Today, the three top cryptocurrencies by market cap (excluding stablecoins),Ethereum(CRYPTO:ETH), Bitcoin (CRYPTO:BTC), and Binance Coin (CRYPTO:BNB) have seen a decent showing alongside risky stocks rebound.As of 11:20 a.m. ET, the coins have surged 6.2%, 3.5%, and 6.7%, respectively, over the past 24 hours.
This recovery in the crypto market appears to be largely due to the easing of recent geopolitical concerns over the Russia-Ukraine rift.Various reports of downgrades in this regard have investors back into bargain hunting, with more speculative assets seeing the biggest gains today.
Bitcoin briefly fell below $43,000 per coin yesterday, but has recovered to above $44,000 per coin at the time of writing.Institutional investment inEthereumhas surged, and various ETH-focused ETFs have seen higher capital flows, propelling the token’s price in a positive direction.And Binance Coin seems to be getting a boost from today's Binance Smart Chain rebranding as BNB Chain.
Each of these coins is sure to get a boost from the positive sentiment in the market.Investors have been on edge over the past few days, with the possibility of a large-scale conflict generally seen as a bearish event for most risk assets.Unfortunately for crypto investors, these digital assets are becoming more mainstream, so other assets like stocks are being tracked more closely.
In terms of coin-specific catalysts,Ethereum,Bitcoin, and Binance Coin all have unique drivers that investors seem to like.Mass institutional adoption of bitcoinand ethereum remains a focus for investors, with a recent surge in interest from ethereum-based funds.If this continues, there is a lot to watch for the potential capital flowing into the industry, at least for supercap tokens.
The renaming of Binance Smart Chain to BNB Chain seems to be a small detail.Marketing, however, has proven to be important to investors, and given the surge in interest in Binance Coin as an alternative to the Ethereum blockchain, the move is likely to attract more interest.
Daily price action in the crypto industry remains volatile and will likely remain in this pattern for some time.These digital assets are difficult to value and therefore prone to large price fluctuations in macro news.That said, the potential catalysts these coins are seeing now are interesting in their own right.
Investors who follow the big three cryptocurrencies might like the big picture right now.Overall, this market continues to move in the right direction despite the recent volatility.
