The broader cryptocurrency market is once again making a solid 5% recovery today. In a surprising move, Bitcoin (BTC) has bounced back 7% to $41,500 levels. The recent rebound comes after the last few weeks of strong volatility in the market.
It seems the market is already giving a thumbs up to the forthcoming executive order from the Biden administration. Bitcoin and the entire crypto market can play a very important role given the current geopolitical situation arising from the ongoing war crisis between Russia and Ukraine.
Commodity prices have recently risen, with gold taking center stage. On the other hand, risky assets such as Bitcoin and stocks have had major drawbacks. However, according to the on-chain data provider Santiment, crypto discussions continue to grow.
🥇🥈 Despite #gold† #silverand #precious metals as the dominant sector so far, there are no real signs of a revival of the discussion about #crypto platforms. This is a good sign, as we have historically seen $BTC drop when they become popular. 😌 https://t.co/FAMuMKV7xE pic.twitter.com/3ozOy5xWs4
— Santiment (@santimentfeed) March 8, 2022
In its latest report dated Wednesday, March 9, DBS Holdings Group Ltd. Chief Executive Officer Piyush Gupta said private cryptocurrencies like Bitcoin will continue to emerge as a meaningful store of value. He added:
Regulators and politicians “will not be eager to relinquish control over monetary policy and economic management tools, and will therefore be very wary of growing private money. That said, I think private money (crypto) will continue to grow as a meaningful store of value, much like gold is today.”
Altcoins tracking with Terra’s LUNA leading
The bounce back in the altcoin space is quite similar to that of Bitcoin. Ethereum (ETH) is up 6% and is currently trading at $2,708 levels with a market cap of $324 billion.
Terra’s LUNA leads the altcoin market rally with a solid gain of 18%. At the time of writing, LUNA is trading at $94. In addition, LUNA has also shown strong resilience during the recent market turmoil, providing investors with strong returns. Analysts expect LUNA to move past $100 and potentially hit a new all-time high.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or 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 7% Back Above $41,000, Terra’s LUNA Leads Altcoin Rally
was published first on https://coingape.com/bitcoin-btc-shoots-7-back-above-41000-terras-luna-leads-altcoin-rally/