Buoyed by the surge in Bitcoin prices over the past few days, the overall market capitalization of cryptocurrencies has once again crossed the $2 trillion mark.
As of 10:15 a.m. ET, the crypto market’s value stood at $2.04 trillion, according to CoinGecko.
While it puts digital token above an important psychological barrier, the current market cap is still far below where it was just four months ago, when it topped $3 trillion. (Cryptos first hit the $2 trillion mark last August.)
Bitcoin is up 15% in the past week, while Ethereum has gained 11%, which has boosted the overall value of digital tokens. Together, those two coins have a combined market capitalization of $1.2 trillion.
The global crypto market has rebounded strongly in recent days after a flash crash following Russia’s invasion of Ukraine. Last week, nearly $200 billion in value was erased from the market.
But following the announcement of strong sanctions from the U.S. and the E.U., investors returned and prices began to rise. The Ukrainian government has urged crypto exchanges to block all transactions from Russia, as those could be used to skirt sanctions. So far, though, most major exchanges have refused to do so.
The rebound in Bitcoin comes after the currency fell to its lowest level in five months in late January. Prices have since increased 27%. Year to date, however, both Bitcoin and Ethereum are showing negative returns.
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