of bitcoin As a result of the rally of the crypto market with its rise above $ 45,000, the total market value of cryptocurrencies has risen to over $ 2 trillion again, according to CoinGecko data.
Cryptocurrency Market Managed To Rise Above $2 Trillion Again After Months
Cryptocurrency For the market, over $2 trillion was last seen in August.
BTC price has increased by 14% in the last week, while Ethereum price has increased by 12%.
In their previous statements, analysts said that one of the reasons for the recent rise in Bitcoin and the crypto market was the sanctions against Russia.
According to analysts, Russians who want to escape the depreciation of the Russian Ruble have turned to crypto technology.
Trader and analyst Alex Kruger said in a recent statement on the subject:
“Non-demand capital controls have no effect on price. Capital controls mean that the price will deviate to one side or the other depending on where the demand is.”
Rises in Altcoin Market
Showing remarkable rises in the crypto market altcoins between Terra (Luna) drew attention. The LUNA price has gained approximately 70% since last week.
wither with Avalanche (AVAX) and Polkadot (DOT) As well as tier 1 altcoins, increases were also observed. The price of SOL is up 18.5% this week, while AVAX is up 16% and DOT is up nearly 13%.
In addition, with the recent rise in Bitcoin price, the total market cap of BTC has surpassed that of the Russian Ruble.
While the market value of Bitcoin is around $ 835 billion at the time of this writing, the market value of the Russian Ruble is around $ 626 billion.