After jumping nearly 14% on Monday, Bitcoin continues with its steady rise sounding a bullish optimism in the overall crypto market. Ethereum has also witnessed significant gains and stands just over the $3,000 mark.
In comparison, the equity markets are seeing a deep dive. S&P 500 has dropped by 1.55%, Nasdaq and Dow are down by 1.63% and 1.73%, respectively. This has prompted analysts to look at BTC as a risk-off, safe-haven asset.
Bitcoin is up by 2.80% in the last 24-hours and is trading at $44,443, as per data by CoinMarketShare. BTC, as per data from Cointelegraph Markets Pro and TradingView, the price has surged 20% from a low of $37,409 on February 28. Ethereum is trading at $3,025 and has been up by 3.81% in the last 24-hours.
The altcoins have been seeing gains as well with NEAR Protocol being the biggest gainer 18.25% in the last 24-hours. It is followed by Solana which has been up by 7.24%. Avalanche, Cardano, Polkadot, and XRP are in the green. However, Cosmos ATOM is the biggest loser, being down by 2.32% in the last 24-hours at the time of writing this article.
Delphi Digital noted that in the wake of geographical tensions and the Federal Reserve’s intentions to raise interest rates, crypto’s cautious stance over the past two weeks has proved to be the correct course of action.
It highlighted that initially bitcoin failed to sustain momentum and returned to the $34,000 region as Russia declared its invasion in Ukraine. Since then, the price hiked to $38,000 and witnessed a further surge. Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, sees the popular crypto transitioning from a risk-on to a risk-off asset. And it has made good progress on this trajectory so far in 2022.
Antoni Trenchev, the co-founder and managing partner of Nexo, highlighted that the price of bitcoin goes up when freedom and individual liberty are threatened.