As the price of(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.
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(AVAX) and (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.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.