Bitcoin has surged rapidly after multiple gradual falls due to the Russia-Ukraine conflict. The most popular cryptocurrency is up by 13%, gaining ground rapidly.
Bitcoin’s market capitalization is back again in the $2 trillion zones. But the price rise is not just for Bitcoin. Even altcoins such as ETH have experienced a positive climb with a 10% rise to 2,912.
Meme currency dogecoin, which has frequently received backing from Elon Musk, is also up by 7%, and it has now reached $0.13. DOGE’s close cousin Shiba Inu has also followed the trend to reach $0.000026 with an 8% climb.
Due to the war and federal reserves’ strict stance on cryptocurrencies, there is tremendous volatility in the market. It is also worth noting that the US government under Biden has told cryptocurrency exchanges to forbid Russian organizations and individuals to use cryptos secretly.
Since Russia invaded Ukraine, cryptocurrency deals have been under extreme surveillance by the US government. So, the ascent in Bitcoin and altcoin prices is a turnaround in the fortunes of cryptocurrencies. However, Bitcoin and other cryptos are still far from their prices during Nov 2021.
Also read: Top 10 cryptocurrencies that have a better potential than Bitcoin