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RIYADH: As a dismal first quarter draws to a close, crypto appears to be on a roll. It has crossed the $2 trillion mark and is proving surprisingly resilient amid the global chaos.

Bitcoin, the leading international cryptocurrency, traded higher on Tuesday, rising 0.71% to $47,566.68 as of 8:00 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $3,394.58 up 1.86%, according to data from Coindesk.

At Monday’s high of $47,765, market leader bitcoin broke above the narrow $34,000-44,000 range it trades in for most of 2022. from a low just above $40,000 on March 21, it gained 18%.

Its relative stability, at least compared to previous performance, contrasts with equity markets, traditional currencies and even safe-haven gold, which have been rattled by Russia’s invasion of Ukraine as well as Federal Reserve tightening. .
Bitcoin jitters have subsided lately.

Its 30-day volatility is around 4%, about two-thirds of the level it was in June 2021, according to futures trading platform Coinglass. The high this year was 4.56% on March 16.

This measures its deviation from its own standard levels, and bitcoin has seen some wild swings again, such as a 17% jump on March 1. But he is much more docile than in 2021, when he could move up to 40% in a day.

By comparison, the tech-heavy Nasdaq soared 5-6% on many days in 2022 and was down 20% for the year to March 14, before rallying to halve that loss.

“The biggest conflict we’ve seen in Europe since World War II has really shaken global markets,” said Pierce Crosby, managing director of New York-based charting platform TradingView.

“What we’ve seen in other major assets is a huge spillover — both in US equity markets and in global markets,” he added. “Bitcoin has more or less stayed in a pretty tight range…but actually, in terms of relative strength, it’s very bullish.”


The total value of the cryptocurrency market topped $2 trillion on Friday, according to analytics platform CoinMarketCap. To put that into context, the market briefly hit $3 trillion on Nov. 10, when bitcoin hit $69,000.

The meandering climb above $2 trillion has been slow and has also been helped by a proliferation of coins and tokens – the number of CoinMarketCap has increased by nearly 5,000 since November to 18,511 crypto -currencies.

Bitcoin’s market capitalization has reached $902 billion, but it still has some way to go to recoup the trillion dollars it ordered in November. Although it remains the dominant crypto, its market share has also gradually dropped from 70% of total capitalization at the start of 2021 to 42% now.


Many crypto investors thought they could guess bitcoin’s direction before the fickle cryptocurrency left them slumped in the financial dust.

“While bitcoin remains strong in the near term, rising oil prices increase the likelihood of a recession in the coming year,” said Marcus Sotiriou, analyst at GlobalBlock, a digital asset broker based in the UK. UK.

“Oil is up about 25% in the past six days alone, and bitcoin bulls will want to see that tail end to continue strengthening.”

That said, some other technical factors point to bitcoin rising.

Funding rates, which measure the cost of holding bitcoin via futures, turned slightly positive after being negative for most of this year, indicating that investors are willing to pay to go long. It sits at 0.003% on the CryptoQuant analytics platform, although it is still below the high of 0.06% reached in October.

Coinglass’s long-to-short ratio also fell from 0.95 on March 20 to 1.1, the highest level in at least four weeks.

Blockchain data provider Chainalysis said an increasing proportion of bitcoin – nearly 60% of total supply – was held for more than 52 weeks, down from 54.72% over the past 25 weeks.

Still, Ashwath Balakrishnan, vice president of research at Delphi Digital in Bangalore, warned that it was difficult to identify a sustainable direction for the market.

“Everyone is a little cautious,” he said. “If (bitcoin) rejects $46,000 and goes back down, that probably means we’re stuck with range-bound conditions for at least another month.”

(Contributed by Reuters)

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