Bitcoin has been rallying during the past 24-hours as the situation in Ukraine turns for the worst. The Russian Federation continues its attack on the Ukrainian territory. As the conflict ranges on, other macro factors playing against Bitcoin could be mitigated, at least, for the short term. Related Reading | Russia Can’t Rely On Crypto As Shield From Crippling Sanctions, Analysts Say At the time of writing, Bitcoin (BTC) trades at $43,807 with a 7.8% profit in the past 24 hours and a 20.5% profit in the last seven days. With the exception of Avalanche (AVAX) and Terra (LUNA), Bitcoin has been displaying significant strength compared to the rest of the crypto market. This could be related to the narrative around BTC, and its capacity to operate as a safe haven in times of turmoil. Of the top 10 cryptocurrencies by market cap, only Solana (SOL) is close to BTC’s price performance for the past week with an 18.5% profit, at the time of writing. Followed closely by Ethereum (ETH) with a 14.5% profit, Binance Coin (BNB) with a similar rally, Cardano (ADA) with a 12.6% profit, and XRP with a 10.8%. As mentioned, only AVAX and LUNA have outperformed Bitcoin. These cryptocurrencies record a 26.4% and 85% profit, respectively, over the same period. According to a recent report by Arcane Research, Bitcoin was the best performing asset in February after the global markets faced a severe correction. Driven by the uncertainty around U...
