Bitcoin is rallying as Ukraine’s situation becomes worse. Russian Federation is continuing its assault on Ukrainian territory. The conflict is still in its early stages, but other factors which could impact Bitcoin’s performance may change.
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Bitcoin (BTC), currently trading at $43,807, has a 7.8% profit over the past 24hrs and a 20% profit over the last seven days.
Avalanche, Terra and LUNA have all been absent from Bitcoin’s performance. The narrative surrounding Bitcoin and its ability to function as a safe refuge in times when there is turmoil could explain this.
Of the top 10 cryptocurrencies by market cap, only Solana (SOL) is close to BTC’s price performance for the past week with an 18.5% profit, at the time of writing. Following closely are Ethereum (ETH), with a 14.5% profit and Binance Coin, (BNB), with a comparable rally. Cardano, with a 12.6% profit, XRP, with a 10.8%.
AVAX, LUNA and Bitcoin have both outperformed them. Over the same time, these cryptocurrencies have a profit of 26.4%, and 85%, respectively.
Arcane Research recently reported that Bitcoin emerged as the top performing asset after the severe correction in global markets. The uncertainty surrounding Ukraine, as well as a potential rate rise in March caused a drop in the value of BTC and risk assets.
Arcane Research records a 12% monthly gain for BTC’s price at the end of February. This is the first positive month since Oct last year.
As seen in the chart, BTC’s monthly performance topped Arcane Research’s small, mid, and large index. Over the same time, however, it was able record an increase of 9%.
Bitcoin Season upon the Market Altcoins: Why they could fall
Due to recent macro developments, Bitcoin’s dominance has grown. This metric is up almost 4 percent since January and stands at 43%. It could gain more if Ukraine’s situation improves.
Ethereum (ETH), which has 18.23% market dominance, is the closest to a comparable percentage. Binance Coin (3.54%), XRP (1.93%) and LUNA (1.75%) are close behind. Bitcoin is still the king of crypto markets.
If the U.S. Federal Reserve decides not to raise interest rates, then Europe’s armed conflict could be a boon for risk-on assets. This will allow for more relief for BTC or other cryptocurrency.
Investors seem to be optimistic that a decision regarding interest rates will come in the next few weeks. On the other hand, BTC’s price has some obstacles in the short term.
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Material Indicators’ data records substantial resistance at $45,000-46,000, and $48,000 respectively. These levels have more than $30 million worth of asks orders. This suggests BTC’s price could have a tough time breaking above those levels for the time being.
