The crypto market has seen a bullish trend as demand for cryptocurrencies has increased amid the geopolitical crisis. Bitcoin has managed to cross the $ 44,000 level again after 37 days. Ethereum has seen a sharp rise over the past week. Weekly, Ethereum rose 12.68 percent to $ 3146 at 5 p.m. Bitcoin traded up 9.75 percent at $ 44274.62.
With this, the total market cap of crypto has again reached 2 trillion dollars since February 11. Whale transactions in cryptocurrencies have risen 8.3 percent since the Russia-Ukraine war.
What are whale transactions?
A bitcoin whale is a cryptocurrency term that refers to individuals or entities that hold large amounts of bitcoin. Whales hold enough cryptocurrency that they have the potential to manipulate currency valuations.
Impact of Russia-Ukraine War-
Russia has recently approved Bitcoin for payments at oil and gas stations. Demand for cryptocurrencies, including bitcoin, has also increased in Ukraine for economic activities in addition to war funding. The United States, on the other hand, has issued executive orders to set specific standards for digital currencies.
Ethereum’s market cap has surpassed that of the world’s top companies, including Alibaba, MasterCard, and Bank of America, with a market cap of 80 380 billion over the past 13 days. It has risen to 65 656 so far from 25 2,519 on March 13. Currently trading at $ 3175. However, it is still down 35 percent from November 16, 2021, an all-time high of 48 4891.70.
Market cap of major companies compared to bitcoin-
Alibaba has a market cap of $ 317.27 billion, MasterCard’s $ 344.18 billion, and Procter & Gamble’s $ 362.14 billion.