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."

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.