Bitcoin Surged Nearly 17% Last Week
The rise in the price of the first cryptocurrency over the past 24 hours exceeded $5.000.
After a sharp fall, BTC quotes showed a similarly rapid growth last Friday, February 25. After that, the first cryptocurrency stayed for some time in the horizontal movement at $39.000. But during the last 24 hours, its price has risen by about 15%. As of 14:30 (GMT+2), Bitcoin is trading around $43.500.
All altcoins from the top 10 are also in the “green zone.” Thus, Ethereum showed a growth of 12%, Solana increased by 15%. Avalanche saw a rise of 15%, and Terra grew by almost 80%. The total crypto market cap increased by more than 10% and exceeded $1.92 trillion, according to CoinMarketCap. Among the main reasons for such significant growth, experts call the economic sanctions against Russia and the subsequent devaluation of the ruble, which provoked local crypto investors to withdraw assets in cryptocurrency. In addition, analysts from Santiment note in their report that the rise in crypto quotes is the expected rebound after reaching the lowest level of “weighted social sentiment” regarding digital assets since October 2020.
“Purchases always influence the price increase,” Ivan Kibalchich, Yosu CEO, commented for us on the situation. — “Due to the current geopolitical situation, many people are trying to hedge their assets in crypto, including Russian and Ukrainian citizens. For now, we expect further growth to $52.000, then a correction is possible. But all in all, we are in a long-trend.”