The cryptocurrency market is set to cross the $10 trillion value if the strengthened coins continue their rally of bullishness. The gains might not stop short. Bitcoin is rallying on a fresh spike to $46,923. It is up by 5.16% in the last 24-hours. This is Bitcoin’s highest of the year so far. BTC has gained over 12% since last Sunday. According to data from CoinMarketCap, the popular crypto has been up by nearly 15% in the last seven days.
Catching on to the highs of Bitcoin, Ethereum – the world’s second most popular cryptocurrency is trading at $3,306. It has seen gains of 16.43% in the last week. BTC and Ether have continued to plow ahead without major impediments. Analysts noted that smaller changes in Bitcoin were minor price fluctuations, which didn’t leave any great impact on the overall crypto market. Bitcoin’s current market cap value is estimated to be $891,885,588,620.
The altcoins are seeing significant gains. Polkadot is the biggest gainer. It is up by 8.33% in the last 24-hours. Polygon, Avalanche, Terra, Solana, Uniswap, and Cardano as well as XRP have seen gains between 3% to 6%. The meme coins Shiba Inu and Dogecoin are also up – 7% and 5.56% respectively.
Analysts say BlackRock CEO Larry Fink’s letter to the company’s shareholders could likely be one of the triggers which pushed crypto prices up. Fink highlighted in the letter that the Russia-Ukraine conflict has opened up avenues for cryptocurrencies/digital assets to be used as a mode of settlement for international transactions.