Wednesday, May 29, 2024

Market Watch March 9: Bitcoin gains more than 2%, unpredictability continues

The two most popular cryptocurrencies Bitcoin and Ethereum have gained slightly but the overall market is nervous about the Russia-Ukraine conflict. Investors are jittery. But some continue to buy Bitcoin as they feel it’s the right time to do so despite the volatility.

At the time of writing this article, BTC was up 2.73% in the last 24-hours and trading at $39,664, as per CoinMarketCap. Analysts expect the popular crypto’s price to go either way with US President Joe Biden to sign the executive order today. Ethereum – Ether has been changing hands at $2,637 after having gained nearly 4% in the last 24-hours. Ether is seeing slight gains as BTC and hopes to cross the $3,000 mark once again in the next 48-hours.

In the past couple of weeks, bitcoin has experienced resistance at the $46,000 mark. After touching this mark, BTC has often seen a plunge. It has also been rejected at the crucial $44,500 mark on multiple instances. Analysts describe this as post hoc. It is the cause of the later event because it had occurred earlier. Benjamin Cowen, a crypto analyst, believes that this is common after strong bitcoin rallies. There is tends to be follow-through. And this has Cowen optimistic in the short term. But there are no guarantees of new highs immediately, maybe a local uptrend.

Edward Moya, OANDA Americas Senior Markets Analyst, highlighted risk appetite showing signs of life after the US stocks experienced one of their worst routs in a few years. He pointed out that bitcoin’s fundamentals are still sound. But it should be noted that many active traders are putting crypto trade on hold. They are focusing on a handful of commodity supercycle trades.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular