Bitcoin (BTC)CryptocurrencyCryptocurrency ExchangesPrice Analysis

Bitcoin-Ruble Trade Volumes Soars Adding $200 Billion to Crypto Markets after Sanctions

Bitcoin rose by more than $6000 and broke above $40000 since war broke out between Russia and Ukraine. The coin’s strength in the past couple of days has been impressive as no one saw it coming as a result of events of the past few days and downtrends in the crypto market. A lot of altcoins equally gained some substantial growth as Ethereum got close to $3000 in increase while Terra exploded by 20%.

Bitcoin on a 12-Day Roll of High

Russia’s decision on a military campaign in Ukraine has succeeded in influencing the price of Bitcoin and the cryptocurrency market generally upward, though unplanned. Bitcoin, at a point, traded at $39000 before it shrank further by $5000 to sell at a monthly low of $34000.

But when Western countries declared that they were not going to get directly involved in the war, it gave some impetus to the digital asset to gain its quick recovery, and it regained most of its lost values in a matter of hours. Notably, the coin kept hiking and upward and challenged $40000 some days after.

Following its first unsuccessful attempt, Bitcoin practically managed to recover that highly craved level on Monday, as reported by the media. It maintained an upward trajectory and slightly hit the $44000 level for the first time since it fell off on the 17th of February. This brought about a $300 million liquidity position.

At the time of putting this piece together, Bitcoin sells at about $43500, and it has a market capitalization of more than $800 billion. Coincidentally, the asset’s increase is coming at a time when it is said that Russians are increasing their demand for digital assets as the local trading volumes reach new levels. Russians are trying to find their way around the various sanctions imposed on their country by the West over Russia’s invasion of Ukraine.

Explosion in Altcoins

Like what is going on with Bitcoin, Altcoins are also going hard on the offensive. Ethereum, on its part, has gone up by up to 11%, and it currently stands over $2900. It should be noted that the second-most-popular cryptocurrency fell down to about $2200 after the war began.

Binance’s BNB coin has increased by 12% and presently trades above $400. Other coins like Cardano, Ripple, Solana, Polkadot, Avalanche, Dogecoin, and Shiba are all having a good time.

Terra seems to be the biggest gainer among the larger-cap altcoins, with an almost 20% increase. LUNA sells at nearly $90.  

The general crypto market added about $200 billion to its market capitalization since Monday, and it is now over $1.9 trillion in value now. The index is high by almost $400 billion from where it was on the 24th of February.

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