The cryptocurrency market has moved above $1 trillion for the first time since June 13th.
A 2.6% increase in the last 24 hours has seen it reach $1.02tr at the time of writing (7am UK).
Bitcoin and Ethereum hit $22,430 and $1,486 respectively before falling back slightly, their highest levels in more than a month.
Ether is 41% up in a week after gaining 7% in the last day, while Bitcoin is up a more modest 10% and 1% respectively. Scroll down for the latest prices.
It will come as a relief to long-term investors who have witnessed a prolonged nosedive following the collapse of the Terra ecosystem. The bear market was worsened by the bankruptcies of Three Arrows Capital and crypto lender Celsius Networks.
The tremors from these earthquakes saw the overall market fall as low as $800 billion, having topped $3 trillion last year. However after several days of gains, there is now hope that the market has ‘bottomed’.
Bitcoin’s trading volumes rose by 15% in the last day, exceeding $31.6 billion, while the bullish sentiment was helped by a rally in stock markets…
