Daily Times

The cryptocurrency market jumped on Tuesday as the Russian assault on Ukraine continues and the US ratchets up sanctions.

As of 1300 hours GMT, the market capitalisation gained 12.3 percent to reach $2.03 trillion, taking a sharp rebound

The largest cryptocurrency Bitcoin’s (BTC) price took a giant leap of 16.33 percent to reach $44,665. With this increase in price, the market capitalisation of the biggest crypto has reached $846 billion. Bitcoin has gained 20.4 percent during the last seven days. Ether, the world’s second-largest cryptocurrency by market capitalisation, surged 11.37 percent to reach $2,948. With this increase in price, the market capitalisation of ETH has reached $347 billion. Ether has gained 14.4 percent of its value over the last seven days.

Similarly, XRP price gained 7.25 percent to reach $0.779. The market capitalisation of XRP stands at $77.8 billion with this increase. XRP has gained 10.7 percent during the last seven days. On the other hand, Cardano (ADA) price jumped 9.15 percent to reach $0.969. Its market capitalisation has reached $32 billion with this increase. ADA gained 12.5 percent in the past seven days. Following suit, Dogecoin (DOGE) price gained 7.43 percent to reach $0.133. With this increase in price, the market capitalisation of DOGE has reached $17.7 billion. DOGE has gained 3.9 percent during the last seven days. Market analysts said there could be a number of reasons behind the big surge in Bitcoin including investors buying the dip, attempts to evade sanctions and Ukrainians and Russians trying to get their money out of their respective countries.

Bitcoin’s rally comes as the US imposed further sanctions on Russia. Washington targeted Russia’s central bank, effectively prohibiting Americans from doing any business with the bank as well as freezing its assets within the US. That comes on top of sanctions that have targeted oligarchs and Russia’s sovereign debt as well as moves aimed at cutting the country off from the global financial system.