The crypto market has continued to surge all round on Tuesday, even as many top coins are seeing quite the dramatic leap.
All Greens In The Crypto Market
In the past 24 hours, the crypto market is up nearly 11%. And at the time of writing this report, Bitcoin has risen 13.32% in 24 hours to be back above $43,000. Meanwhile, world’s second largest crypto Ethereum on the other hand, is also eyeing a move back to $3,000.
From all indications, this morning’s rise in prices across the crypto market does not look like it will be a fluke. At press time, Bitcoin is trading at $43,411 as seen on CoinMarketCap. Recall that this time yesterday, the same cryptocurrency was sitting even below $38,000. In fact, the coin had fallen as low as $34,459 over the course of the past week.
Meanwhile, Ethereum is also finally back above $2,900. That is the first time in 10 days, and its current price is $2,922. The second-largest cryptocurrency has its eyes fixed on a move back above $3,000. Ethereum last touched the $3,000 mark on February 17, and is up nearly 11% in the past 24 hours.
It’s interesting to note however, that Terra is the biggest winner among the top 10 crypto coins by market cap. The coin rose a remarkable 25% over the last 24 hours to a current price of around $90. Solana is not left out either. SOL also saw a more-than-average increase, up 17% over the last day and currently priced $99.
Interestingly, the uptrend is actually on a much wider scale. In fact, there is also a general cryptocurrency market cap increase over the last 24 hours with the market currently sitting above $1.9 trillion in total.
But What’s Responsible For The Uptick?
Following Russia’s invasion of Ukraine last week and the political tension that soon followed, Bitcoin and the rest of the crypto market saw a bizarre decline. However, as Western nations have unanimously reacted and implemented sanctions against Russia, the markets are beginning to pick momentum —and quite rapidly this Tuesday.
But how exactly does it correlate, one might ask? After the sanctions and reports, there have been several reports of citizens in both Russia and Ukraine, having trouble accessing traditional banking and financial services. This must have led them turning to the more decentralized currencies that cannot be controlled by a government.