Today, the larger cryptocurrency market is showing signs of a robust 5 percent recovery. Bitcoin (BTC) has rallied up 7% to $41,500 levels in an unexpected move. The recent rebound comes after a period of high market volatility in recent weeks.
The anticipated executive order from the Biden administration appears to have already received a thumbs up from the market. Given the current geopolitical situation resulting from the ongoing Russia-Ukraine military crisis, Bitcoin and the entire crypto market can play a critical role.
Commodity prices have been rising recently, with gold taking centre stage. Risk assets, such as Bitcoin and stock, have, on the other hand, experienced significant losses. However, according to Santiment, an on-chain data provider, crypto debates are picking more steam.
🥇🥈 In spite of #gold, #silver, and #preciousmetals being the dominant sector thus far, there haven't really been signs of an uptick of discussion on #crypto platforms. This is a good sign, as we have historically seen $BTC drop if they get popular. 😌 https://t.co/FAMuMKV7xE pic.twitter.com/3ozOy5xWs4
— Santiment (@santimentfeed) March 8, 2022
Private cryptocurrencies such as Bitcoin, according to DBS Holdings Group Ltd. Chief Executive Officer Piyush Gupta, will continue to emerge as a major store of value. He continued, ”
Regulators and politicians “will be hesitant to relinquish control of monetary policy and economic management tools, and hence will be cautious about allowing private money to grow.” Having said that, I believe that private money (crypto) will continue to expand as a valuable store of value in the same way that gold does now.”
Terra’s LUNA is leading the way in altcoins.
The altcoin market is bouncing back in a similar way to Bitcoin. Ethereum (ETH) is up 6% and is presently trading at $2,708 with a market capitalization of $324 billion dollars.
With a healthy 18 percent rise, Terra’s LUNA is leading the altcoin market boom. At the time of publication, LUNA was trading at $94. LUNA has also demonstrated excellent durability throughout recent market volatility, resulting in strong returns for investors. Analysts predict that LUNA will break through $100 and set a new all-time high.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.