Crypto Market Strengthens, Analyst Asks Investors to Stay Caution

Crypto Market Strengthens, Analyst Asks Investors to Stay Caution

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Bitcoin Price

The price of Bitcoin (BTC) had reached a session high of USD 43,300 or around Rp. 621 million, the highest level in almost three weeks. This is because the bullish sentiment is increasing among crypto traders.

Several Alternative cryptocurrencies (Altcoins) also edged higher Wednesday (23/3/2022), For example, Ethereum (ETH), the second largest cryptocurrency by market cap after Bitcoin, rose above USD 3,000 for the first time in two weeks and rose 3 percent over the last 24 hours.

Ethereum

Compared to a 4 percent increase in BTC over the same period, ethereum saw higher gains overall. Meanwhile, LUNA Terra tokens must be willing to drop 3 percent over the last 24 hours.

Crypto

Despite the uptick in the crypto market in recent days, some analysts warn to remain cautious.

“This is not the first jump in BTC since early March, in contrast to neutral or even negative sentiment in the stock market,” said an analyst at FxPro, Alex Kuptsikevich, quoted by CoinDesk, Wednesday (23/3/2022).

“Until now, such a push could not be held firm, as fundamental demand for risk is under clear pressure,” Kuptsikevich continued.

Elsewhere, global stocks also traded higher, while gold, a traditional safe haven, declined. Yields on the 10-year Treasury bond continued to be higher, tracking the rise in oil prices as investors positioned themselves for high inflation and rising interest rates.

Crypto Price March 23, 2022

Crypto Market Strengthens, Analyst Asks Investors to Stay Caution

Previously, the prices of bitcoin and cryptocurrencies at the top of the list seemed to be experiencing a compact price movement that strengthened, Wednesday morning, March 23, 2022.

Based on data from Coinmarketcap, Wednesday morning, the cryptocurrency with the largest market cap, Bitcoin (BTC) was up 3.43 percent in the last 24 hours and 7.92 percent in the week.

Currently, the price of bitcoin is at the level of USD 42,681.66 per coin or equivalent to IDR 612.2 million (assuming an exchange rate of IDR 14,345 per US dollar).

Ethereum (ETH) as the largest crypto is also still strengthening. In the last 24 hours, ETH was up 3.16 percent and 14.58 percent in the week. With that said, ETH is currently at USD 3,008.20 per coin.

The next cryptocurrency, Binance coin (BNB) this morning also continued to strengthen. In the last 24 hours BNB soared 2.32 percent and 9.30 percent a week. That makes BNB priced at USD 406.55 per coin.

Then Cardano (ADA) also strengthened in the last day 8.48 percent and 22.27 percent in the week. Thus, ADA is at USD 0.9826 per coin.

Meanwhile, Solana (SOL) also continued to strengthen during the past day 3.19 percent and 9.66 percent a week. Currently, the price of SOL is at the level of USD 91.91 per coin.

XRP also continues to rise, in the past day, XRP rose 0.13 percent and 9.56 percent in the week. That way, XRP is now priced at USD 0.8409 per coin.

Terra (LUNA) unfortunately had to weaken in the last 24 hours. Terra fell 2.25 percent, but is still up 5.48 percent for the week. Currently LUNA is priced at USD 93.52 per coin.

Stablecoins like Tether (USDT) and USD coin (USDC), both are strengthening. USDT is up 0.01 percent which keeps the price at $1.00 now.

Meanwhile, USDC is up 0.01 percent in the past day which keeps the price per coin currently at USD 0.9998.

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