All Major Cryptocurrencies Are Increasing in Value Like Commodities

The cryptocurrency market is now surging on reports that President Biden issued an executive order, which is the first step toward regulating cryptocurrencies. It stems from worries about Russia’s possible use of digitally produced currency to circumvent economic sanctions during times of crisis.

One of Singapore’s most renowned bank executives has likened cryptocurrency to gold, predicting that it would “expand as a significant store of value” in the same way.

Crushing sanctions, the Ukraine crisis, and record temperatures throughout most of Europe have driven prices for crucial commodities skyrocketing to previously unheard-of heights.

Yesterday, the US indices fell after President Biden launched an embargo on Russian energy imports.

Performance of the Top Cryptocurrencies

Terra’s worth has skyrocketed as a result of its recent listing on Wirex. However, the cryptocurrency’s value has increased by more than a fifth today. And it’s keeping up its aggressive speed, with a chance of breaking $100 shortly.

With Avalanche in the lead, up 10%, it unveiled its Multiverse initiative to foster the creation of subnets. The initiative was supported by 4 million AVAX valued around $290 million. Two days ago, the currency was also added on Bitstamp.

Ethereum has lately been on a roll, rising more than 7%. Cardano and Solana both witnessed significant increases, rising 4% in the past day. During the preceding 24 hours, Bitcoin was trading at $41,000, up 8%.

The Day’s Top Movers

Monero has become one of the best-performing currencies, with its value rapidly growing.

In terms of price increase over time, Monero has surpassed Terra as the top 100 cryptocurrency. All privacy coin rankings are growing, but not to the extent witnessed with Monero.

Analysts think that sanctions against Russia are fueling a rise in cybercrime, which is why hackers prefer to make payments using cryptocurrencies like Monero. Furthermore, another privacy token, Secret, surged by 15% in 24 hours, indicating greater demand for privacy tokens such as these two names.

The current live price for the NEAR protocol is $11.12, with a 24-hour trading volume of more over $750 million. The 22nd largest cryptocurrency by market value has increased by 12% in the previous 24 hours.

The present market is quite active, with several currencies seeing double-digit increases. Other significant ones today include privacy currency Oasis, which has increased in value by 16 percent, and THORChain, which has increased in value by 11 percent. Arweave grew by 18 percent, while Dash and Anchor grew by 13 percent.