The cryptocurrency market showed signs of recovery on February 20, bouncing back from recent losses. Bitcoin (BTC) managed to sustain levels above $97,000, while major altcoins, including Ethereum (ETH), Ripple’s XRP, and Solana (SOL), posted gains between 1% and 6%.
Despite nearly $300 million in liquidations the previous day, investors remain optimistic about a sustained bull cycle.
Bitcoin leads the charge
BTC saw a 1.5% uptick, trading at $97,090 at the time of reporting.
The cryptocurrency fluctuated between $95,019 and $97,364 intraday.
Market sentiment received a boost following a Bitcoin reserve bill proposed by Montana’s House Business and Labor Committee.
However, BTC’s dominance dipped slightly to 60.12%, indicating stronger momentum in altcoins.
Ethereum follows with 2% gains
ETH climbed 2% to $2,742, tracking the broader market’s upward trend. It touched a low of $2,666 and a high of $2,750 within 24 hours.
Exchange-held ETH supply hit a record low of 6.38%, signaling increased accumulation by large investors.
Notably, whales scooped up $2.5 billion worth of ETH during the recent downturn, hinting at a potential rally.
XRP and SOL surge
XRP experienced a sharp 6% increase, trading at $2.70.
Its daily range extended from $2.52 to $2.74.
Market optimism stemmed from speculation surrounding a potential resolution to the ongoing XRP lawsuit against the US Securities and Exchange Commission (SEC).
Additionally, the SEC’s acknowledgment of WisdomTree’s Spot XRP ETF filing fueled bullish sentiment.
XRP futures open interest rose by 7% to $4.09 billion.
SOL advanced 4% to $174, rebounding from an intraday low of $163.96.
The price movement came amid ongoing concerns over meme coin congestion on the Solana network.
However, growing SOL staking activity suggested renewed investor confidence.
Meme coins join the rally
Dogecoin (DOGE) climbed 2% to $0.2567, while Shiba Inu (SHIB) gained 3% to $0.00001559.
PEPE and TRUMP tokens also surged between 3% and 5%, closing at $0.000009595 and $17.10, respectively.
The meme coin segment continued to move in sync with the broader market recovery.
Top gainers and losers
Biggest gainers:
- Story (IP): +35% ($2.89)
- Aptos (APT): +20% ($6.95)
- Bittensor (TAO): +20% ($445.86)
Biggest losers:
- Movement (MOVE): -5% ($0.4844)
- Toncoin (TON): -2% ($3.58)
- Bitget Token (BGB): -2% ($4.80)
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