As major geopolitical changes unfold, it’s not surprising that their effect is being felt in the crypto market.
Cryptocurrencies suffered a temporary loss of strength as the news surfaced in the early hours of February 24th. The pattern was observable with most cryptocurrencies.
On Thursday, Bitcoin (BTC) decreased to $34,626 – its one-month low, Ethereum (ETH) to $2,321, and Dogecoin (DOGE) to $0.11. These were significant declines, considering their prices just one day prior, when BTC stood proudly at $39k, ETH had $2,742, and the price of one DOGE was $0.13.
This has shown just how much like the stock market, crypto is capable of acting in the face of significant upheaval on the world stage. By comparison, all major US indexes plunged on early Thursday, as soon as they opened.
It’s back to business for crypto
However, the crypto market has shown quite the resilience in this situation, reeling back on Friday to its pre-war highs – and beyond. At press time, BTC was trading at $39,245, ETH at $2,690, and DOGE went back to its better (albeit still low in comparison to some) $0.13.
The cryptocurrency market may not yet be back to its mid-February highs, when BTC traded at $44,592, ETH at $3,182, and DOGE at $0.16, but things are looking better.
Over the course of Friday, the total crypto market cap increased by 10.47%, reaching $1.75 trillion. Its total 24-hour volume was standing at $119.54 billion, which was a 4.21% decrease.
DeFi (or Decentralised Finance) accounted for $17.95 billion or 15.02% of the total crypto market 24-hour volume, while the volume of all stable coins was $101.93 billion or 85.27% of the total crypto market volume for 24 hours, according to the CoinMarketCap data.