Bitcoin’s Price Spikes To New 3-Week High: Price Analysis

Time Stamp: March 2, 2022 12:32 PM
Source Node: 1195181

Bitcoin’s price spikes to new 3-week high after touching $45,000 with some other altcoins like LUNA and SOL seeing some impressive gains as we can see further in today’s Bitcoin news and analysis.

BTC kept on climbing in the past day and tapped $45,000 to mark the highest price line in three weeks with most of the other altcoins calming down, excluding Solana and Terra. Both are up by 6% and stand at $95 and $100 respectively. The volatile movements ont the market continued in the past day and we’re led by Bitcoin’s movements the most. The asset was dumped to over $34,000 last week when Russia attacked Ukraine.

btcusd
BTCUSD. Source TradingView

However, as the Western leaders refused to get involved in the war directly, BTC Started a rapid recovery and in a matter of hours, the coins regained their lost value and took a swing at $40,000 but to no avail. It overcame the coveted level the next day and kept on climbing to $44,000 as reported. It also touched $45,000 yesterday which became the highest price line since February 10th. As of now, BTC lost ground and stands around $44,000 but the market capitalization remains above $800 billion.

The altcoins went on a wild ride since the war in Ukraine started, but most calmed down on a 24-hor scale. ETH is among the best performers and it went from $2200 to $3000 in less than a week. The second biggest altcoins are located near the same level but it was unable to reclaim it yet. Bitcoin’s price spikes to a new 3-week high while Ripple, Cardano, DOT, and BNB are in the red, and DOGE, SHIB, and CRO marked minor gains.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

Terra and Solana gained the most as LUNA is up by 6% and sits close to $95 while SOL surged by 7.5% and neared $100. THORChain is among the biggest gainers with a 30% increase and Anchor Protoco with 12%. The entire crypto market cap neared $2 trillion but now dropped slightly below it.

As recently reported, The Ukrainians purchased record sums of BTC to protect their holdings as they fend off the attacks from Russia. According to a record from Arcane Research showed that Ukrainians were using Binance as the world’s largest crypto exchange to snap up stablecoin Tether and BTC with the hryvnia. Arcane’s data shows that the daily volume for USDT-hryvnia trading increased over $6 million before the invasion to about $8.5 million and in the preceding six weeks, the volume didn’t quite exceed $3 million.

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