Cryptoverse: Buoyant Bitcoin helps market cruise past $2 trn
As a bleak first quarter draws to a close, crypto seems to have the wind in its sails. It has pushed through the $2 trillion barrier and is proving surprisingly resilient amid global chaos.
At Monday's high of $47,765, market leader Bitcoin broke above the narrow $34,000-$44,000 range it's traded in for most of 2022. Through a steady grind higher from a low just above $40,000 on March 21, it has gained 18%.
Its comparative steadiness, versus previous performance at least, contrasts with stock markets, traditional currencies and even safe-haven gold, which have been shaken by the Russian invasion of
Ukraine as well as the Federal Reserve's tightening.
Bitcoin's jumpiness has waned of late.
Its 30-day volatility is around 4%, about two-thirds the level it was in June 2021, according to futures trading platform Coinglass. The highest this year was 4.56% on March 16.
This measures its deviation from its own standard levels, and bitcoin has still had wild swings, such as a 17% jump on March 1. But it's distinctly tamer than in 2021 when it could move as much as 40% in a day.
By comparison, the tech-heavy Nasdaq has whipsawed 5-6% on numerous days in 2022, and was down 20% for the year as of March 14, before it rallied to cut half that loss.
"The largest conflict we've seen in Europe since World War Two has really rocked global markets," said Pierce Crosby, General Manager at charting platform TradingView in New York.
"What we have seen across other major assets is a huge fallout - from both the U.S. equity markets as well as global markets," he added. "Bitcoin has more or less stayed in a pretty tight range ... but actually, in terms of the relative strength, it's very bullish."
$2 TRILLION CRYPTO
The total value of the
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