March 5, 2022
1 min read

Cryptocurrency market crosses $2 trillion

Bitcoin has a market cap of approximately $835 billion while the ruble has a market cap of around $626 billion…reports Asian Lite News

As Russia intensifies its battle to take control of Ukraine, Bitcoin on Wednesday soared to $44,000, pushing the total cryptocurrency market cap to cross $2 trillion.

With the recent gains, Bitcoin now has a higher market cap than the rapidly-declining Russian currency ruble.

Bitcoin has a market cap of approximately $835 billion while the ruble has a market cap of around $626 billion.

The crypto market was last at $2 trillion in August 2021.

In the last week since the Russia-Ukraine war started, Bitcoin has jumped nearly 14 per cent and ethereum 12 per cent, according to CoinGecko data.

Terra’s LUNA token had a stratospheric rise, climbing nearly 70 per cent 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 well, reports CoinDesk.

Similar to volatility, Bitcoin’s trading volume across major exchanges reached the highest level since the December 5 price crash, according to CoinDesk data.

Earlier, the global crypto market lost nearly 10 per cent of its value as Russia invaded Ukraine on Thursday. Over $200 billion worth of its global market value was wiped out.

The most-hit cryptocurrencies were Ethereum, Cardano, Avalanche, and Polkadot, along with Dogecoin and Shiba Inu.

Some traders, however, expected the price bounce to be short-lived amid geopolitical uncertainty.

ALSO READ-YouTubers contributed nearly 7,000 cr to Indian economy in 2020

Previous Story

Limited impact of courts seizing properties of corrupt officials  

Next Story

Himachal’s economy likely to grow by 8.3%

Latest from Business

SEBI Warns on Strata Exit

Strata was one of the first platforms to register under SEBI’s newly introduced SM REIT framework, which was designed to regulate fractional ownership in real estate and allow investors to pool capital
Go toTop

Don't Miss

RBI, govt discuss crypto investments

Shaktikanta Das had cushioned crypto investors just few days back

Hackers rob $53mn worth of crypto from CoinEx

“The precise amount of the loss is still being determined,