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.
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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.
Bitcoin is 1.5% down today | Source: BTC/USD chart on Tradingview.com
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.
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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