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After taking a severe hit from the Russia-Ukraine crisis, cryptocurrency prices are now on the rise. Bitcoin (BTC) surpasses the $43,000 mark and Ethereum (ETH) eyes a move back to $3,000.
In turn, this aligns with the total crypto market cap that amounts to $1.99 trillion. It observed an 11% jump in the last 24 hours.
At the time of writing, BTC is up 14.6% over the past 24 hours with a current price of $43,291.57 according to CoinGecko. Around this time yesterday, BTC was sitting at $37,805.24 and had plunged to as low as $34,740.01 in the past week.
On the other hand, ETH rose back to $2,914.70 after falling to this week’s lowest, valued at $2,336.15. After touching $3,000 last February, it seems like the number one altcoin is planning to backtrack to this position. Meanwhile, ETH increased by almost 12% over the last 24 hours.
In addition, altcoins like BNB, Cardano, and Solana climbed by more than 11%. Terra was the best performing asset as it leaped by 22.3%, followed by Avalanche at 17.5%. Conversely, XRP saw the lowest increase at 7.2% in the last 24 hours.
As mentioned earlier, cryptocurrencies and the wider crypto market saw a sharp drop last week, sparked by geopolitical tension. However, as other nations decided to join forces against Russia and implement sanctions, the market went back up.
This follows the news when the US and European Union cut off several Russian banks from SWIFT–the main international payment gateway. As a result, the assets of the central bank of Russia are expected to be frozen.
Furthermore, the current situation leads to citizens’ difficulties in accessing traditional financial services and banking. This may be building the case for decentralized currencies, thus the rapid spike in the DeFi market.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.