Sluggish Stock Market: Bitcoin Price Rises, Top-Rating Crypto Excites

Illustration. (Photo: Pixabay)

JAKARTA - The price of the majority of major cryptocurrencies returned to enthusiasm in trading on Friday, March 25, Indonesian time, although the global stock market tends to correct. One of the things that went up was the price of Bitcoin (BTC).

In trading this Friday, Coinmarketcap noted an increase in the price of Bitcoin (BTC). The price of Bitcoin cryptocurrency, which is the cryptocurrency with the largest market cap, is at the level of 44,015.20 US dollars.

In the last 24 hours, the price of Bitcoin BTC rose 2.69 percent. In 7 trading days, Bitcoin price was up 8.64 percent.

Then followed by the price of Ethereum (ETH) which is the second largest market cap at the level of 3,108.90 US dollars, up 2.68 percent in the last 24 hours. In 7 trading days, the price of Ethereum was up 11.72 percent.

The price of Tether (USDT), the third-largest market cap, was at $1, up 0.01 percent in 24 hours of trading. In 7 trading days, the price of Tether/USDT is also up 0.01 percent.

The price of Binance Coin (BNB), the fourth largest market cap at $413.05, was up 1.02 percent in 24 hours of trading. Over 7 trading days, the price of Binance Coin was up 6.52 percent.

The price of USD Coin, which is the fifth largest market cap, was at the level of 0.9995 US dollars, down 0.04 percent from the previous day. During 7 trading days, the price of USD Coin fell 0.03 percent.

Meanwhile, the price of Dogecoin (DOGE) popular because of Elon Musk also rose 3.36 percent in the last 24 hours to 0.1365 US dollars. In 7 trading days, the price of Dogecoin was up 17.80 percent.

The price of another popular cryptocurrency, the Shiba Inu (SHIB) rose 1.3 percent in the last 24 hours to 0.00002472. In 7 trading days, the price of the Shiba Inu rose 12.66 percent

Bitcoin price is getting excited

Meanwhile, Bitcoin (BTC) is likely to stay in the range of the US$42,000 level, while other major cryptocurrencies are also likely to brighten again today. Bullish sentiment has returned to the crypto market, after being faced with bearish sentiment at the beginning of the year.

On the other hand, the better performance of alternative cryptocurrencies (altcoins) indicates that crypto investors' risk appetite is recovering.

Some analysts expect the prices of major cryptocurrencies to remain high in the short term, signaling that a relief rally is likely to occur in the short term.

“There will be an upper limit to the price of risk assets, depending on how much the [Federal Reserve] rate hikes,” said Justin Chuh, a trader at Wave Financial, quoted by CoinDesk.

Chuh also mentioned that some traders have not yet positioned at the lows. Instead, traders have given up hedged assets and sold volatility contracts as crypto prices have become relatively more stable.

Crypto prices that have returned to light have occurred in the midst of soaring world crude oil prices in trading last Wednesday to this day.

Reporting from CNBC, in Asian morning trading, the price of Brent oil jumped 1.36 percent to a level of 123.25 US dollars per barrel, while the price of West Texas Intermediate (WTI) rose 1.08 percent to a level of 116.17. US dollars per barrel.

Oil prices have been volatile for weeks since Russia's military aggression against Ukraine as investors assess the war's impact on world oil supplies, especially with the West's economic sanctions against Russia.

Ukrainian President Volodymyr Zelensky called on other countries to put pressure on Russia by claiming the conflict was at a stalemate. With such a situation, the well-known activist investor, Carl Icahn estimates that there is a potential for an economic recession in the US.

On the other hand, the bright crypto market also occurred amid the still strengthening yield of US government bonds (US Treasury) with a tenor of 10 years which is the market reference.

At the close of trading yesterday, the 10-year Treasury yield jumped to 2.41 percent, which was the highest level since May 2019.

The increase occurred since the US central bank (Federal Reserve / The Fed) raised its benchmark interest rate by 25 basis points (bp) to 0.25-0.5 percent. This is the first hike in the benchmark interest rate.

The Fed is open to a 50 bps hike in the benchmark interest rate and indicates six hikes this year. On Monday, Fed Chair Jerome Powell again stated that he would take aggressive action against inflation.