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BTC and other crypto rally on Tuesday

On Tuesday, bitcoin has soared 14% settling above $43,000. According to Binance, BTC is rising 13.75% to $43,235 at the moment of writing. CoinMarketCap reports bitcoin swelled 14.2% to $43,263 yesterday.

At the same time, trading volumes between the Russian ruble and bitcoin increased to a nine-month high, while trading volumes with the Ukrainian hryvnia hit the highest level since October.

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On Monday, BTC jumped more than 11% to the 5-months high of $41,600. Meanwhile, the leading altcoins also rallied. Ether advanced 7.9%, XRP gained 6.3%, and Terra swelled 15.3%.

The crypto market capitalization climbed 7.39% to $1.93 trillion yesterday, CoinGecko, the world's largest cryptocurrency data aggregator, reported.

Meanwhile, BTC dominance increased 1% to 40.9% as popular altcoins showed weaker growth. The bitcoin fear and greed index has dropped 6 points to 20 points over the past 24 hours despite the rally.

Last week, the flagship cryptocurrency gained more than 17%. At the same time, the asset has lost 37% since hitting the all-time high of over $69,000 in November 2021

Bitcoin was bearish most of February. However, the rally at the end of the month allowed the coin to close 8.6% higher after 3 months of a permanent decline.

By the way, February is traditionally a month of steady growth for bitcoin. Meanwhile, March is historically a bad month for the world's most popular and largest cryptocurrency. In the past 11 years, BTC grew only twice in March.

Bank of America has recently announced that judging by the movement of digital assets between private and exchange wallets, there is no reason for a global crypto winter.

In addition, the trend towards acceptance of digital assets by users is getting stronger and cryptocurrency developers grow more active.

Experts reckon that Russia's disconnection from the SWIFT international interbank system will have an extremely positive impact on the crypto market. In the future, people in Russia are expected to seek all possible ways to circumvent restrictions, including carrying out transactions with cryptocurrencies.

On Monday, Binance, KuCoin, Kraken, and AAX announced they did not intend to unilaterally block the funds of Russians. Meanwhile, the Kraken online service said that they would be forced to start the blocking process if the regulator said to. The statements by the world's leading crypto exchanges instilled optimism in the crypto market and BTC went up.

Another positive factor for the digital asset market came from the United States. The US government said they would block any attempts to use virtual currencies as a tool to circumvent personal sanctions. So, clients of large cryptocurrency exchanges will have nothing to worry about the safety of their funds in the near future.

Speaking of the crypto market's future, American economist Benjamin Cowen expects BTC to continue growing despite a possible rate hike by the US Federal Reserve. As evidence, Cowen cites historical data confirming that the flagship cryptocurrency used to increase in price whenever the US regulator raised benchmark rates.

Back in December 2017, the coin hit the high of $20,000 despite the rate hikes by the Fed.


Trading analysis offered by RobotFX and Flex EA.
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