Crypto Market Cap Rebounds, Reaches $2 Trillion
02 Marzo 2022 - 09:46PM
NEWSBTC
The crypto market has experienced a sudden surge in value, with
Bitcoin’s price climbing near $45K to bring market capitalization
back over two trillion dollars. It’s been a fantastic week for
cryptocurrency. Over the past week, Bitcoin’s price has risen 14%,
while Ethereum (ETH) gained 12%. The cryptocurrency market
continues its recent notice by raking in more than $2 trillion. One
of the most popular and successful coins has been Terra’s LUNA,
which climbed nearly 70% over the last week. Related Reading |
Bitcoin’s Price Up $10K As Crypto Is Predicted To Breach $100K In 5
Years Solana’s SOL has appreciated in value this week, gaining
18.5%. Other tokens such as Avalanche’s AVAX and Polkadot’s DOT are
also seeing increased appreciation, with Avax rising 16% while the
latter growing nearly 13%. Bitcoin is now the most valuable
currency in terms of market capitalization, surpassing Russia’s
rapidly deteriorating ruble. The price for one bitcoin has
increased to $45,000 and reached the market capital at around 835
billion U.S., while its Moscow-based competitor only commands 625B
USD today. Analyst Reviews On Crypto Market According to Marcus
Sotiriou, an analyst at UK-based digital asset broker GlobalBlock,
with Bitcoin’s big move, it seems that the cryptocurrency has
decoupled from stock markets. The markets have been on an
incredible tear this week! And it looks like they could be heading
for a potential decoupling from stocks. This would mean that in the
short term, at least–with long-term implications still up in the
air. The current crypto market outlook is eerily reminiscent of
March 2020. However, it feels like we’re in for another significant
uptick, with Real Vision CEO Raoul Pal predicting “a lot more
collaboration” from within the industry soon enough. Raoul Pal
tweeted when Bitcoin broke above $44,000; Back then, we threw the
worse possible news at it (a pandemic and a global shut down), and
it fell very sharply but failed to make a new low. Related Reading
| Bitcoin Taker Buy/Sell Volume Shows “Buy” Signal As BTC Gears Up
For Rally The Ukraine war, higher rates, and surging oil have
created a perfect storm for cryptocurrencies. While the future may
be bright with new opportunities emerging from this time of chaos
in investors’ eyes – Pal thinks Bitcoin failed to make another low
suggests “macro might get more positive.” However, he also urged
caution, noting that the end of this tech sell-off could ignite a
fresh collapse in crypto. Power Of Borderless Currencies This week,
the power of borderless assets like Bitcoin and Ethereum was on
display. When people fleeing Ukraine turned to digital currency for
financial support. As a reminder, DeFi solutions such as
non-custodial wallets can be crucial in times like these. They
allow those without formal funds access regardless of where they
are located or what government may rule them out from receiving
traditional help altogether. With Ukraine’s move to ask for crypto
donations, the process of adopting this new and exciting asset
class is set into motion. So naturally, you could say that its
price has been growing steadily ever since. Featured image from
Pixabay, Chart from TradingView.com
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