Excited, Crypto Asset Prices Are in the Green Zone Last Week

Excited, Crypto Asset Prices Are in the Green Zone Last Week

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Crypto , Bitcoin

The crypto asset market has returned to life in the past week by recording a significant strengthening. Referring to Coinmarketcap, the price of Bitcoin today, Thursday (3/3) at 15.30 WIB is at US$ 43,501.83 per BTC or strengthened 22.59% in the last week.

Ethereum

While Ethereum and Binance Coin also managed to carve a similar trend. Noted, Ethereum is currently at US $ 2,911.37 per ETH or strengthened 22.10%. Then Binance Coin has also strengthened 20.49% in the past week to 407.66 per BNB.

Weekly Research

Luno and Arcane Research in their weekly research released Thursday (3/3) said, on a monthly basis, Bitcoin finally managed to record a positive performance by strengthening 12%. The last time Bitcoin posted a positive monthly performance was in October last year.

Furthermore, February is referred to as a great month for crypto assets. The reason is, February started with rising prices, but in the middle of the month, market conditions worsened as a result of increased fears due to the Russian invasion of Ukraine.

“However, when Russia attacked Ukraine on February 24, the crypto market turned around and started to climb up. In fact, after bitcoin’s extraordinary performance increase, bitcoin’s dominance is now at 43%, up from the 39.3% level in mid-January,” Luno and Arcane Research wrote in their research

Bitcoin’s positive performance was also reflected in the average weekly trading volume which broke through US$ 10 billion last Thursday when Russia finally invaded Ukraine. That level was the highest volume since December 4. Luno and Arcane Research say the market seems to be starting to get back on track after a fairly quiet month of February.

Responding to the movement of the crypto market in the eighth week of 2022, Luno Indonesia Country Manager Jay Jayawijayaningtiyas said, the increase in Bitcoin at this moment also managed to outperform world gold prices which usually tend to be an investment choice for the future by investors with a low risk profile.

“The Fear and Greed index, which was previously at the Extreme Fear level, is now in a neutral position between Fear and Greed at 51, which shows that Bitcoin is one of the investors’ choices as an investment instrument other than gold or cash, “Jay added.

Meanwhile, Luno and Arcane Research rate, bitcoin is experiencing resistance at US $ 44,000 per BTC because this level has not been broken since the sell-off last January. If bitcoin manages to break through the US$ 44,000 resistance, then the next resistance to watch out for is in the US$ 47,000 range.

As for the support level, the level of US$ 40,000 is believed to be a support area for Bitcoin. If it moves downwards, then the next support will be in the range of US$ 36,000 – US$ 38,000.

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