Bitcoin Dominates Altcoins During War-Torn Month Of February
2022年3月2日 - 3:00AM
NEWSBTC
Bitcoin has been rallying during the past 24-hours as the situation
in Ukraine turns for the worst. The Russian Federation continues
its attack on the Ukrainian territory. As the conflict ranges on,
other macro factors playing against Bitcoin could be mitigated, at
least, for the short term. Related Reading | Russia Can’t Rely On
Crypto As Shield From Crippling Sanctions, Analysts Say At the time
of writing, Bitcoin (BTC) trades at $43,807 with a 7.8% profit in
the past 24 hours and a 20.5% profit in the last seven days. With
the exception of Avalanche (AVAX) and Terra (LUNA), Bitcoin has
been displaying significant strength compared to the rest of the
crypto market. This could be related to the narrative around BTC,
and its capacity to operate as a safe haven in times of turmoil. 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. Followed closely by Ethereum (ETH)
with a 14.5% profit, Binance Coin (BNB) with a similar rally,
Cardano (ADA) with a 12.6% profit, and XRP with a 10.8%. As
mentioned, only AVAX and LUNA have outperformed Bitcoin. These
cryptocurrencies record a 26.4% and 85% profit, respectively, over
the same period. According to a recent report by Arcane Research,
Bitcoin was the best performing asset in February after the global
markets faced a severe correction. Driven by the uncertainty around
Ukraine and a possible rate hike in March, the price of BTC and
other risk assets suffered. Arcane Research records a 12% monthly
gain for BTC’s price at the end of February. Thus, becoming the
first month since October last year with positive price
performance. As seen in the chart, BTC’s monthly performance topped
Arcane Research’s small, mid, and large index. The latter was able
to record a 9% gain over the same period. Bitcoin Season Upon The
Market? Why Altcoins Could Lag As a consequence of recent macro
developments, Bitcoin has increased its dominance over the crypto
market. Up almost 4% since January, this metric stands at 43% and
could see more gains if the situation in Ukraine extends. Only
Ethereum (ETH) comes close to a similar percentage in terms of
market dominance with 18.23%. Followed by Binance Coin (3.54%), XRP
(1.93%), LUNA (1.75%), Bitcoin remains king in the crypto market.
The armed conflict in Europe could benefit risk-on assets if the
U.S. Federal Reserve (FED) decides to delay its plans to increase
interest rates. Thus, giving more terrain for a relief bounce for
BTC and other cryptocurrencies. A decision on interest rates should
be announced in the coming weeks, so far, investors seem
optimistic. On the other hand, BTC’s price has some obstacles in
the short term. Related Reading | Bitcoin As Safe Haven Asset On
The Spotlight As BTC Crosses $43K Data from Material Indicators
records significant resistance at $45,000, $46,000 and $48,000. In
total there are over $30 million in asks orders sitting at those
levels. This suggests BTC’s price could have a tough time breaking
above those levels for the time being.
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