Cryptocurrency Market Pushed Past $2T With Most Coins Surging

The cryptocurrency market pushed past $2 trillion as most of the coins start surging and bitcoin rallied towards $45K so let’s read more in today’s latest crypto news.

The broad run on the cryptocurrency market pushed past $2T according to the data from coinGecko. In the last week, BTC jumped by 14% and ETH by 12%. The analyst explained that the capital controls in Russia are a main factor in the rapid appreciation, and he said:

“Capital controls without demand don’t make an impact on price. Capital controls mean price will deviate to one side or the other depending or where the demand is.”

Terra’s LUNA token had a huge surge and increased by 70% in one week and it is now started tradign at $94. Solana’s SOL and Layer 1 tokens like AVAX and DOT also responded well to the market conditions. SOL increased by 18.5% while AVAX was up by 16% and DOT by 13%. with the most recent gains, BTC has a higher market cap than the crashing ruble as well and Bitcoin has a market cap of $835 billion while the ruble has a market cap of $626 billion.

It is all green all over this morning’s market uptick that turned into a dramatic leap by most coins. The cryptocurrency market is up by 11% over the past day. BTC popped 15% in the span and goes back above $43,000 while ETH is flirting with the move above $3000. The morning’s rise in prices on the crypto market was short-lived as the price of BTC ETH and other coins continued to accelerate over the course of the day and with BTC rising above $43,000 and eTH eyeing a move back to $3000.

The price surge in Terra’s LUNA token over the past week made it the second biggest staked asset among the major cryptocurrencies in terms of total value staked and LUNA ever surpassed ether which has over $28 billion in staked value. The data from Staking Rewards shows over $30 billion worth of LUNA which is not staked directly on various protocols which represent most of the token’s $34 billion market cap. The participants are earning more than 6.98% in annual yields and some 41% of the eligible tokens are staked as the data shows.