The cryptocurrency market is recovering from the losses caused by the CFTC lawsuit against Binance and CZ, with Ripple’s XRP surging for several consecutive days and Bitcoin’s price reclaiming $28K and surging beyond it.
The entire market is experiencing gains over the past 24 hours, with most cryptocurrencies charting considerable increases.
Bitcoin’s Price Surges Above $28K
Following a couple of questionable days of price action due to the CFTC lawsuit against Binance and CZ, the green is back in the cryptocurrency market. At present, BTC is trading above $28,500, experiencing a 6% increase within the last 24 hours, erasing most of the losses caused by the CFTC lawsuit.
BTC rose to a high of $28,650 before retracing slightly to its current level of trading on Binance.
Altcoins Experiencing Gains, XRP Leading the Rally
XRP is the best performer among the major cryptocurrencies, rising almost 20% over the past day and aiming for the $0.60 level. Currently, XRP trades at around $0.57.
As shown in the heatmap above, all of the major coins are experiencing gains today, with MASK from the top 100 leading the market with a 24.6% increase. Conflux’s CFX follows with a 21.2% gain, and Kaspa’s KAS with a 20% increase. Interestingly, all other cryptocurrencies from the top 100 are in the green today, except for Huobi Token (HT), which is down slightly by 0.2%.
The sentiment across the broader market remains in a state of “greed,” albeit slightly more modest compared to yesterday.