The top cryptocurrencies are back in the green, with Bitcoin approaching $42,000 and Ethereum approaching $2,800.
Bitcoin and Ethereum both experienced substantial overnight gains, bringing the crypto market back to life.
Bitcoin, the most valuable cryptocurrency by market capitalization, broke beyond $42,000 on Wednesday morning.
According to CoinMarketCap, Bitcoin’s price is hovering at $42,000 at the time of writing, up over 8% on the day. Ethereum, the second-largest cryptocurrency, experienced similar positive momentum, reaching $2,800 and gaining 7.7% in the last 24 hours.
The encouraging news comes in the midst of a tumultuous macro environment, as all markets, including crypto, react to Russia’s escalating invasion of Ukraine.
Bitcoin was trading at $37,387 on Monday, while Ethereum was trading at $2,467. Both assets have climbed a total of 12.85 percent and 13.49 percent from their lows to their current highs.
Some things to consider
Bitcoin still controls 41.3 percent of the cryptocurrency market, with Ethereum accounting for just over 17 percent.
The total value of the cryptocurrency market has increased by 7.7% in the last 24 hours, rising from $1.7 trillion to $1.91 trillion. Aside from Bitcoin and Ethereum, other significant cryptocurrencies in the top 10 have also contributed.
Following the announcement of a $290 million incentive scheme, Avalanche has gained 8% and is now trading at slightly over $78. The money will be utilized to support the development of games, NFTs, and DeFi projects on Avalanche, and are dubbed Multiverse.
Cardano and Solana have also seen moderate gains, with the former up more than 4% and the latter up little more than 6%. Terra and its native token LUNA, on the other hand, have seen the most gains today.
The network that hosts DeFi’s second-largest ecosystem has surged by over 20% overnight and is now trading at around $97.
