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Crypto Market Back Above $2 Trillion as Bitcoin, Ethereum Recover

The market capitalization of the entire crypto market has soared back above $2 trillion for the first time since early March.

2 min read
Bitcoin and Ethereum are the two largest cryptocurrencies. Image: Shutterstock

As the price of Bitcoin (BTC) briefly climbed back above $43,000 on Tuesday morning, the broader crypto market is showing more signs of recovery, with the market cap of the entire industry now standing at $2.018 trillion.

As data from CoinGecko shows, the last time the crypto market was valued this high was on March 3.

The leading cryptocurrency hit an intraday high of $43,079 earlier today before backtracking to $42,779 at press time. This is still a 3.5% increase in value for Bitcoin in the last 24 hours, which last traded at these levels back on March 9.

Ethereum (ETH) has boosted the market too, as the price of the asset soared above $3,000 for the first time since March 2. The second-largest cryptocurrency is up 3.8% over the last day, changing hands around $$3,007 at press time, according to CoinGecko.

Quite impressively, ETH is also 16.4% in the past seven days, which makes it the third-best performing cryptocurrency from the top ten largest assets after Avalanche (AVAX) and Cardano (ADA) only.

AVAX, while trading sideways over the past day at around $88.59, is still up 28.9% in the last week, while ADA is up 5.7% today and 17.6% over the week span.

Crypto markets react

Despite the latest recovery, the crypto market is still largely in a state of uncertainty due to the war in Ukraine.

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

Cryptocurrencies have also come under renewed scrutiny in recent weeks as a debate around whether they can be used to evade sanctions goes on.

Any significant developments on both the geopolitical or regulatory front could thus affect the market, with a possibility of prices moving either way.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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