Bitcoin price and Ether rose, but several major altcoins had even bigger days
Most cryptocurrencies traded higher on Thursday after Russia’s Duma committee chairman suggested that Bitcoin could be accepted as payment for the nation’s oil and other resource exports during a news conference. At the time of writing, Bitcoin price is changing hands at $44,054.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price retakes $44,000 amid broad crypto rally
Russia’s announcement contributed to a spike in BTC above $44,000, although cryptos were already tracking upside moves in equities earlier in the New York trading day. Still, traditional safe-haven assets, such as gold and the U.S. dollar, also rose on Thursday, suggesting some caution among global investors.
Bitcoin is up more than 3% over the last 24 hours, climbing to a three-week high of $44,200 earlier on Wednesday before modestly pulling back to $44,000.
“The amount of Bitcoin addresses holding 1k to 10k BTC has jumped by 8.3% since the Russia-Ukraine war was made official. The 2,203 addresses are at a 1-yr high. Both this tier & the 100 to 1k BTC tier have historically foreshadowed price moves”, Santiment reported.
Bitcoin had recently gained over 3.4% over the past 24 hours and was trading over $44,000, a threshold it crossed earlier as many investors seemed at least temporarily willing to commit to riskier assets.
The second-largest crypto by market cap, Ether, had risen similarly and was changing hands at over 3,100. Several altcoins fared even better, including popular meme coin DOGE, which spiked above 7%, and SOL, which climbed around 8.5%.
Cardano’s ADA and Axie Infinity’s AXS were up over 7% and 22%. Crypto prices dovetailed with gains in equity markets. The overall cryptocurrency market cap now stands at $1.994 trillion, and Bitcoin’s dominance rate is 41.9%.
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