Crypto market capitalization has jumped to more than $2 trillion, the highest level since the start of the month, coming from the Russian aggression in Ukraine and tighter monetary policies.
Cardano’s native token ADA recorded the most gain of about 7% in the past day, trailed by DOT, which is up 6.5% in the same period.
Bitcoin has gained 4% in the past day to trade at $42,900, still below the $44,500 resistance zone, tested about four times in the year.
Ether is trading around $3K amid the much-anticipated merger with Beacon Chain to finalize the network transition to the proof-of-stake consensus.
Polkadot’s DOT is up 6.5% in the same period, while XRP and Solana have both recorded gains of about 5%.
The surge comes as the US Federal Reserve Chair Jerome Powell says that inflation could remain elevated and that the central bank was open to hiking interest rates.