Ethereum And Bitcoin Rally Together As Crypto Markets Recover

Ethereum and Bitcoin rally together as the crypto markets recover with most of the altcoins being in the green today as we can see in the latest altcoin news.

Bitcoin already hit $42,000 overnight and ETH eyed the $2800 price point. The crypto market came surging back as Ethereum and Bitcoin rallied together. BTC as the biggest cryptocurrency by market cap breached $42,000 and at the time of writing, the price was hovering near $42,000 or up by 8% on the day. The second biggest crypto, ETH enjoyed a similar momentum and hit $2800 while later rising 7% over the past 24 hours.

crypto market
Source Quantify Crypto

The bullish news came amid an uncertain macro environment as all markets including crypto responded to the ongoing Russian invasion of Ukraine. BTC was trading as low as $37,387 and ETH dropped to $2467 but both assets increased today together. BTC is still responsible for 41.3% of the entire market with ETH capturing about 17%. the wider crypto market increased a total of 7.7% over the past day and umped to $1.91 trillion. Besides, BTC and ETH, other notable cryptocurrencies played their part as well.

Avalanche increased 8% and it is now trading at over $78 after a launch of a $290 million incentive program dubbed Multiverse, with the funds expected to be used to support the development of DEFI and NFT projects on Avalanche. Cardano and Solana also gained a little but the biggest gainer is again Terra and its native token LUNA. The network hosting DEFI’s second-biggest ecosystem increased by 20% overnight and it is now trading at $97. The trend reversal seems to be a result of a leaked press release from the US Secretary Janet Yellen which outlines how the governemnt plans to reign in on the industry.

Source TradingView

The press release was supposed to be released on Wednesday but then it got leaked. The contents of the note suggest that the Biden administration will be taking a constructive approach and the administration will support responsible innovation that can result in substantial benefits for the consumers and businesses.

Yellen also outlined the importance of addressing the risks related to illicit use of crypto and consumer protection with both of them being hot topics when it comes to reigning in the industry. The objectives were pursued via the interagency collaboration but the details are still not as clear.

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Author: Stefan