$500 Billion Crypto Boom Suddenly Sends The Price Of Bitcoin, Ethereum, BNB, XRP, Cardano And Solana Soaring

24 March 2022

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Reading Time: 4 mins read

Bitcoin and cryptocurrency prices have rocketed higher, following global stock markets that have rebounded as investors come to terms with the Federal Reserve’s inflation-busting interest rate hikes.

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The bitcoin price surged to over $45,000 per bitcoin before falling back slightly and has now added around $10,000 to its price since dropping to lows of around $35,000 last month. Ethereum, the second-largest cryptocurrency after bitcoin, has also rallied as traders eye a looming upgrade that many think could turbocharge its price while cardano, an ethereum rival, has surged 40% over the last week.

The crypto rally has added $500 billion to the combined crypto market, which has now hit $2 trillion for the first time since mid-February as bitcoin, ethereum, BNB, XRP, cardano and solana make large gains.

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The bitcoin price has added $10,000 over the last few weeks, helping ethereum, BNB, solana, cardano, … [+] XRP and other cryptocurrencies to soar.

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While crypto traders and investors are cheering the latest rally, some fear it could fade unless the bitcoin price manages to gain a foothold over $45,000.

“Confidence in the formation of a strong bullish momentum will come only after [the bitcoin price] fixes above $45,000, from where we saw reversals in February and early March,” Alex Kuptsikevich, FxPro senior market analyst, wrote in emailed comments.

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Kuptsikevich expects bitcoin’s rally will help the wider crypto market, including ethereum, BNB, XRP, solana and cardano which have outperformed bitcoin over the last week.

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“Moderate but steady optimism around bitcoin is the best breeding ground for altcoin buyers,” Kuptsikevich wrote. “It is clearly seen that their dynamics are now better than that of [bitcoin]. If this trend continues for a couple more days, the effect of a feedback loop may work, when the outstripping growth of altcoins will pull bitcoin up.”

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The bitcoin price has shot higher, boosting the price of ethereum, BNB, XRP, cardano and solana as … [+] traders pile into the market.

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Crypto prices have followed stock markets higher over the last week, with the S&P 500 bouncing back from correction territory in late February.

“Although bitcoin is remaining strong in the short term, rising oil prices increase the likelihood of a recession over the coming year or so,” Marcus Sotiriou, an analyst at the U.K.-based digital asset broker GlobalBlock, wrote in an emailed note. “Despite the uncertain macro environment, crypto developers continue to innovate and whales continue to accumulate bitcoin.”

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