Bitcoin’s latest surge to above $45K has boosted the cryptocurrency’s market capitalization back over $2 Trillion.
According to CoinGecko data, a broad surge in the digital asset market, powered by bitcoin exceeding $45K, has pushed the total market cap for crypto past $2 trillion.
In August 2021, the crypto market was valued at $2 trillion.
Bitcoin has increased by roughly 14 percent in the last week, while ether has increased by 12 percent.
Capital constraints in Russia, according to analysts a role in the currency’s quick gain.
“Without demand, capital constraints have no effect on price. Because of capital constraints, prices will sway to one side or the other depending on demand “Alex Kruger, a trader and analyst said.
Terra’s LUNA token has skyrocketed in value, increasing nearly 70% in the previous week and currently trading at around $94.
Solana’s SOL, as well as other layer 1 tokens such as Avalanche’s AVAX and Polkadot’s DOT, performed well in the market. This week, SOL gained 18.5 percent, AVAX gained 16 percent, and DOT gained roughly 13 percent.
Bitcoin now has a larger market capitalization than the fast depreciating Russian ruble, thanks to recent advances.
Bitcoin has a market capitalization of $835 billion dollars, while the ruble has a market capitalization of $626 billion dollars.
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Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
