With Bitcoin and Ethereum both up over 20 percent this week, the total value of all digital assets has reclaimed the key level of $1 trillion.
This is the highest the wider crypto market has been valued since early November when the sudden collapse of FTX sent prices spiraling.
Read more: FTX finds over USD5 bn in liquid assets
According to CoinGecko data, the total market capitalization peaked at $1.15 trillion on Sunday night and is now worth $1.01.
The primary driver of the recent upward trend is the price of Bitcoin (BTC), which reached a two-month high of $21,446 late on Sunday night before falling to $20,873 by press time.
The largest cryptocurrency by market capitalization has gained 0.5 percent in the last 24 hours and a whopping 22.3 percent in the last week.
Ethereum, the second-largest cryptocurrency by market capitalization, has followed a similar pattern, rising 20.7 percent in a week. According to CoinGecko, it is currently worth $1,548.
Meanwhile, a US investment firm Skybridge Capital founder Anthony Scaramucci said Bitcoin is likely to trade between $50,000 and $100,000 in the next two to three years as cryptocurrencies rebound from a nightmare year.
Scaramucci admitted his view was “overly bullish”. He expected 2023 would be a “recovery year” for digital assets, with bitcoin gaining due to its adoption.
Moreover, with Ethereum’s highly anticipated Shanghai upgrade scheduled for March, the blockchain’s validator count has just passed a significant milestone. BeaconScan reports that there are now over 500,000 validators securing the network, with more than 16 million ETH staked. Aside from the bullish node count, a new Alchemy report revealed that 2022 will be a massive year for Ethereum developers. In comparison to 2021, the number of smart contracts deployed to mainnet increased by a whopping 293 percent last year.
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