Bitcoin Hits $20K, Ethereum Rises 12% as Crypto Market Cap Tops $1 Trillion

The cryptocurrency market is rebounding today as the price of Bitcoin topped $20,000 for the first time in weeks, Ethereum rose above $1,500 for the first time since the post-merge fallout, and the overall market topped $1 trillion after three weeks under that mark.

Bitcoin is currently up 5% on the day to a price of $20,322, per data from CoinGecko. Today marks the first time that the leading cryptocurrency’s price has topped $20,000 since October 7, according to the site, following weeks of relatively modest movement under that mark.

However, Ethereum is popping much higher today, up 12% over the past 24 hours to a current price of $1,500. It rose slightly higher to $1,507 before dipping, and marks the first time that Ethereum has reached the $1,500 milestone since September 15, when the price of ETH fell significantly following the network’s successful merge upgrade.

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Other notable altcoins are up big today, as well, including Solana up 12% to nearly $32, Cardano rising 14% to $0.41, and Polkadot climbing almost 11% to $6.50 per token.

All told, the entire cryptocurrency market now has a total market cap of $1.03 trillion, per CoinGecko, up over 6% today. It’s the first time that the market has hit the $1 trillion mark since October 4.

What’s causing all of the green in the market today? Analysts point to macroeconomic trends, with the stock market also up today as an array of major companies report earnings. OANDA senior market analyst Edward Moya also points to hope that the U.S. Federal Reserve will soon calm its aggressive plan of interest rate raises.

“Both Bitcoin and Ethereum are gaining momentum as Wall Street musters up a few strong sessions,” Moya wrote in emailed comments to Decrypt. “The economy is showing further signs of weakening and that is helping investors grow confident that the Fed will be in a better position to downshift their tightening pace after next week’s FOMC meeting.”