Bitcoin and Ethereum Recover, Bringing the Crypto Market Back Above $2 Trillion

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Bitcoin and Ethereum Recover, Bringing the Crypto Market Back Above $2 Trillion

Bitcoin and Ethereum Recover, Bringing the Crypto Market Back Above $2 Trillion
Source: Decrypt
1648130245 24 Mar / 13:57

The entire crypto market is showing signs of revival, with the market cap of the entire industry currently standing at $2.018 trillion, as the price of Bitcoin (BTC) temporarily surged back above $43,000 on Tuesday morning. The last time the crypto market was valued at this high, according to CoinGecko data, was on March 3. Earlier today, the top cryptocurrency reached an intraday high of $43,079 before retracing to $42,779 at press time. Bitcoin's value has increased by 3.5 percent in the last 24 hours, having last traded at similar levels on March 9.

Ethereum (ETH) has also bolstered the market, with the asset’s price breaking beyond $3,000 for the first time since March 2. According to CoinGecko, the second-largest cryptocurrency is up 3.8 percent in the last day, trading at roughly $3,007 at press time.

ETH has also gained 16.4% in the last seven days, making it the third-best performing cryptocurrency among the top ten largest assets, after only Avalanche (AVAX) and Cardano (ADA).

While AVAX has been trading flat at approximately $88.59 for the past day, it is still up 28.9% in the previous week, while ADA is up 5.7 percent today and 17.6 percent in the last week.

Despite the recent recovery, the crypto market remains mostly in a state of flux as a result of the Ukraine conflict.

The Bitcoin market has now been in a decline from its November high of more than $69,000 for more than 130 days, according to a recent report from Glassnode, and prices have consolidated inside the current trading range for more than two months.

In recent weeks, cryptocurrency has been under increasing scrutiny as a discussion rages on about whether it can be used to escape sanctions.

Any big changes on the geopolitical or regulatory fronts could thus have an impact on the market, with prices swinging in either direction.

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