Bitcoin seems to have gained momentarily after the Russian government released a document setting principles for crypto regulation. Market analysts believe Russia is poised to recognize cryptocurrencies as a form of currency.
On February 4, BTC was struggling to break through the $38,000 resistance level. Six days later, it has nearly $45,000. According to CoinMarketCap, the world’s most popular cryptocurrency is up by 0.89% in the past 24-hours and is trading at $43,853. Ether is up by 3.19% and is trading at $3,184.
The altcoins are doing good as well. Terra, Avalanche, Polkadot, XRP, Cardano, Dogecoin, Shiba Inu have all gained up to nearly 2% in the past 24-hours. Polygon is the biggest gainer. Solana seems to be the biggest loser as it’s down by 0.35% in the last 24-hours. The crypto market is dominated by altcoins with 42% of market capitalization.
Edward Moya, a senior market analyst at OANDA, said that whenever a bitcoin country embraces cryptos, it’s great news for the cryptoverse. He highlighted that BTC’s price has steadied with many retail traders feeling comfortable by its market capitalization above $50,000.
It should be noted that it was a sensitive Wednesday for the crypto market. Analysts have pointed out the resistance level at $46,800. The market seems bullish by the popular crypto slight fall but overall there is a strong push for the $46,000 mark.