Crypto market swings violently upwards in midst of Russia Ukraine conflict

Financial markets across the world are in turmoil due to the Russian invasion of Ukraine. The Russian ruble is down around 30% over the last week, and western markets have seen plenty of volatility. However, one market that is bucking the trend is that of Crypto, as bitcoin retakes $40,000 and many alts are up on average between 5% to 10%.

In the last 3 hours bitcoin has surged up 8.8% to reach a local high of over $41,000. It hit a trendline in play since 10 February, and is now hovering slightly lower at around $40,800.

If the alpha cryptocurrency is able to continue the move it could rise to the important resistance level of $42,000, with the 61.8 fibonacci level waiting just beyond that at slightly over $44,000.

The entire crypto market cap has increased from $1.6 trillion last Thursday to more than $1.9 trillion today. 2 trillion is once more on the cards, and could be reached as early as this week.

Ethereum has been up as much as 10% so far today. The move puts the ETH price closer again to a downwards trendline that began on 1 December. There is also a huge amount of resistance to break through at $2900 so it’s not there yet.

Whilst bitcoin has undoubtedly stolen the show so far, some of the larger cap alts are also riding high. Solana rose almost 15% on the day. It has settled back to around 12% at time of writing, but is looking primed to go further over the coming week.

The undisputed success of the large-cap alts has to be LUNA. The native token of the Terra Luna ecosystem has put on a 70% increase over the last week. It’s currently at a local high of $84, and could potentially challenge the all-time-high of $103 should the momentum keep going.

Fantom is having a good run as well. Up 9% on the day, the native token for the DAG type layer one blockchain is perhaps looking at a major bounce given that it is now the 4th ranking chain for total value locked (TVL). Only Ethereum, Terra, and Binance Smart Chain have greater locked values, and Fantom is now ahead of Solana and Avalanche.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.