Bitcoin Has Risen Above $43,000 As The Cryptocurrency Market Recovers $200 Billion.

According to CoinMarketCap statistics, Bitcoin is presently trading above $40,000 for the first time since February 20.

The flagship cryptocurrency’s price of almost $43,000 reflects a nearly 5% increase in the previous 24 hours and a 7% increase in the last week—a time marked by market volatility due to Russia’s invasion of Ukraine.

Following Russia’s invasion, which began on February 24, Bitcoin’s price, along with the rest of the crypto market, plunged.

During the first 24 hours of the dispute, the global cryptocurrency market plummeted by almost 5% to a market valuation of $1.6 trillion. Bitcoin plunged from $37,000 to around $35,500 in less than a half-hour.

Of course, it wasn’t just the cryptocurrency markets that suffered. The Dow Jones Industrial Average plummeted 1.3% to enter correction territory in the United States.

Markets are on the mend as the Western world united in condemnation of Russia and sanctions against the country intensify.

Bitcoin rose by 7% to well over $38,000 just one day after the invasion of Ukraine began. Notably, according to statistics from analytics firm Kaiko, Bitcoin trading against the Russian ruble is presently at a nine-month high.

The whole crypto market rebounded nicely as well, with the cryptocurrency market cap reaching $1.7 trillion on the same day. At the time of writing, the overall market capitalization of the market is $1.8 trillion.

Other major currencies, such as Terra and Solana, have also seen huge gains. Today, Terra is up 9.5%, while Solana is up over 8%.

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Patrick

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