Bitcoin has surged by more than $6,000 in the last several days, breaking through the $40,000 barrier for the first time since the commencement of the conflict between Russia and Ukraine. The majority of altcoins also saw significant gains. Finally, the total market capitalization of the cryptocurrency sector surpassed USD 2 trillion.
The war between Russia and Ukraine undoubtedly had a significant impact on the bitcoin market. Until recently, the price of bitcoin hovered just above $39,000, and it then dropped $5,000 to just about $34,000, its lowest level in a month.
On the other hand, Bitcoin began to quickly rebound after the West said that it would not be directly involved in the war. It returned to its pre-decline value in just a few hours. This, however, is not the conclusion of the story. The original coin continued to rise, eventually breaking through the psychological barrier of $40,000.
Even though it was initially unable to break through this level, a significant breakout happened yesterday. BTC accelerated its climb north and reached $ 44,000 for the first time since February 17. This rising momentum resulted in the liquidation of almost $300 million worth of short holdings.
BTC is currently trading at around $43,500, with a market value of over $800 billion.
This increase in bitcoin comes as both Ukraine and Russia demonstrate a growing interest in cryptocurrencies. Following the imposition of Western sanctions, the amount of trade reached new local highs.
Altcoins are also on the increase
The bulls have gone on the offensive in the altcoin market, just as they did in bitcoin. Ethereum’s price has grown by 11%, and the ETH rate is currently hovering around 2900 dollars. It is worth noting that the second most valuable cryptocurrency decreased to $2200 when the fight broke out.
Binance coin has increased in value by 13% and now costs more than $400. Additionally, ripple, Cardano, Solana, avalanche, Polkadot, Dogecoin, and Shiba Inu coins are shown in green.
Terra gains the most among the high-capitalization cryptocurrencies. LUNA has increased by about 20% and is now trading at $90.