The cryptocurrency market increased by $200 billion in the previous 12 hours
Since dipping below US$2 trillion in mid-February, the global cryptocurrency market value has regained more than US$200 billion in a 12-hour stretch.
Bitcoin’s price increased by more than US$2,000 in a 10-minute period beginning at 6:30 a.m. HKT Tuesday, reaching a high of US$44,198 before retracing to US$43,421, as of press time.
Bitcoin has gained 15.6% in the last 24 hours. The price movement corresponded with Switzerland’s statement that it would impose sanctions on Russia, despite its traditionally neutral status.
Although the invasion of Ukraine precipitated a sharp sell-off in both conventional and crypto markets, Bitcoin has taken on new responsibilities as a means of gift and trade in areas where banking facilities are restricted.
Terra saw the highest rise among the top ten cryptocurrencies, gaining 25% within that time period, surpassing Cardano and Solana to claim seventh place in terms of market capitalization. Terra’s price has risen about 90% in the last week, trading at US$90.81 at press time.