Bitcoin is currently trading above $40,000 for the first time since February 20, according to data from CoinMarketCap.
The flagship cryptocurrency’s price of roughly $41,000 represents a near 5% jump in the last 24 hours, and a 7% rise during the last week—a period defined by market instability amid Russia’s invasion of Ukraine.
Following Russia’s invasion, which began on February 24, Bitcoin’s price plummeted along with the rest of the crypto market.
During the first 24 hours of the conflict, the overall cryptocurrency market fell by roughly 5% to a figure of $1.6 trillion in market capitalization. In under half an hour, Bitcoin fell from $37,000 to below $35,500.
Of course, it was not just the crypto markets that took a hit. U.S. stock markets fell into correction territory, with the Dow Jones Industrial Average dropping by 1.3%.
The recovery
Now, as the Western world unites in condemnation of Russia, and sanctions against the country tighten, markets are on the mend.
Just one day after the invasion of Ukraine began, Bitcoin rebounded by 7% to a price over $38,000. Notably, Bitcoin trading against the Russian ruble is currently at a nine-month high, per data from analytics firm Kaiko.
The broader crypto market also recovered well, with the cryptocurrency market cap hitting $1.7 trillion on the same day. At the time of writing, the market’s total market cap is $1.8 trillion.
Other top cryptocurrencies, such as Terra and Solana, have likewise experienced significant rebounds. Terra is up 9.5% today, and Solana jumped nearly 8%.
Ethereum, the second largest cryptocurrency by market cap, has been slower to recover: ETH is up 3% on the day, trading at around $2,800.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
