BTC recently touched a high of $44,000. The bulls hoped to maintain and consolidate on this high. The conflict in Ukraine was expected to have a severe negative impact on the stock markets. However, surprisingly the US stock market remained largely unaffected. Only oil seemed to be affected by ill-effects of the ongoing conflict.
On Mar 1, BTC was able to sustain its highs despite the conflict. Compared to last week, BTC/USD had made a gain of 17%. The price level of $44,00 has been severely tested. However, BTC has held fast to the level.
This is good news for BTC. Its relative stability at a time of a crisis boosts BTC’s perception as a safe bet during uncertainties. The Ukraine conflict has caused uncertainties in the price of every other class of assets. The only one to hold steady and outperform the other assets is the BTC.
Although still holding fast near the $40,000 level, short term traders need to be watchful. The current price is $43,600. The short-term traders will be closely watching for any fall below this level.
At the same time, the small crypto wallets are also doing well and touching new highs. BTC and ETH wallets recorded good and sustained growth. According to available data, the number of ETH addresses holding small values of about 0.01ETH and 0.1 BTC increased in number. The number of smaller ETH and BTC addresses touched new highs. Such smaller ETH addresses number 21.9 million and for BTC the corresponding number is 3.35 million. At the time of writing, ETH/USD also recorded a two-week high of $3000.