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Market highlight: Bitcoin shoots back above $42K, XMR and LUNA leads altcoins’ rally

March 9, 2022 By Charles Thuo

The global crypto market has surged 6.19% today with its market cap hitting $1.84 trillion. The crypto market volume has also increased by about 8.28% to $95.59 billion.

In a surprise move, Bitcoin (BTC) has bounced back above $42,000 after threatening to drop below $30K following the strong bear market in the past few weeks; BTC was trading at $42,119.68 at the time of writing.

Biden executive order and the war in Ukraine

The entire crypto market has experienced quite a volatile period in the past few weeks especially since Russia invaded Ukraine. On the other hand, commodity prices have been rising ever since the war broke out with Gold taking the center stage.

However, risk assets like Bitcoin and equity today seem to be stabilizing and warming up to the upcoming executive order by the Biden administration amid the growing adoption of crypto around the world.

It is worth noting that crypto has come to the rescue of Ukraine by providing a way for donors to donate to the Ukrainian army. On-chain data provider Santiment noted that crypto discussions have gathered more pace over the past few weeks.

DBS Holdings Group Ltd. Chief Executive Officer Piyush Gupta on his part said that cryptocurrencies like Bitcoin will continue serving as a meaningful store of value. He said:

“Regulators and politicians will be loath to give up control of monetary policy and economic management tools, and will therefore be very circumspect about letting private money grow. Having said this, I do think that private money (crypto) will continue to grow as a meaningful store of value, much like gold is today.”

Monero and Terra price surge leading way for altcoins

Besides bitcoin, the majority of altcoins have bounced back and most are rallying upwards at an unprecedented rate.

Ethereum, which is the most celebrated altcoin has posted a 6.76% rise in the last 24 hours and it was trading at $2,759.91 at the time of writing.

The top ten gainers today among popular altcoins include Monero (XMR), Terra (LUNA), Arweave (AR), Zcash (ZEC), Secret (SCRT), NEAR Protocol (NEAR), Nexo (NEXO), Dash (DASH), XDC Network (XDC), and Kadena (KDA).

Monero has gained 20.15% over the last 24 hours and Terra (LUNA) has gained 19.45% over the last 24 hours.