Bitcoin, Ethereum Jump 6% as Crypto Market Reclaims $1 Trillion Mark

Crypto markets saw a sudden upward movement in the early hours on Tuesday as the price of Bitcoin (BTC) has once again reclaimed the $20,000 level.

The leading cryptocurrency, which was trading below $19,000 on Monday, is up 6.4% over the past day, currently changing hands at a 10-day high of $20,199, according to data from CoinGecko.

While investors hope the latest price action will signal a new bull run, this is still a far cry from the asset'S all-time high of over $69,000 that was recorded last November. As of today, Bitcoin has fallen by roughly 71% from its record high and is down 57% since the start of the year.

The Fear and Greed Index, a metric used by some investors to gauge the market sentiment, is currently at 20 points, which corresponds to "extreme fear."

BTC

+30.26%$103,382.25

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BTC price

Ethereum joins Bitcoin in uptrend

Ethereum (ETH) has also seen some positive action in the past 24 hours as it jumped 6.4%, trading at $1,382 by press time, per CoinGecko.

This is the first meaningful upward movement for the industry’s second-largest cryptocurrency since the network’s shift to a proof-of-stake (PoS) consensus mechanism on September 15.

Following the historical merge event, the price of ETH plummeted from above $1,700 to almost $1,250 on September 22, failing to bounce back above $1,350 since then.

The two largest coins posted gains amid soaring trading volumes, propelling the overall market value back above the $1 trillion mark.

The market’s other notable gainers include Uniswap (UNI), which is up 16.2% over the day to hit a two-week high of $6.59, Polkadot (DOT) with a 6.2% uptick in price, and Solana (SOL), which is up 5.3% over the past 24 hours.