- Bitcoin spikes 5.48% yesterday, trading at $81,820 with a $1.62 trillion market cap.
- Broader market rally fueled by Bitcoin Act Bill and US-Ukraine ceasefire agreement.
Major cryptocurrencies, along with Bitcoin and Ethereum, showed positive movement as the broader market started to recover. The crypto market capitalization stands at $2.65 trillion while showing a 2.73% increase during the previous 24 hours. The market recovery may be indicated by this recent upward trend.
Bitcoin’s price spiked by a phenomenal 5.48% yesterday, with the price opening at $78,599 and touching a high of $83,568. Later, the price closed at $82,869.
According to CoinMarketCap data, the Bitcoin market value stands at $81,820 while showing a 2.08% increase in its daily price, which signals positive market sentiment. The daily trading volume decreased by 19.06%, while the volume-to-market ratio reached 2.9%. The market capitalization stands at $1.62 trillion and the daily trading activity reaches $47.7 billion.
Besides Bitcoin, XRP and Cardano also showed uptick. XRP price took a bounce from its lower support of $1.897 and touched a high of $2.213, a 7.51% intraday surge. On the other hand ADA also showed some remarkable surge with a 7.93% of change. It took a bounce from $0.6472 and reached a high of $0.7450, according to Tradingview data.
Why the Market Bounced Back?
There are several catalysts behind the broader market recovery. On March 11, Senator Cynthia Lummis reintroduced the Bitcoin Act Bill in the US Congress which aligns with President Trump’s promise. And just before the White House Crypto Summit, Trump had already signed an order to create a “Strategic Bitcoin Reserve.”
Another reason is that Ukraine has agreed to a United States offer for a 30-day ceasefire in its war with Russia. All these became a catalyst for the broader market rally in the last 2 days.
Highlighted Crypto News Today:
