Cryptos Rise Irrespective of Market Conditions
At the time of putting this piece together, Bitcoin has continued to rally and break through the $44,000 line on the partial resumption of trading in the Russian stock exchange. The coin was trading at $44,231, a 10% increase within the past seven days while traders look forward to the resistance zone of $45,000. As things are, the strong support zone is at $43,500 following the price break and closure above that area this week.
Furthermore, the 10-period and 20-period daily moving averages looked to have gone over, giving signs of strengths to come, even though the data appearing on-chain show a mass accumulation of Bitcoin by whales. As inflation figures in the US continue to rise daily and it has become the recipe for Bitcoin’s strength, the market’s appetite for the digital asset seems to grow more as investors seek ways of hedging against the escalating inflation.
The overall market capitalization of the cryptocurrency market has once again gone above $2 trillion following the addition of $50 billion in an upsurge on daily trade, as reported by CoinMarketCap in data. However, Ethereum keeps outperforming Bitcoin on a percentage basis as it has gone beyond the $3,000 psychological point and it is presently trading at $3,148, an increase of 3.92% while traders are creating a big buzz over a scheduled ETH merger.
In addition, altcoins like Solana, Cardano, and Polkadot are also soaring following their gain of 21.55%, 39.59%, and 15.17% in that order, over the past seven days. Cardano has been the leading performer among the pack during this week’s trading as it gained more than 40% cumulatively in seven days and it manages to remain on a strong trajectory upward. The token’s momentum was further boosted on Thursday as news filtered in that Coinbase added more stakes for it.
Rally in Russian Stock Market on First Day of Trading
The upsurge in the price of leading cryptocurrencies comes up even though the Russian stock markets opened up after closure for the period of a month after the central bank’s decision in support of that because major equities slid in reaction to the invasion of Ukraine.
MOEX, which is the benchmark index in the Russian stock market, rose by more than 9% within a few minutes after the beginning of trading, though it lost 33% in the last month while the invasion began. The stock market in Russia has been adversely affected by the numerous sanctions from Western countries and local companies have not been able to carry businesses as they should, the Kremlin, however, is taking countermeasures to cushion the effects of the sanction on local businesses.