Bitcoin rises above $24,000 as crypto market cap retakes $1 trillion

Bitcoin rose above $24,000 on Wednesday amid a broader crypto market rebound that has seen the global market cap surpasses $1 trillion.

Bitcoin was trading at $24,173 at the time of writing, the first time it has traded in this range since June 16. The cryptocurrency is up more than 23% over the past seven days, according to CoinGecko data. 

Crypto markets have experienced a recovery of sorts over the past week after a tumultuous time in May and June — following the Terra blockchain collapse and liquidity crisis for crypto lending platforms. The market tumult during this time — partly due to many forced liquidations — saw bitcoin register its worst quarter in 11 years. 

Ether has also seen some significant gains during this period, up more than 53% over the past week according to CoinGecko. The rally in ether followed the release of a soft timeline for the underlying Ethereum blockchain’s move to proof of stake, dubbed the merge. 

These surges combined have seen the global crypto market cap move past the $1 trillion mark again, having fallen significantly below its $3 trillion peak in November 2021.

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