The broad crypto market sees strength, registering a 5% recovery within the past day. A surprise move had Bitcoin bouncing back 7%, climbing past the $41.5K mark. The ongoing uptrends come after the market saw massive volatility last week.
It appears the market is responding well to the coming executive order by the Biden administration. Meanwhile, BTC and the entire crypto spectrum might be vital in the ongoing geopolitical situation as Russia extends its attack on Ukraine.
Recent times had commodity prices climbing, with Gold dominating the stage. However, risks assets such as equity and Bitcoin suffered massive declines. Meanwhile, data from Santiment shows cryptocurrency discussions on the rise.
On 9 March, DBS Holdings Group CEO Piyush Gupta stated that private cryptos like BTC would remain a lucrative store of value. He added that politicians and regulators would be unwilling to surrender control of economic management tools and financial policy, therefore letting private cash prosper. Gupta believes private crypto will grow as a significant store of wealth like Gold.
Altcoins Surge; LUNA Leads the Pack
The altcoin market bounced back as Bitcoin recorded impressive actions within the past day. The 2nd-largest digital coin, Ethereum, gained 6%, changing hands at $2,708 at this writing. Moreover, the leading alt has a market cap of $324 billion.
Terra’s LUNA leads the altcoin rally, surging a whopping 18% within the previous 24 hours. While publishing this blog, LUNA traded at $94. Also, Terra showed resilience when the crypto market experienced the latest turmoil. That way, LUNA investors accumulated solid returns. For now, analysts expect Terra to climb above $100 and potentially hit new ATH.
Despite the promising upswing, Bitcoin remains far from recouping the 2 March highs of $45,332. Nevertheless, the crypto’s market cap hovers around $788 billion. Bulls plus lucrative market sentiment remain crucial for Bitcoin’s climb towards the $45K value level.
Meanwhile, Monero (XMR) re-enters the top 40 cryptos by market cap, following a staggering 26% upsurge.
Analysts believe the market is ready for bullish moves in the upcoming weeks, predicting massive actions to reclaim vital price levels.
Stay tuned for crypto updates.