Crypto Market Rebounds: Bitcoin Tops $97K, Altcoins Surge Amid Optimism

The cryptocurrency market demonstrated 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 remained optimistic about a sustained bull cycle.

Bitcoin led the charge, with 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 followed with 2% gains, climbing to $2,742 and 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 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.

Solana (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 joined the rally, with Dogecoin (DOGE) climbing 2% to $0.25