Cryptocurrencies reclaim $2 trillion in market capitalization

According to research, crypto markets increased their overall market valuation by approximately 3.2 percent in the last 24 hours.

A cryptocurrency rally has put the whole market capitalization back above $2 trillion, a number last seen earlier this month when global markets fell due to the Ukraine conflict and stricter monetary policy in the West.

With a nearly 7% gain in the last 24 hours, Cardano's ADA led advances among major cryptocurrencies. The price of Polkadot's DOT grew by 6.5 percent, while Ripple's XRP and Solana's SOL both increased by 5%. Bitcoin surged beyond $43,000 overnight, but has now fallen to $42,900 as of press time, still up 4% for the day.

Bitcoin (BTC) continues to face significant resistance around $44,500, having fallen back four times this year.

In a Telegram message, Egor Volotkovich, director of yield farming platform EVODeFi, explained that "altcoins have a very high association with BTC." "The cryptocurrency's recent growth spurt explains why these altcoins are also performing well today."

Even as Federal Reserve Chairman Jerome Powell warned on Monday about growing inflation and signaled the US central bank is likely to raise rates more aggressively, bitcoin's price rose.

In an email to CoinDesk, Marcus Sotiriou, an analyst at crypto broker GlobalBlock, said, "A more aggressive hike in rates boosts the probability of a recession, as it will reduce growth further." "They will not raise rates by more than 25 basis points until September at the earliest, in my opinion, as the Federal Reserve will do all possible to avoid a recession."