Events in Russia have dominated market sentiment. Prices were pushed higher on optimism over official crypto recognition in the country, before falling back on concerns about the Ukraine conflict.
Elsewhere, more volatility was driven by U.S. inflation figures of 7.5%, and the $3.6 billion seizure of hacked Bitcoin by the U.S. Department of Justice.
BlackRock, which manages more than $10 trillion in assets for pension schemes, endowments and sovereign wealth funds, is reportedly preparing crypto trading services for its clients.
Big four accounting firm KPMG Canada announced the purchase of Bitcoin and Ethereum for its own corporate treasury, saying that "institutional adoption of crypto assets and blockchain technology will continue to grow and become a regular part of the asset mix."
Tennessee has followed Arizona by drafting its own Bitcoin bill that would allow other states and municipalities to invest in crypto assets.
Bitcoin fell amid fears of war and uncertainty surrounding inflation. The cryptocurrency rallied to the top and nearly reached $46k early last week, after local media reported that Russian authorities would create a new law recognizing crypto assets as a form of currency.
The move is a major change in direction for the Central Bank of Russia, which previously proposed a total ban on cryptocurrencies.
In response to the news, some market analysts are now speculating that Russia could have bigger future plans – such as accepting Bitcoin as payment for natural gas.
Avalanche was the biggest winner in the top 20, up 8% today. The self-styled Ethereum killer is still on the rise after being listed on eToro recently.
Another altcoin that managed to overcome the market turmoil was Shiba Inu, completing a 7-day period with a 3% gain after the announcement of a mysterious new metaverse project.
The highest movement in the top 100 row is undoubtedly Rally (RLY), a social token-oriented protocol that allows creators to launch their own tokens and build a digital economy around their jobs.
Streamers, artists, musicians, gamers, athletes, or general creators can leverage their community and offer the benefits of seamlessly recruiting, retaining, and monetizing their followers. Rally flew into the top 100 today and is currently ranked 87th. The price is up 65% in 24 hours.
Neo is a rapidly growing ecosystem with the goal of becoming the foundation for the next generation of the internet, a new economy where digital payments, identities, and digital assets come together. The price is up 11% today. Qtum is also up 11%.
Algorand, the 26th largest cryptocurrency by market capitalization, nearly broke through $1. The price has risen 7% in the last 24 hours. It's also a good day for metaverse tokens. Decentraland and Axie Infinity are each up 8% today.
Bitfinex's token, UNUS SED LEO, continues to reverse its rise. Today the token is down 7%.
The coin with the biggest rise today is Catcoin, a community-based meme token created for the cat community by someone or a group of people with a funny name, namely Miaoshi Nekomoto.
Catcoin developed an app to provide a variety of tools for the community and simplify the crypto world for new investors. Catcoin is up 838% in the last 24 hours.
Another trending coin is ALICE, the built-in token of My Neighbor Alice, a farm-themed play-to-earn game at Chromia.
The game describes itself as a place where "players can buy and own virtual islands as well as collect and build interesting items while also making new friends." This token is up 11% today.