While equity markets took a beating and Brent crude surged above $100 per barrel for the first time since 2022, crypto is doing the opposite. Escalating Middle East tensions and a blockage in the Strait of Hormuz sent traditional risk assets into freefall, yet the total crypto market cap climbed 2.57% to $2.46 trillion on March 13.
Bitcoin is sitting at $72,479, up 2.91% in 24 hours. Ethereum at $2,127, up 2.72%. On a day when almost nothing else was green, this is interesting.
The Correlation Data Is the Real Story
Crypto’s correlation with the S&P 500 currently sits at -14%, and against Gold it’s -34%. That is evidence that this rally wasn’t carried by broad market optimism.
Intergovernmental Blockchain advisor Anndy Lian noted that “digital assets are beginning to trade on their own fundamental narratives,” arguing this kind of independence signals a maturation that the asset class has long needed to evolve beyond its speculative ties to traditional finance.
Also Read: Did the Clarity Act Pass? Not Yet, But Banks Are Already Buying These 8 Altcoins
BlackRock Just Repackaged Ethereum
The most significant catalyst was BlackRock’s iShares Staked Ethereum Trust (ETHB), which debuted on Nasdaq on March 12 with $15.5 million in first-day volume.
Unlike previous crypto ETFs, ETHB gives investors both price exposure and staking rewards – repositioning Ethereum as a yield-bearing asset rather than a speculative play. Staking also locks up supply, which mechanically reduces sell-side pressure over time.
Altcoins Are Moving Too
Render is up 13.37% to $1.81, Layer 1 tokens advanced 1.58%, and Bitcoin dominance held steady at 58.78%, suggesting fresh capital is flowing into the broader market rather than concentrating in Bitcoin alone.
Analyst Michaël van de Poppe remains bullish, saying he expects Bitcoin to “test the highs and continue to rally towards $75,000 during this month.”
On the regulatory front, the US Senate passed a bill on March 12 blocking the Federal Reserve from issuing a retail CBDC – a clear signal of Washington’s direction on digital assets. Separately, unconfirmed reports of a zero percent crypto tax are circulating on social media, and markets appear to be pricing that in too.
The total crypto market cap is currently at $2.43T, up 2.35% on the day. With RSI sitting at a neutral 56 on the daily chart, there’s no immediate technical ceiling – the question now is whether sustained ETF inflows and policy clarity can keep the momentum going against a backdrop of rising oil and macro uncertainty
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
