Bitcoin’s recent rally to nearly $45K has pushed crypto’s market cap back up past $2 Trillion

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By Sam ReynoldsMar 1, 2022 at 10:32 p.m. HST

Bitcoin Concept (Getty)

A broad run in the digital asset market, led by bitcoin nearing $45K, has pushed the total market cap for crypto past $2 trillion, according to CoinGecko data.

  • The crypto market was last at $2 trillion in August 2021.
  • In the last week, bitcoin has jumped nearly 14%, and ether 12%.
  • Analysts that spoke with CoinDesk previously said that capital controls in Russia are a factor in this rapid appreciation.
  • “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,” Trader and analyst Alex Kruger told CoinDesk in a prior interview.
  • Terra’s LUNA token had a stratospheric rise, climbing nearly 70% during the last week, and is now trading at approximately $94.
  • Solana’s SOL and other layer 1 tokens like Avalanche’s AVAX and Polkadot’s DOT also responded favorably to the market. SOL gained 18.5% this week, while AVAX was up approximately 16% and DOT nearly 13%.
  • With the recent gains, bitcoin now has a higher market cap than the rapidly-declining russian ruble.
  • Bitcoin has a market cap of approximately $835 billion while the ruble has a market cap of around $626 billion.

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