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Shiba Inu and Solana Lead Profits as Bitcoin Over 47,000 USD

Navigasi - Bitcoin (BTC) has held above  or around Rp. 675.2 million for the past few days after hitting the level of USD 44,700 on Sunday.

Shiba Inu and Solana Lead Profits as Bitcoin Over 47,000 USD
Shiba Inu and Solana Lead Profits as Bitcoin Over 47,000 USD

The increase leads to a broader recovery and an increase of 5.4 percent, or USD 100 billion, to the overall capitalization of the crypto market, in the last 24 hours.

Some analysts attribute the Bitcoin spike to the demand generated by Luna Foundation Guard (LFG). LFG intends to raise USD 3 billion in Bitcoin in reserve for TerraUSD (UST), Terra's stablecoin pegged to the US dollar.

The major cryptocurrencies show gains after more than two weeks remaining flat. Solana jumped as much as 14 percent, with similar gains seen in Shina Inu's SHIB tokens and Polkadot's DOT.

Solana set a monthly high of USD 110, data shows. Meanwhile SHIB is within reach of touching the monthly high of USD 0.00002788.

The rally in alternative cryptocurrencies (Altcoins) relative to BTC reflects the greater risk appetite among crypto investors. Rally crypto market prices occur at a time when crypto holders continue to grow.

After spending nearly the entirety of 2022 in the red, Bitcoin has finally managed to turn positive over the past week as the cryptocurrency surged on an investor rally.

For example on Monday, March 28, 2022, Bitcoin traded in the range of USD 47,648 or approximately 684.4 million, a 6 percent increase in 24 hours and a continuation of the increase that started over the weekend, after breaking through the psychological barrier of USD 45,000. , March 29, 2022.

That drastic increase erased Bitcoin's 2022 losses. To date overall cryptocurrencies have posted a 3.27 percent gain. That puts the most traded crypto well ahead of traditional investments.

So far during 2022, the Dow and S&P 500 are both down more than 5 percent and the Nasdaq more than 10 percent lower.

However, YTD Bitcoin's profit is not very good. compared to other major cryptocurrencies, only XRP has shown positive growth during 2022. Ethereum, Solana, Cardano and memecoins such as Dogecoin and Shiba Inu are all still showing losses for the year.

Investors are showing increasing interest in Bitcoin for various reasons. One of them, Goldman Sachs' decision to trade crypto over the counter, has sparked optimism.

In addition, the ongoing purchase of Bitcoin from the network behind the Luna token has also contributed to the recent price increase.

Nonetheless, analysts still warn inflation and the war in Ukraine could still negatively affect the digital currency in the days, weeks and months ahead.

However, for Bitcoin bulls, Monday's gains were quite a relief for investors. Bitcoin has mostly been in decline since last November, when it hit a high of over USD 67,500.