Monero tops the list of coins with the highest increase in price

The cryptocurrency market seems to be slowly recovering as the price of many types of cryptocurrencies has risen by 5-10 percent.

Leading the price surge was Monero, which has increased in price by nearly 13 percent over the past 24 hours, trading at $113.34. 

Over the past few days, the privacy-enhanced coin has been battling for the 9th spot in the ranking of the best cryptocurrencies with Cardano (ADA) coin, and now looks set to retain this position. Even Ethereum, which was experiencing one of the worst declines in its history, is up almost 11 percent today. It is slowly making its way towards $200, currently trading at $199.22.

Bitcoin (BTC) is one of the weaker contenders in this recent market rally, with its price up just 2%. However, the coin managed to break through the key resistance level at $6,400 and now looks set to continue its upward move.

Stellar (XLM) and Litecoin (LTC) prices also rose 9 percent, while XRP, EOS, and BCH were up just 5 percent, lagging the pack by a significant margin.

What drove the sudden altcoin rally is unclear, although it may have something to do with Ethereum mining recently became unprofitable, causing many miners to stop mining operations and reducing hash difficulties. This will increase the rate at which coins will be mined and, as a result, increase the price of Ethereum.

The market stabilized just as the decline nearly broke the record of 2014, in which the total market value of altcoins fell by 86 percent in 266 days, almost the same percentage and time scale as now. After declining in 2014, the market recovered by more than 100 percent in the following months.