The Price of Cryptocurrency Coincidence? Ukraine legalized cryptos today, and Bitcoin and Ethereum surged in value.

Cryptocurrency market capitalization grew 3.85 percent to $1.83 trillion in the previous 24 hours while trade volumes rose 42.02 percent to $105.42 billion during this time frame.

Around 13.63 percent of the total 24-hour cryptocurrency trading volume was spent in the DeFi space, which was $14.37 billion. Stablecoins accounted for $89.15 billion in 24-hour trading volume, or 84.57 percent of all cryptocurrency trading.

(Bitcoin's market domination was up 0.15 percent to 42.77 per cent and the largest crypto-currency was trading at $41,118.45 early on March 17).

Both Bitcoin and Ethereum saw their value rise by 2.13 and 3.44 percent, respectively, in rupee terms.

Trading at Rs 65.02, Cardano was up 1.37 percent and Avalanche was up 5.23 percent. As of this writing on Sunday afternoon, Polkadot was trading at Rs 1,490 while Litecoin had fallen by 0.59 percent to Rs 8,589. At Rs 77.85 per unit, Tether was down 0.6 percent.

MEME was up 1.38 percent, trading at Rs 0.0017, while DOGE was up 0.95 percent, trading at Rs 9.12 in the Indian rupee. Algorand (ALGO) down 0.92 percent to Rs 56.92, while Terra (LUNA) fell 3.37 percent to Rs 6,840

While Ukraine and Russia are still at odds, President Volodymyr Zelensky of Ukraine has approved a bill "On Virtual Assets" legalizing bitcoin assets in Ukraine.

Since it has been approved by parliament, Ukraine's National Bank and Securities and Stock Market Commission have been given the authority to oversee the country's cryptocurrency market. The law also specifies which entities are allowed to offer cryptocurrencies for sale and how they must be registered with the National Bank of Ukraine.

President Zelensky sought amendments to a previous version of this law that was introduced in September of last year. Ukraine's new bill was originally put up by the government on February 17. The European nation has now made it official. "Ukraine's defense process will benefit much from the new crypto law," Alex Bornyakov, deputy minister of digital transformation, tweeted.

Notably, El Salvador, which made Bitcoin legal tender last year, has not followed the troubled European nation's lead.

This is what each cryptocurrency was selling for at 8 am in the Indian market, as of this writing (Data from WazirX)

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