Bitcoin and other major coins were up Thursday evening as the global cryptocurrency market cap rose 2.9% to $2 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 2.3% | 7.4% | $43,908.39 |
| Ethereum ETH/USD | 1.55% | 10.4% | $3,099.55 |
| Dogecoin DOGE/USD | 4.9% | 15.9% | $0.135 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Loopring (LRC) | +27.6% | $1.09 |
| ApeCoin (APE) | +18.7% | $14.25 |
| Axie Infinity (AXS) | +14.3% | $58.97 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Equity markets rallied on Thursday with the S&P 500 and the Nasdaq ending the day higher by 1.4% and 1.9%, respectively. At press time, stock futures were little changed.
Cryptocurrencies continue to be aligned with equities and the market was in the green at press time.
The Chair of Russia’s Duma Pavel Zavalny said Thursday that Bitcoin was under consideration as an alternative payment method for Russia’s energy exports, according to a report from CNBC.
“Bitcoin did get a boost after a Russian lawmaker hinted that they could suggest Bitcoin for oil payments,” said OANDA Senior Market Analyst Edward Moya.
“Using crypto to skirt sanctions however is not what the cryptoverse needs for long-term growth. Bitcoin should still remain confined to its recent trading range until institutional traders decide to rotate out of stocks."
On Thursday, Bitcoin rose above the $44,000 mark for the first time in three weeks.
“The trading crowd plays a major role in what happens after [BTC] and other assets finally make it past a key resistance level, so we want euphoria staying low,” according to a tweet from market intelligence platform Santiment.
#Bitcoin has risen above $44k for the first time in 3 weeks, and is dancing around this level. The trading crowd plays a major role in what happens after $BTC and other assets finally make it past a key resistance level, so we want euphoria staying low. https://t.co/oHuQGZsh4y pic.twitter.com/HqoQnQjlRK
— Santiment (@santimentfeed) March 24, 2022
Cryptocurrency trader Justin Bennett said that Bitcoin was at the lower portion of the $44,000-$46,000 resistance area.
“It does not mean the rally is over, but I do expect this region to put up a fight,” he said on Twitter.
This is the lower portion of that $44-$46k resistance area.
— Justin Bennett (@JustinBennettFX) March 24, 2022
It does not mean the rally is over, but I do expect this region to put up a fight.
Read Next: El Salvador Taps Binance To Help With Bitcoin Adoption: What You Need To Know
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