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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Dominates Altcoins During War-Torn Month Of February

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 2:17 pm
2 mins read
Bitcoin BTC BTCUSD

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Bitcoin has been rallying during the past 24-hours as the situation in Ukraine turns for the worst. The Russian Federation continues its attack on the Ukrainian territory. As the conflict ranges on, other macro factors playing against Bitcoin could be mitigated, at least, for the short term.

Related Reading | Russia Can’t Rely On Crypto As Shield From Crippling Sanctions, Analysts Say

At the time of writing, Bitcoin (BTC) trades at $43,807 with a 7.8% profit in the past 24 hours and a 20.5% profit in the last seven days.

Bitcoin BTC BTCUSD
BTC rallying on the 4-hour chart. Source: BTCUSD Tradingview

With the exception of Avalanche (AVAX) and Terra (LUNA), Bitcoin has been displaying significant strength compared to the rest of the crypto market. This could be related to the narrative around BTC, and its capacity to operate as a safe haven in times of turmoil.

Of the top 10 cryptocurrencies by market cap, only Solana (SOL) is close to BTC’s price performance for the past week with an 18.5% profit, at the time of writing. Followed closely by Ethereum (ETH) with a 14.5% profit, Binance Coin (BNB) with a similar rally, Cardano (ADA) with a 12.6% profit, and XRP with a 10.8%.

As mentioned, only AVAX and LUNA have outperformed Bitcoin. These cryptocurrencies record a 26.4% and 85% profit, respectively, over the same period.

According to a recent report by Arcane Research, Bitcoin was the best performing asset in February after the global markets faced a severe correction. Driven by the uncertainty around Ukraine and a possible rate hike in March, the price of BTC and other risk assets suffered.

Arcane Research records a 12% monthly gain for BTC’s price at the end of February. Thus, becoming the first month since October last year with positive price performance.

Bitcoin BTC BTCUSD AR
Source: Arcane Research

As seen in the chart, BTC’s monthly performance topped Arcane Research’s small, mid, and large index. The latter was able to record a 9% gain over the same period.

Bitcoin Season Upon The Market? Why Altcoins Could Lag

As a consequence of recent macro developments, Bitcoin has increased its dominance over the crypto market. Up almost 4% since January, this metric stands at 43% and could see more gains if the situation in Ukraine extends.

Only Ethereum (ETH) comes close to a similar percentage in terms of market dominance with 18.23%. Followed by Binance Coin (3.54%), XRP (1.93%), LUNA (1.75%), Bitcoin remains king in the crypto market.

The armed conflict in Europe could benefit risk-on assets if the U.S. Federal Reserve (FED) decides to delay its plans to increase interest rates. Thus, giving more terrain for a relief bounce for BTC and other cryptocurrencies.

A decision on interest rates should be announced in the coming weeks, so far, investors seem optimistic. On the other hand, BTC’s price has some obstacles in the short term.

Related Reading | Bitcoin As Safe Haven Asset On The Spotlight As BTC Crosses $43K

Data from Material Indicators records significant resistance at $45,000, $46,000 and $48,000. In total there are over $30 million in asks orders sitting at those levels. This suggests BTC’s price could have a tough time breaking above those levels for the time being.

Bitcoin BTC BTCUSD
BTC’s price (blue line on the chart) with important resistance (asks orders in yellow above price). Source: Material Indicators
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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