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Bitcoin might have been struggling over the past few months to pick up any positive traction, but it has seen a nearly 17% gain in daily trading as the stock market flashes green despite political strife with geographical tension remaining consistent in the Euro region.
Over the course of the past 24 hours, Bitcoin has experienced a low of $38,063.91 USD and shot up to see $44,504.81 USD. The daily trading value is looking at a 16.6% increase, bringing the rest of the crypto market into the green too.
Wall Street stocks find stability
Despite the political tension with the Russian invasion of Ukraine, the United States stocks have bounced back and found some stability. The Russian central bank, facing a ban on transactions across the globe, has not seemed to rattle the US stock prices too significantly. The S&P 500 is looking at a modest 1% dip at the time of writing, with the Fed saying that it might step in with reserve funds to mitigate volatility in the market with Russian sanctions.
The cryptocurrency industry keeps a strong trajectory
As Bitcoin has broken the $44,000 USD mark, a point of resistance according to analysts, it might maintain a bullish position moving into short-term trading. This comes after a fairly stable weekend without too much volatility. As the new month enters, investors are watching to see whether the cryptocurrency can pick up a positive trend after three months of closing on a decline.
The crypto altcoin market this week
Moving into the new month, the leading altcoins are all facing green as the market climbs.
Ethereum (ETH) price
Ethereum experienced a daily low of $2,619.70 USD, compared to its high price over the past 24 hours of $2,973.87 USD. At the time of writing, it’s looking at a 13% increase in daily trading values. While the short-term trading values are bullish, derivatives data indicates that pro investors are cautious about buying ETH. The value of the token sits at a 24% dip for the year, with issues of network fees and high transaction costs being a point of longer-term concern for traders. The network is working on upgrading the protocol to vastly reduce the costs involved in building and transacting on the network, but there have been concerns in the community that gas fees and transaction costs might remain high.
Binance Coin (BNB) price
Over the past 24 hours, BNB saw its lowest trading value at $364.40 USD, compared to its highest at $416.92 USD. At the time of writing, it’s looking at a 12.2% increase in daily trading values. Binance Coin is an exchange-based token created by Binance, one of the leading cryptocurrency exchanges.
Terra (LUNA) price
Terra, one of the emerging decentralized payments protocols, has had a particularly good day in the cryptocurrency market. Ranging from a low of $74.96 USD to a high trading price of $94.08 USD, Terra has tagged an increase of over 20% in the past day’s trading. As a stablecoin, Terra recently surged by over 75% as tokens were burned to stabilise the token’s price. The burn, decreasing the supply, increased the price over the market.
While the market might be green currently, there is no certainty whether it will hold bullishly or whether it will retrace. With geopolitics, correlating trends with the tech stock, and uncertainty in the global market, there are possibilities that this could be a rally or a surge before a crash. According to crypto analyst, Michaël van de Poppe, the market might pick either direction this week. He noted:
I honestly, honestly, don’t know what to expect this week from the markets.
Slightly in favor of higher for risk-on assets, but it’s an equal bet almost.
— Michaël van de Poppe (@CryptoMichNL) February 28, 2022