Fears Of EU Ban On Russian Oil Keeps Cryptos Volatile

Crypto markets oscillated heavily as a fresh spurt in crude oil prices, reignited concerns of a flare-up in inflation and thereby further aggressive monetary policy tightening. Brent Crude oil futures prices climbed more than 4.6 percent upon fears that the EU may ban oil imports from Russia.

Crypto market capitalization ranged between $1.84 trillion and $1.88 trillion and is currently at $1.88 trillion.

Bitcoin is currently trading at $41,369.99, at an overnight discount of 0.46 percent. Bitcoin’s dominance fell to 41.8 percent, from 42.3 percent early on Friday.

Ethereum is trading at $2929.60, having gained 1.68 percent in the past 24 hours. Ethereum’s dominance increased to 18.7 percent, from 18.5 percent on Friday.

Apecoin (APE), the new token of the popular NFT project Bored Ape Yacht Club declined more than 6 percent in the past 24 hours and dropped to rank 48 among all cryptocurrencies. The crypto experienced lower highs on Friday ($17.75), Saturday ($14.54) and Sunday ($11.91) versus the all-time high of $39.40 on Thursday.

“Dogecoin killer” SHIBA INU edged up 0.05 percent in the past 24 hours despite the meme token losing more than 32000 accounts on a single day i.e. Friday. The number of holders which was 1.198 million on March 15 edged up to 1.199 million on March 16 before plunging to 1.167 million on March 17 and 1.157 on Sunday. SHIB is currently trading at $0.0000232, and only 37 percent of the SHIB holders are making profits at current prices.

29th ranked Algorand (ALGO), 30th ranked Ethereum Classic (ETC), 35th ranked Elrond (EGLD), 69th ranked Kusama (KSM), 71st ranked Dash (DASH), 79th ranked Convex Finance (CVX), 83rd ranked NEM (XEM) and 88th ranked Decred (DCR), made noteworthy gains of more than 5 percent in the past 24 hours.

Ethereum Classic gained 6.91 percent in the past 24 hours and 51 percent in the past week to move up to the 30th rank among all cryptocurrencies. ETC, the original ether blockchain, has no plans to migrate to the proof of stake mining unlike Ethereum (ETH) which is set to transition to the proof of stake version Ethereum 2.0. It may be recalled that Ethereum Classic was created from a hard fork, or split, in the Ethereum blockchain in July 2016.

At current levels of market capitalization, Bitcoin (BTC), Ethereum (ETH), BNB (BNB), XRP (XRP), Terra (LUNA), Cardano (ADA),Solana (SOL), Avalanche (AVAX), Polkadot (DOT), Dogecoin (DOGE), TerraUSD (UST), Polygon (MATIC), Cosmos (ATOM), Litecoin (LTC), and NEAR Protocol (NEAR) are the top-ranking crypto coins.

In the tokens category, Tether (USDT), USD Coin (USDC), Binance USD (BUSD), SHIBA INU (SHIB), Wrapped Bitcoin (WBTC), Cronos (CRO), Dai (DAI), Chainlink (LINK), Uniswap (UNI), FTX Token (FTT), UNUS SED LEO (LEO), Decentraland (MANA), Bitcoin BEP2 (BTCB), The SandBox (SAND) and Axie Infinity (AXS) rank in the order of market capitalization.

In the category-wise market capitalization dominance, Smart Contracts aggregate to 27.99 percent; Stablecoins dominate 9.95 percent; DeFi is at 8.16 percent; Centralized Exchanges add up to 5.04 percent; Web 3 sums up to 2.77 percent; NFTs account for 2.22 percent; Research grosses 2.10 percent; Memes command 1.57 percent; Metaverse commands 1.57 percent; Gaming enjoys 1.38 percent; Decentralized Exchanges amount to 1.36 percent; while Scaling follows with 1.33 percent market capitalization.

While war has prompted an increased adoption of cryptos, the increased volatility triggered by the war has influenced investor approach to managing the volatility.

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