Major currencies and assets across the globe have posted varying appreciations against a weakened dollar on the first day of March, providing optimism to business enterprises and investors following a torrid end to the month of February.
Gold rose to post consistent gains on monday, March 1, for the first time in weeks which signified a much needed recovery from its Friday 8-month low of $1735.6.
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The monetary asset suffered heavy losses in large periods of the previous month which climaxed in a dramatic plummet of 3.8 percent between February 24 and 26.
It has however appreciated by 1.24 percent on day one of the new month to assure investors of a positive March.
In the same vein, Bitcoin also edged higher against the dollar in the new month, posting a 3.4 percent rise to $46,069, as at time of compiling this report.
The currency has endured a topsy-turvy February, giving investors orgasmic elation when it cruised past an altitude of $58,012 before nose diving to $45,392 within 72 hours, a shocking crash of 22 percent.
Since then, it has unstably zig-zagged up and down the charts, flirting at $43,522 on the last day of February, the lowest price since February 7, as realism of a bear market set in.
It has however posted positive signs to frenzied investors on the first day of March, just as miners stopped selling for the first time since December.
Ethereum also posted a substantial gain in March, as the world’s second most valuable currency rallied from a last day low of $1,305, which was its lowest in the month, to post a 7.25 percent increase of $120.
Like Bitcoin the currency itself had attained a milestone when it breached the $2,000 ceiling for the first time ever on February 20 before zooming down south from there.
Other Digital Currencies
Cardona, Tether, Polkadot, Binance Coin, XRP, Chainlink, Uniswap and Dogecoin all enjoyed similar increase.
However, little owned Fantom, Polygon and Ravencoin all posted the biggest increase at an impressive 30 percent range. All three though are each worth less than $0.6 with individual market caps not exceeding $1.43 billion.
The Naira also strengthened against the dollar, albeit slightly, opening at a rate of ₦409.88/$1 before further appreciating to ₦408.47 as at press time, a 10.7 percent decrease from one year ago.
Last month the Naira depreciated to its worst ever value of ₦412.44 on February 20.