%, to hit $0.00002768, while Dogecoin has gained 7% in the same period.
The 24 hours price chart of Shiba Inu (SHIB). Source: Tradingview
In the last 24 hours, XRP has gained 15% and now trades at $0.7655 – its highest price since January 18.
On the Flipside
- Despite becoming a $2 trillion industry, some still suggest that cryptocurrencies could still be a bubble waiting to burst.
Why You Should Care
The crypto rally is a much-needed breath of fresh air for investors and has helped markets move out of fear into the neutral zone on the Fear and Greed Index.
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