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

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.

BTC

-3.89%$82,639.41

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BTC price

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.