Cryptocurrency prices went up just as Bitcoin pushed past $45,000, up more than 15% since March 11. The world’s biggest cryptocurrency was trading at $46,831.53 in the early hours of Monday. With the fresh gains, the coin is now up about 0.6% for the year. The global cryptocurrency market capitalization today is $2.19 trillion, a 4.0% change in the last 24 hours. Total cryptocurrency trading volume in the last day is at $98.2 billion, with Bitcoin dominance at 40.6% and ethereum dominance at 18%, according to CoinGecko.
Ethereum was trading at $3,298.46, gaining 4.7% in the last 24 hours, while Dogecoin was trading at $0.148578, gaining a whopping 8.3%. While Shiba Inu went up 5.4% and Solana went up 4.3% and was trading at $106.44 in the last 24 hours.
This comes at a time when Bitcoin’s gains since mid-March — even as Russia’s war in Ukraine dragged on — on also bolstered it versus gold, its traditional safe-haven rival, which traded sideways during the period, according to Bloomberg report. If Bitcoin can keep breaking through “in a meaningful way,” it should gain a lot of upside momentum, said Matt Maley, chief market strategist at Miller Tabak + Co.
Bitcoin has been stuck in a tight path as the Federal Reserve and other central banks remove some of the stimulus measures they put in place in response to the pandemic downturn. That means there’s less cash to go toward riskier assets, including crypto. In addition, digital currencies came under scrutiny with speculation swirling that they could be used to skirt Russian sanctions, though many analysts rebuff that claim, as per Bloomberg report. Still, Bitcoin rallied this month alongside broader increases in U.S. stocks.
Though crypto assets under management grew in March, aggregate trading volumes fell 30% to $259 million, the fifth consecutive month that they failed to break this downward trend, according to a report from CryptoCompare.
Bitcoin was well above its 50-day moving average, which currently sits around $41,085. That puts it around the 80th to 90th percentile and in the “overbought” range, according to Bespoke Investment Group. But, though that signals potential for a downturn in price for many assets, with Bitcoin it’s historically been the opposite.
(With inputs from agencies)
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