With the price of Bitcoin (BTC) rallying back near $45,000 U.S., the market capitalization for the entire cryptocurrency sector has now surpassed $2 trillion U.S.
According to data from CoinGecko, the global cryptocurrency market was last at $2 trillion U.S. in August 2021. Over the past week, Bitcoin’s price has risen 14%, while the price of Ethereum (ETH) has gained 12%.
Terra’s LUNA digital token has had a stratospheric rise, climbing nearly 70% during the last week, and is now trading at approximately $94 U.S. That rapid rise has helped to push the market cap of cryptocurrencies above the $2 trillion U.S. mark.
Solana's SOL and other Layer 1 tokens, such as Avalanche's AVAX and Polkadot's DOT have also appreciated in value in recent days, with SOL gaining 18.5% so far this week, while AVAX has risen 16% and DOT has increased nearly 13%.
With the recent gains, Bitcoin, the world’s biggest cryptocurrency, now has a higher market capitalization than the rapidly declining Russian ruble currency. Bitcoin now has a market cap of approximately $835 billion U.S. while the ruble has a market cap of $625 billion U.S. and has fallen to a record low over the past week.
