Crypto Market Cap Pushes Past $2T as Major Cryptos Surge

Bitcoin 3 2 2022 LearnCrypto Powered By Wyckoff SMI 2024

Bitcoin’s recent rally to nearly $45K has pushed crypto’s market cap back up past $2 trillion.

A broad run in the digital asset market, led by bitcoin nearing $45K, has pushed the total market cap for crypto past $2 trillion, according to CoinGecko data.

  • The crypto market was last at $2 trillion in August 2021.
  • In the last week, bitcoin has jumped nearly 14%, and ether 12%.
  • Analysts that spoke with CoinDesk previously said that capital controls in Russia are a factor in this rapid appreciation.
  • “Capital controls without demand don’t make an impact on price. Capital controls mean price will deviate to one side or the other depending or where the demand is,” Trader and analyst Alex Kruger told CoinDesk in a prior interview.
  • Terra’s LUNA token had a stratospheric rise, climbing nearly 70% during the last week, and is now trading at approximately $94.
  • Solana’s SOL and other layer 1 tokens like Avalanche’s AVAX and Polkadot’s DOT also responded favorably to the market. SOL gained 18.5% this week, while AVAX was up approximately 16% and DOT nearly 13%.
  • With the recent gains, bitcoin now has a higher market cap than the rapidly-declining russian ruble.
  • Bitcoin has a market cap of approximately $835 billion while the ruble has a market cap of around $626 billion.

BY: Sam Reynolds

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Related Articles