The crypto market has completely reversed its course after a week of correction and consolidation. Massive purchases have been made in the broader cryptocurrency market in recent hours, with Bitcoin (BTC) posting a solid 15% plus gains. At the time of writing, Bitcoin is trading at $43,219 levels with a market cap of $819 billion.
Bitcoin has recently been at the center of the war crisis between Russia and Ukraine, with donations from around the world to Ukrainians, in BTC. Whether today’s price hike is the start of a strong trend reversal remains to be seen. However, Bitcoin (BTC) is getting closer to its 100-day moving average (DMA). Any break up there and we could see makes a switch to its 200 DMA.
— Lark Davis (@TheCryptoLark) March 1, 2022
However, a positive indicator is that despite the massive correction and fears of the war between Russia and Ukraine, the number of Bitcoin accumulation addresses has increased. In fact, they have become quite parabolic during the month of February.
— Lex Moskovsky 🐙 (@mskvsk) March 1, 2022
On-chain data provider Santiment explains that there was a lot of FUD last week due to the news of the war and trade sentiment plunged to its lowest level since October 2020. Santiment explains:
Historically, when a week of this level of FUD and negative messages from the crypto crowd takes place, prices tend to bounce higher. Not surprisingly, this breakout happened immediately after the lowest point we’ve seen since October 2020 with weighted social sentiment.
Altcoins register strong bounce back
Along with BTC, altcoins are also showing solid movement, with all the top ten altcoins registering double digital gains. Ethereum (ETH) is up 11% and is closer to $3,000.
On the other hand, Terra’s LUNA continues its massive rally despite all odds. The LUNA price is up 24% at the time of writing and is currently trading at $87.58 with a market cap of $33 billion. On the weekly charts, LUNA’s gain is at 76%, despite the crypto market’s recent decline.
With the recent move, Terra LUNA has surpassed giants like Cardano and Solana to become the seventh largest cryptocurrency by market cap.
The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
About the author
Bhushan is a fintech enthusiast and has a good flair in understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.
This post Bitcoin (BTC) Shoots 15%, Top Ten Crypto Registry Gains in Double Digits
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