While the total market capitalization of cryptocurrencies exceeded $ 1 trillion, Bitcoin rose above the level of $ 24,000.
Bitcoin is trading above the $24,000 level for the first time since June 16. According to data from CoinGecko, the value of the leading cryptocurrency has increased by more than 23% in the past seven days.
Cryptocurrency markets have been through a turbulent period in the past two months following the collapse of the Terra ecosystem and the ensuing liquidity crisis. Last week, however, it experienced a small recovery. Bitcoin showed its worst quarter performance in 11 years, with many forced liquidations.
Similarly, Ethereum has made significant gains, up more than 53% over the past week. The most important reason for the recovery experienced by Ethereum was undoubtedly the publication of the timeline of the transition to Proof of Stake, which is called Merge.
Although the cryptocurrency market is still far from its $3 trillion peak in November 2021, this recovery has allowed the industry to breathe a sigh of relief.
Bitcoin is trading at $ 24,174 at the time of writing, according to CoinGecko data.
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