Crypto Market Rebounds (March 5): Bitcoin Soars to $87K, ETH, SOL, XRP Gain Momentum
On Wednesday, the cryptocurrency market displayed a strong recovery following a turbulent period triggered by the introduction of fresh U.S. tariffs on Canada, Mexico, and China. Bitcoin (BTC) climbed over 4%, reaching $87K, while Ethereum (ETH), Solana (SOL), and XRP saw gains ranging from 4% to 7%. This recovery has reignited investor confidence after the sector experienced a notable decline.
Crypto Prices Rebound: BTC, ETH, XRP, and SOL Recover Recent Losses
The total cryptocurrency market capitalization surged by approximately 4.5% in the past 24 hours, reaching $2.89 trillion. Meanwhile, liquidations cooled down, dropping below $500 million after surpassing $1 billion the previous day, according to Coinglass. The market’s ability to absorb the impact of Trump’s tariff announcement has alleviated concerns about a potential trade war’s effect on digital assets.
Bitcoin Touches $87K Again
Bitcoin’s price jumped nearly 4% in the past 24 hours, trading around $87,400. The digital asset moved between an intraday low of $81,529.24 and a high of $88,911.27. The price increase coincided with Metaplanet, a Japanese company, purchasing 497 BTC worth $43.9 million, further supporting bullish sentiment.
Ethereum Rises Over 4%
Ethereum saw a 4% increase, trading at $2,159. It fluctuated between an intraday low of $1,996.77 and a high of $2,220.36. A key market highlight was Crypto Rover’s report revealing that former U.S. President Donald Trump owns more than $500 million in Ethereum, fueling speculation regarding crypto’s future in U.S. economic policies.
XRP Jumps 7%
XRP recorded an impressive 7% rise, reaching $2.44. The coin traded within the range of $2.29 to $2.52 intraday. The surge comes amid reports of whale activity, with large investors accumulating 1 billion XRP tokens during the market dip.
Solana Climbs Above $140
Solana followed the market trend, increasing by nearly 5% to trade at $142. The asset’s lowest and highest prices in the past 24 hours were $131.57 and $146.40, respectively, reflecting its strong performance during the rebound.
Meme Cryptos Show Steady Gains
Dogecoin (DOGE) advanced by 4% to $0.1995, Shiba Inu (SHIB) rose 3% to $0.00001293, and Pepe Coin (PEPE) gained nearly 1% to reach $0.000006945.
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