Crypto Price News For March 12: Positive Momentum Pushes Bitcoin and Altcoins Up

The crypto market is slowly recovering after a substantial downturn in recent days. Bitcoin is making a slow climb back, and many altcoins are following suit.

Coinmarketcap indicates that the global cryptocurrency market cap has grown by 1.12%, reaching $2.65 trillion. On the other hand, overall market volume has fallen by 25.89%, to $117.05 billion. Even with this decrease in volume, there are signs of positive momentum in the market, as the CMC 100 Index has increased by 1.74% over the past 24 hours.

Reasons For The Recovery

The market recovery follows a series of positive developments. On March 11, U.S. Senator Cynthia Lummis reintroduced the Bitcoin Bill, which is expected to align with President Trump's Bitcoin Reserve vision, reinforcing Bitcoin’s potential as a mainstream asset class and boosting market confidence.

The impact of the Bitcoin Reserve Executive Order, signed before the White House Crypto Summit, is starting to take effect too. Investors are gradually factoring in the shift, and the reintroduction of the Bitcoin Bill signals possible regulatory support for Bitcoin in the future.

Also, the announcement of a possible 30-day ceasefire in Ukraine and Ontario’s decision to lift a tariff on electricity exports have helped reduce global uncertainty. These moves, along with reassurances from U.S. officials, have contributed to a market recovery, though analysts remain cautious about potential volatility ahead.

Top Gainers

Several major coins are showing signs of recovery today:

• Dogecoin (DOGE): +4.21%
• XRP (XRP): +4.19%
• Shiba Inu (SHIB): +4.05%
• Avalanche (AVAX): +3.29%
• Monero (XMR): +3.21%
• Chainlink (LINK): +2.92%
• Bitcoin (BTC): +2.41%
• Toncoin (TON): +2.32%
• Litecoin (LTC): +2.03%
• Cardano (ADA): +1.83%
• Ethereum (ETH): +0.07%
• Solana (SOL): +0.05%

Dogecoin (DOGE) saw the biggest increase today, up by 4.21%, bouncing back from a sharp 8.26% decline yesterday. XRP (XRP) gained 4.19%, while Shiba Inu (SHIB) rose by 4.05%, recovering from a 5% drop.

Avalanche (AVAX) improved by 3.29% after a 7.43% loss on March 1. Monero (XMR) also had risen by 3.21%, while Chainlink (LINK) grew 2.92% after experiencing a sharp drop of 9.15% the previous day. Bitcoin (BTC) also managed to climb by 2.41%, supporting the recovery trend.

Toncoin (TON) and Litecoin (LTC) saw gains of 2.32% and 2.03%, respectively, and Cardano (ADA) increased by 1.83%, recovering from a 2.55% fall.

Ethereum (ETH) and Solana (SOL), both of which faced declines yesterday, have shown signs of recovery today, with Ethereum rising by 0.07% and Solana climbing by 0.05%. They move slower compared to the major gainers, but these smaller moves suggest that the market is heading in a positive direction.

Top Losers

While most cryptocurrencies have shown recovery, some are still struggling to regain momentum:

• Tron (TRX): -3.83%
• Aave (AAVE): -3.51%
• Bitcoin Cash (BCH): -1.17%
• Binance Coin (BNB): -0.12%

Tron (TRX) saw the largest loss today, dropping 3.83%, following its previous downtrend. Aave (AAVE) also posted a loss of 3.51%, continuing its decline after a rough week. Bitcoin Cash (BCH), which had a smaller decline yesterday, fell by 1.17% today, showing signs of weakness.

Binance Coin (BNB), which saw a minor loss of 0.12%, has proven relatively resilient during the market’s recovery. Still, it is important to note that the market remains sensitive to any global shifts that could affect major players like Binance.

All in all, positive developments like regulatory support and easing geopolitical tensions have boosted investor sentiment. Still, analysts caution that further corrections are possible. While some altcoins are recovering faster, the overall trend points to a selective rally as the market aims for new highs.