Global cryptocurrency markets have rallied strongly in recent days in the wake of the Russian invasion of Ukraine, with Bitcoin’s rising to $44,188 on Wednesday after falling to $36,370 last week. Other leading cryptocurrencies, including Ethereum, ripple and Solana, were either flat or up at least 2%.
According to CoinGecko, the value of the cryptocurrency market was back at $2 trillion as of 10:15 a.m. ET, and the overall cryptocurrency market capitalization is now as high as $2.04 trillion.
The total cryptocurrency market value is still below the $3 trillion since four months ago.
At the time of writing, bitcoin was up 25.06% over the past 7 days, trading at $43,403.16. Ether has also gained over 24% over the past 7 days, trading at $2,904.60 at present, according to Coinmarketcap.
But as the U.S. and European Union announced tough sanctions, Russian investors flocked to the cryptocurrency market to avoid the ruble’s devaluation.
Bitcoin’s ruble volume topped $16 million on Thursday, its highest level this year. On Monday, the total was about $8.5 million.
In a bid to avoid bitcoin’s price volatility, ruble-denominated transactions with Tether, a so-called stablecoin, hit $29.4 million, the highest level this year, in a week.
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