The entire volume in the decentralized finance (DeFi) area was $17.05 billion in the past 24 hours, accounting for about 15.65% of the 24-hour bitcoin trading volume. Stablecoins accounted for $90.04 billion in total volume or 82.62 percent of the 24-hour cryptocurrency trading volume. Bitcoin surged 11.19 percent to Rs 33,29,547 in rupee terms, while ethereum increased 8.39 percent to Rs 2,24,599.8.
Bitcoin’s Price Is Steadily Increasing
Bitcoin’s price has increased by almost 15% in the previous seven days as a result of the current Russia-Ukraine situation. According to CoinMarketCap statistics available at the time of writing this post, Bitcoin was up 12.51 percent in the last 24 hours, trading at $43,094.
Its value had dropped to $34,904 on February 24. Since then, the price of the most popular crypto asset has increased by more than 23%. The worldwide crypto market cap has also increased by almost 10% in the previous 24 hours, bringing it back to $2 trillion.
The rise in the coin’s price is attributed to the advent of cryptocurrency as a viable alternative to the old banking system, which is now vulnerable due to a geopolitical crisis in the West.
Markets, according to experts, normally act in anticipation of an event, such as new government reform, the acceptance of a new product, or even a worldwide disaster such as the current war scenario. The present crypto market patterns might potentially be an illustration of this. Meanwhile, the value of Bitcoin has reportedly surpassed that of the Russian official currency, the Ruble.
The geopolitical developments are working in Bitcoin’s favor.
Ether, the second most popular cryptocurrency, has risen more than 10% in the previous 24 hours and more than 12% in the last week.