The price of the majority of major cryptocurrencies was observed to strengthen in today’s trading, amid improving global sentiment from the Russia-Ukraine conflict.
Launching data from CoinMarketCap at 09:00 WIB, only digital coins (tokens) of the stablecoin type, namely Tether and USD Coin, weakened slightly today.
While the rest managed to strengthen. Bitcoin rose slightly by 0.14% to a price level of US$ 45,889.27/coin, Ethereum rose 1.44% to a level of US$ 3,488.9 /coin. Furthermore, BNB rose 2.21% to US$ 444.93/coin, Solana increased by US$ 135.59/coin, XRP appreciated 1.2% to the US $ 0.832/coin, and the Avalanche advanced 1.25% to US$ 97.03/coin.
Bitcoin is back in the range of the US$ 45,800 level, after holding on to the US$ 46,000 level on Saturday and Sunday trading last week. Meanwhile, the second largest token, Ethereum, is also still around the US$ 3,400 level.
Not only Bitcoin and Ethereum, other coins with a smaller market cap than Bitcoin and Ethereum which are also often referred to as alternative coins (altcoins) also experienced an increase, although the increase still tends to be thin in the range of 1%-2%.
Back to Bitcoin, based on data from CoinMarketCap, the total circulating supply of Bitcoin in the world (the number of coins that have been mined and circulating on the market) has reached 19,001,956 coins.
The maximum number of Bitcoin coins is 21 million, so there are only about 1,998,044 coins that must be mined to reach the maximum number.
While Bitcoin trading volume per day reached US $ 26.44 billion, based on data from CoinMarketCap. Unfortunately, the trading volume of Bitcoin is still inferior to the trading volume of the stablecoin Tether token which reached US $ 68.23 billion per day.
The macroeconomic uncertainty in question is high inflation which has triggered the central bank, especially the United States (US) monetary authority, the Federal Reserve (The Fed) to aggressively raise its benchmark interest rate.
On the other hand, tensions between Russia and Ukraine have not only caused oil prices to soar and fueled the prospect of higher inflation, but also reduced investors’ risk appetite. Investors prefer to look for safety when conditions are not conducive.
However, after oil prices fell 14 percent in the past week due to the prospects for peace between Russia and Ukraine and the US plan to release its strategic oil reserves, risk appetite has improved.
Investors are also hunting for digital assets such as risky crypto tokens. As a result, the price also rose. Especially after the price was corrected quite deeply at the end of February to early March.