Crypto market value climbs back above US$2 trillion

Sector-specific factors have been supporting bitcoin, including the debut of US exchange-traded funds dedicated to the token. — Bloomberg

NEW YORK: Bitcoin hovered around US$52,000 after a broad cryptocurrency rally that saw ether, the second-biggest token, advance back to where it was before the terraUSD stablecoin collapsed almost two years ago.

Bitcoin’s 22% year-to-date gain has helped to lift the market capitalisation of digital assets above US$2 trillion for the first time since April 2022, data from CoinGecko show.