As Russia intensifies its campaign to seize control of Ukraine, Bitcoin soared to $44,000 on Wednesday, pushing the total cryptocurrency market cap past $2 trillion.
With the recent gains, Bitcoin now has a larger market capitalization than the rapidly declining Russian ruble.
Bitcoin has a market capitalization of approximately $835 billion, while the ruble has a market capitalization of approximately $626 billion.
In August 2021, the crypto market was valued at $2 trillion.
According to CoinGecko data, Bitcoin has increased by nearly 14% in the last week since the Russia-Ukraine conflict began. Ethereum has increased by 12%.
Terra’s LUNA token has skyrocketed in value, rising nearly 70% in the last week, and is now trading at around $94.
Solana’s SOL, as well as other layer 1 tokens such as Avalanche’s AVAX and Polkadot’s DOT, performed well, according to CoinDesk.
According to CoinDesk data, Bitcoin trading volume across major exchanges has reached its highest level since the December 5 price crash.
Earlier, the global crypto market lost nearly 10% of its value on Thursday as Russia invaded Ukraine. Its global market value was reduced by more than $200 billion.
Ethereum, Cardano, Avalanche, and Polkadot, as well as Dogecoin and Shiba Inu, were the hardest hit cryptocurrencies.
Some traders, however, predicted that the price rebound would be short-lived due to geopolitical uncertainty.
