Cryptocurrency Market Gains $25.7B In 24 Hours As It Recovers From Massive Sell-Off

The cryptocurrency market added nearly $21 billion in the 24 hours up to Friday 1:30 a.m., in a show of recovery following a market-wide sell-off over the past week.

The cryptocurrency market recovered even as stocks continue to battle the novel coronavirus (COVID-19) outbreak.

The world's apex work currency Bitcoin (BTC) traded 17.39% higher at $6,228, according to CoinMarketCap data. The cryptocurrency had dropped as low as $4,106.98 on March 13 and is still trading significantly lower than the price it opened this year, at $7,194.

Other cryptocurrencies followed suit with Ethereum trading 18.36% higher at $139.12. XRP (XRP), the asset backing the Ripple payment network, added 11.60% at 16 cents.

BTC hard fork Bitcoin SV made the largest gain among the top 20 cryptocurrencies. It added 38.12% at $167.32.

As the wider cryptocurrency market made a recovery, stablecoins held back.

Stablecoins are aimed at trading at a fixed price, with their value tied to a fiat currency or other stable assets.

The currencies typically surge when investors scramble to move their cryptocurrency assets to a safer position without needing to convert them to fiat currencies and drop when the investments are changed back to other assets.