Crypto On March 25: Market Continues To Rise, Cardano Dips

The cryptocurrency market traded in the green for the fourth consecutive day. The global market cap was up 1.57% at $1.99 trillion, as of 4.32 a.m. ET, CoinMarketCap data showed.

Bitcoin was up 1.98% at $43,924. Ethereum, too, surged 2.70% to $3121.

As per Wazir X's daily analysis, the sudden surge, however, is attributed to the news of Russia accepting payments in Bitcoin for oil and natural gas. Russia's decision comes as the country is faced with increasing sanctions from the western countries over the invasion of Ukraine.

Ethereum continued to surge as the ETH 2.0 staking rate continued to increase, an indication that increasing amounts of Ethereum is being held into staking contracts and availability on exchanges is going down.

"Such a scenario normally indicates the start of a bullish cycle as exchanges experience a severe supply crunch," WazirX trade desk told International Business Times.

Seven of the top 10 tokens were trading higher. Cardano, which was trading higher for the last few days, dipped. Meme cryptos Dogecoin and Shiba Inu have also plunged.

In other news, Dubai-based luxury jewelry house Mouawad said it will offer fractionalized ownership of the Miss Universe crown via non-fungible tokens (NFTs) in partnership with Icecap, a global firm that develops non-fungible tokens for investment-grade diamonds.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.