A broad run in the digital asset market, led by bitcoin nearing $45,000, has pushed the total market cap for crypto past $2 trillion, according to CoinGecko data.

  • In the last week, bitcoin has jumped nearly 14%, and ether has risen 12%.
  • Analysts who spoke with CoinDesk previously said that capital controls in Russia are one reason for the 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 about $94.
  • Solana's SOL and other layer 1 tokens like Avalanche's AVAX and Polkadot's DOT have also risen. SOL has gained 18.5% this week, while AVAX was up about 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 about $835 billion, while the ruble has a market cap of around $626 billion.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.