Crypto On March 3: Market Drops Slightly, Experts Still Largely Optimistic of Gains

The cryptocurrency market pulled back slightly Thursday as top coins including Bitcoin and Ethereum plunged. Experts, however, remained optimistic about gaining momentum ahead.

The global market cap was down 1.15% at $1.91 trillion as of 2.53 a.m. ET, CoinMarketCap data showed.

Bitcoin was down 1.06% at $43,480, yet 23.30% higher than the previous week. Ethereum too plunged 2.28% to $2907, but remainede 22.75% higher than the previous week.

All of the top 10 cryptos were trading in the red. Meme cryptos Shiba Inu and Dogecoin too plunged.

The market saw a slight downward movement after trading higher for the past few days even amid the Russia-Ukraine crisis. However, industry insiders believe that the Russia-Ukraine crisis has made the markets realize the value of decentralized currencies and it will drive the growth of the crypto market.

Raj Kapoor, chief adviser, Acryptoverse said, "Markets are realising the value of decentralised virtual currencies, as warlike situations may mean gold being locked into banks, accounts being frozen or limits on withdrawals but no impact on cryptos… no boundaries, no hassles, the power and wealth right in your palm!!"

Charles Tan, Head of marketing at global exchange Coinstore, said, "The traditional assets have failed to meet the aspirations of the people when it comes to creating long-term wealth. Crypto and blockchain have the power to liberate the global financial system and bring the global investor community on one common platform."

Billionaire Bill Miller also said that the Russia-Ukraine crisis is "very bullish" for Bitcoin as the top coin is an asset for Russia that is not controlled by other countries.

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