{"id":487098,"date":"2022-03-29T13:09:18","date_gmt":"2022-03-29T13:09:18","guid":{"rendered":"https:\/\/wncen.com\/?p=487098"},"modified":"2022-03-29T13:09:18","modified_gmt":"2022-03-29T13:09:18","slug":"bitcoin-helps-market-hover-past-2-trillion-as-btc-nears-48000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-helps-market-hover-past-2-trillion-as-btc-nears-48000\/","title":{"rendered":"Bitcoin Helps Market Hover Past $2 Trillion As BTC Nears $48,000"},"content":{"rendered":"
Bitcoin and other cryptocurrencies appear to be gaining traction, as the first quarter winds down.<\/p>\n
Crypto has reached the $2 trillion threshold and is proving surprisingly resilient in the face of global uncertainty.<\/p>\n
As of Tuesday, Bitcoin has totally recovered from its early-year losses. BTC fell from $47,733.40 to $35,070.10 in the first 30 days of the year and has since failed to regain ground.<\/p>\n
At Monday’s all-time high of $47,765, market leader bitcoin broke free from the confined $34,000-$44,000 bracket it had been trading in for the majority of 2022.<\/p>\n
The cryptocurrency is up 18% as a result of a steady rally from a low near $40,000 on March 21. As of Tuesday, the top crypto was trading at $47,899 on Coingecko, 16% in the last seven days.<\/p>\n
Despite the favorable market action, analysts cautioned that it is premature to declare the end of Bitcoin’s price volatility.<\/p>\n
Market experts will reserve judgment on the volatility until the price maintains its current advances for at least another week.<\/p>\n
Its relative stability, at least compared to recent performance, stands in stark contrast to stock markets, traditional currencies, and even safe-haven gold, which have all been roiled by Russia’s invasion of Ukraine and the Federal Reserve’s tightening.<\/p>\n
Related Article | Bitcoin Breaks Past The $40,000 Barrier Again \u2013 Can It Sustain The Momentum?<\/a><\/strong><\/em><\/p>\n <\/p>\n According to futures trading website Coinglass, its 30-day volatility is around 4%, over two-thirds that of June 2021. On March 16, this year’s high was 4.56%.<\/p>\n This indicator reveals a currency’s deviation from its own regular norms, and bitcoin has continued to see wild swings, including a 17% spike on March 1.<\/p>\n It is, however, far less volatile than it was in 2021, when it was capable of fluctuating by up to 40% in a single day.<\/p>\n According to analytics firm CoinMarketCap, the cryptocurrency market’s total worth exceeded $2 trillion on Friday.<\/p>\n To put it into perspective, on Nov. 10, when bitcoin hit $69,000, the market briefly surpassed $3 trillion.<\/p>\n The slow climb back above $2 trillion has been supported by the proliferation of coins and tokens – CoinMarketCap now lists 18,511 cryptocurrencies, an increase of roughly 5,000 since November.<\/p>\nBTC total market cap at $908.44 billion on the daily chart | Source: TradingView.com<\/a><\/pre>\n
Touching The $2 Trillion Mark<\/h2>\n