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Buoyant bitcoin helps market cruise past $2 trn-barrier

Buoyant bitcoin

Buoyant bitcoin helps market cruise over $2 trn-barrier

Buoyant bitcoin – Crypto appears to have the wind in its sails as the first quarter comes to a conclusion. It has surpassed the $2 trillion mark and is proving remarkably durable in the face of global instability. 
 
Bitcoin, the market leader, broke over the restricted $34,000-$44,000 band it had traded in for much of 2022 with a high of $47,765. It has recovered 18 percent since a low of just about $40,000 on March 21. 
 
Its relative stability, at least in comparison to recent performance, contrasts with stock markets, traditional currencies, and even safe-haven gold, all of which have been shook by the Russian invasion of Ukraine and the Federal Reserve’s tightening. 
 
Bitcoin’s jitteriness has recently subsided. 
 
According to futures trading site Coinglass, its 30-day volatility is around 4%, which is about two-thirds of what it was in June 2021. On March 16, the highest rate of the year was 4.56 percent. 
 
Bitcoin’s deviation from its own normal levels is measured in this way, and it continues to have huge swings, such as a 17 percent increase on March 1. However, it is significantly less volatile than it was in 2021, when it could fluctuate up to 40% in a single day.

Buoyant bitcoin

In example, the Nasdaq, which is heavily weighted in technology, has swung 5-6 percent on several occasions in 2022, and was down 20% for the year as of March 14, before rallying to reduce half that loss. 
 
“The largest conflict we’ve seen in Europe since World War Two has truly rocked global markets,” said Pierce Crosby, General Manager of New York-based charting platform TradingView. 
 
“What we’ve seen across other key assets is a massive fallout – from both US and worldwide equity markets,” he continued. “Bitcoin has more or less maintained in a relatively narrow range… but it’s actually very positive in terms of relative strength.”

CoinMarketCap

According to analytics firm CoinMarketCap, the entire value of the cryptocurrency market surpassed $2 trillion on Friday. To put that in perspective, on Nov. 10, when bitcoin topped $69,000, the market momentarily reached $3 trillion. 
 
The sluggish ascent back beyond $2 trillion has been aided by a proliferation of coins and tokens – the number of coins and tokens counted by CoinMarketCap has increased by nearly 5,000 since November to 18,511 cryptoc. 
 
Before the temperamental cryptocurrency left them splayed in the financial dust, many a crypto trader felt they could predict bitcoin’s destiny. 
 
“While bitcoin remains strong in the short term, higher oil prices increase the chance of a recession in the next year or so,” said Marcus Sotiriou, an analyst at GlobalBlock, a UK-based digital asset trader. 
 
“Oil prices have risen by about 25% in the last six days alone, and bitcoin bulls will be hoping to see this trend continue.” 
 
Other technical indicators, on the other hand, hint to bitcoin bullishness.

Coinglass and Chainalysis

Coinglass‘ longs-to-shorts ratio has also risen to 1.1, the highest level in at least four weeks, from 0.95 on March 20. 
 
According to Chainalysis, a growing percentage of bitcoin – nearly 60% of total supply – is being held for more than 52 weeks, up from 54.72 percent in the previous 25 weeks. 
 
According to Chainalysis, a growing percentage of bitcoin – nearly 60% of total supply – is being held for more than 52 weeks, up from 54.72 percent in the previous 25 weeks. 
 
However, Ashwath Balakrishnan, vice president of research at Delphi Digital in Bengaluru, cautioned that determining a long-term market trend was challenging. 

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