Bitcoin, Ether Gains Curtail To Tight Range
By Laxmikant Khanvilkar
Bitcoin, Ethereum and other cryptocurrencies have moved higher on the day but their gains remain constrained to tight trading range. Investors are growing less concerned over the regulatory risks and focusing more so on the improving demand that emerged in February.
As traditional financial markets continue to show the signs of stress from macroeconomic data, the prospects of rate hikes are driving investors away from risky assets.
March mayhem seems here already with ISM data sending 10-year treasury yields tentatively to 4%, stocks stumble, China’s robust PMIs, hot German inflation, oil being volatile post US data and EIA report and gold pares gains as yields surge.
Against the backdrop, Bitcoin is likely to remain trapped in $21,000 to $25,500 range a while longer in lieu of a new catalyst, analysts believe.
The crypto market capitalization currently stands at $1.08 tn, a rise of 2.34% in the last 24 hours. The total crypto trading volume was $48.89 bn, indicating a 14.21% increase compared to the previous day. The DeFi sector was responsible for $5.32 bn of the total volume, accounting for 10.87% of the total market activity. Moreover, stablecoins had a total volume of $44.44 bn, making up 90.89% of the crypto market’s 24-hour volume. Bitcoin’s market dominance slightly decreased by 0.06%, now standing at 42.25%.
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