Market Update: All Major Cryptos On Rise, Commodities Prices Also Increasing
March 09 2022 - 5:47PM
NEWSBTC
The crypto market is currently rallying after news that President
Biden signed an executive order, the first step towards regulating
cryptocurrency. It comes out of concerns for Russia’s potential use
of digitally mined coins to bypass economic sanctions during
times. One of Singapore’s most prominent bank executives has
compared crypto to gold, noting that he sees it continuing “to grow
as a meaningful store-of-value” in the same vein. Related Reading |
Bitcoin Breaks Above $40K Again, But When Will Consolidation End?
Crushing sanctions, the war in Ukraine, and record temperatures
across much of Europe have sent prices for key commodities shooting
up to levels unseen in recent times. The US indices were down
yesterday after President Biden announced boycotting Russian energy
imports. Top Cryptocurrencies Performance It is no surprise
that Terra’s valuation has shot up, as it was recently listed on
Wirex. However, the cryptocurrency added more than a fifth to its
value today. And continues to push forward with aggressive momentum
and could soon break $100. With Avalanche in the lead, up 10%, it
announced its Multiverse program to encourage subnets growth. The
program was funded by 4 million AVAX worth around $290 million. The
coin was also listed on Bitstamp two days ago. Ethereum has been on
an upward trend recently, climbing over 7%. Cardano and Solana also
saw substantial gains, increasing 4% in the last day. Bitcoin was
trading above $41,000, up 8%, alone during its previous 24 hours.
Top Movers Of The Day With its value increasing at a rapid rate,
Monero has become one of the best-performing coins. In terms of
price growth over time, Monero has become the Terra of the top 100.
All privacy coin rankings are rising but not as much compared with
what’s seen with Monero. Analysts believe that sanctions
against Russia are leading to an increase in cybercrime, which is
likely why hackers want payments processed through cryptocurrencies
like Monero. Furthermore, another privacy token, Secret, gained 15%
over 24 hours, which points to increased demand for privacy tokens
such as these two titles. The live price for NEAR protocol is
$11.12, with a 24-hour trading volume that exceeds $750 million.
The 22nd biggest cryptocurrency by market cap has seen an increase
of 12% in the last 24 hours. Related Reading | Monero And
Zcash Take Off With 15% Gains, Here’s What May Have Spurred The
Rally The current market is seeing a lot of activity, with many
coins reporting double-digit gains. Waves added another 12% today,
and other notable ones include privacy coin Oasis, which has seen
an increase in value by 16%, THORChain’s 11%. Arweave also had 18%
growth, while Dash and Anchor saw 13%.
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