Ethereum Eclipses Bitcoin, Dogecoin Rises as Geopolitical Tensions in Eastern Europe Show Signs of Slowing – Bitcoin – US Dollar ($BTC)

Ethereum’s gains topped those of Bitcoin at press time, with the cryptocurrency’s global market cap rising 4.5% to $1.95 trillion.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin (CRYPTO: BTC) 4% -0.07% $44,220.75
Ethereum (CRYPTO:ETH) 8.2% 0.1% $3,158.20
Dogecoin (CRYPT: DOGE) 3.8% -5% $0.15
Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
Mine (MINE) +19.8% $2.80
Gala (GALA) +18.6% $0.33
Hedera (HBAR) +16.1% $0.26

See also: How to buy bitcoins (BTC)

Why is this important: President Joe Biden said on Tuesday that the United States and NATO did not pose a threat to Russia and that diplomacy was an option to end the simmering crisis in Ukraine. The president welcomed the as-yet-unverified news that some Russian forces had withdrawn, according to a Reuters report report.

Stock markets rallied in response to easing geopolitical tensions. The S&P 500 closed up 1.58% at 4,471.07, while the Nasdaq ended Tuesday up 2.53% at 14,139.76.

Cryptocurrencies also rose with Bitcoin and Ethereum reaching respective intraday highs of $44,667.22 and $3,185.52.

On Monday, the yield on the benchmark 10-year paper rose 4.7 basis points to 2.0434, according to a separate Reuters report. report.

“The price action follows almost one-to-one the news of Russian elements moving away from the border with Ukraine,” said Guy Le Baschief fixed income strategist at Janney, according to Reuters.

“We also see the yield curve steepening a lot, suggesting a relief rally in risky assets.”

Edouard Moyaa senior market analyst at OANDA, said aggressive crunch fears have driven global bond yields soaring and that if this development runs its course, Bitcoin could continue to rise.

“Bitcoin still looks set to consolidate between $40,000 and $50,000 as selling in the bond market resumes. Bitcoin survived the winter dip and could continue to rise if Fed rate hike expectations moderate.

Cryptocurrency data feed provider Saniment tweeted that Ethereum whales nursed their bags during the December and January price crash. Since October 1, more than 100,000 Ethereum addresses have added 1.54 million ETH, which translates to a gain of $4.8 billion.

The slowdown in non-fungible tokens and on-chain activity resulted in a 72% reduction in Ethereum transaction fees from the peak reached last month,” said Digital Delphiin a note seen by Benzinga.

Average daily gas price on Ethereum in Gwei – Courtesy of Delphi Digital

“NFT activity has cooled off in the past week. Opensea is one of Ethereum’s biggest gas consumers, and a sharp downturn in NFT volume (and therefore transactions) can have a big impact on the price. some gas.”

At press time, the average Ethereum transaction fee was 0.0066 ETH or $2.07, according to Bitinfocharts.

Read more : On-Chain Analysts Knew of $4.1 Billion Bitcoin Seizure by the Feds a Week in Advance, Ark Analyst Says

Mary I. Bruner