A recovery in the prices of Bitcoin (BTC) and Ethereum (ETH) has allowed the global cryptocurrency sector to regain a $1 trillion U.S. market capitalization.
Bitcoin, the largest digital coin, reached its highest level in 10 days on June 26 as the market stabilized, and it is currently trading at just over $21,000 U.S. per coin.
Ethereum, the second largest cryptocurrency, advanced 5.8% to trade at nearly $1,280.00 U.S. before pulling back a bit to trade at $1,217.00 U.S.
The rally comes after Ethereum dropped as low as $880.70 U.S. earlier in June and Bitcoin’s price fell as low as $17,600.00 U.S. Ethereum has found support around its 200-week moving average, which is currently at $1,200.00 U.S.
As a result of the rebound in prices, the market capitalization of cryptocurrencies has moved back above the $1 trillion U.S. level, according to data from CoinGecko.
Cryptocurrencies have declined this year as central banks around the world raise interest rates to dampen inflation. Ethereum is still down more than 60% this year, and Bitcoin is more than 50% lower year to date.
