Bitcoin surged to $44,000 overnight on March 1 after a Monday rise produced surprising results. Bitcoin has gone on a tear in the last day or so, gaining over $6,000 and breaking beyond $40,000 for the first time since the Russian-Ukraine conflict began. The majority of altcoins saw significant gains as well, with Ethereum approaching $3,000 and Terra erupting by 20%.
Bitcoin See Trading Volume Rise
BTC/USD reached $44,250 before stabilising, according to data from TradingView, and was remained above $43,000 at the time of writing.
Analysts had been struggling to predict what Bitcoin price movement will do next against a highly uncertain macro backdrop, a mindset that persisted as local highs surfaced.
The bitcoin market was impacted by Russia’s decision to conduct a special military campaign against Ukraine. Bitcoin was trading about $39,000 before plummeting $5,000 to just over $34,000 on a monthly basis.
When the West announced that it would not become directly involved in the conflict, BTC began a rapid recovery and regained all of its lost value in hours. Furthermore, the asset continued to rise and was even challenged for $40,000 a few days later.
Crypto liquidations chart. Source: Coinglass
While initially unsuccessful, the asset was able to reclaim that desired level yesterday, according to reports. It rose further, reaching $44,000 for the first time since February 17, resulting in nearly $300 million in holdings liquidated, according to CoinGlass.
Yesterdays #BTC trade we took with the group.
Didn’t expect it to run that hard tbh. Would have raised TP probably because I think it can do 1 more leg up before some correction. Red box was for the entire move, now 1 more (smaller) leg to go imo.
Nice, quick profit 👍 pic.twitter.com/1suDz8pk7p
— Crypto_Ed_NL *not asking to send DM’s* (@Crypto_Ed_NL) March 1, 2022
Pentoshi, a well-known trader and analyst, predicted that even more triggers would be added to the macro mix in the month of March.
He told his Twitter follower:
“Want to state, March is a month of massive variables,”on the day. So I think day to day approach is best. There is a lot going on in the world right now. It’s anyones guess. I’m leaning towards yearly open still, but after that it’s wait and see.”
Despite taking a more bullish stance in February, he stated that he “did not see coming” the amount of Bitcoin’s quick rise.
BTC/USD surges to $43k. Source: TradingView
Apart from the ongoing Russia-Ukraine conflict, the Federal Reserve of the United States is expected to make a decision on key interest rate hikes later this month. The consumer price index (CPI) data for the United States is due on March 10.
Altcoins On Green
Altcoins, meanwhile, went all-out on the offensive. Ethereum has risen by 11% and is now trading at $2,900. It’s worth mentioning that when the battle broke, the second-largest cryptocurrency dropped all the way to $2,200.
Binance Coin is up 12% and now trades at over $400. Ripple, Cardano, Solana, Avalanche, Polkadot, Dogecoin, and Shiba Inu are also doing well.
Terra, with a gain of about 20%, is the most significant gainer among the larger-cap alts. As a result, LUNA is trading at $90.
Waves (40 percent), THORChain (24 percent), NEAR (22 percent), Theta Network (18 percent), NEO (16 percent), Fantom (16 percent), JUNO (15 percent), Oasis Network (15 percent), and a slew of other coins have all pumped their prices.
Since yesterday, the crypto market valuation has increased by nearly $200 billion, and it now stands at $1.9 trillion.
Featured image from Pixabay, Chart from TradingView.com, and CoinGlass