Bitcoin has soared over $6,000 in the past day or so and topped $40,000 for the first time since the war between Russia and Ukraine began. Most cryptocurrencies have also made significant gains, with ethereum nearing $3,000 and Terra surging 20%.

Bitcoin hits new 12-day high

It is safe to say that Russia's actions in launching a special military operation against Ukraine affected the cryptocurrency market. Bitcoin traded at around $39,000 before plunging $5,000 to a monthly low of just above $34,000.

However, when the West stated that they would not be directly involved in the war, BTC began to recover quickly and within a few hours recovered all the lost value. Moreover, the asset kept climbing, even challenging $40,000 a few days later.

While reportedly unsuccessful at first, the asset actually managed to recover coveted levels yesterday. It continued to rise, topping $44,000 for the first time since Feb. 17, with a liquidation position worth more than $300 million.

As of today, BTC is trading at around $43,500 and its market cap has soared to well above $800 billion.

Interestingly, the rise in Bitcoin coincides with reports of increased interest in Bitcoin among Russians, with trading volumes reaching new local peaks following the imposition of Western sanctions.

Bitcoin USD. Source: TradingView Cottage Coin Explode

Similar to Bitcoin, cryptocurrencies have been on the offensive. For example, ethereum soared 11% and is now over $2,900. Notably, the second largest cryptocurrency fell all the way to $2,200 after the war broke out.

Cryptocurrency is up 12% and trading at over $400. Ripple, Cardano, Solana, Avalanche, Polkadot, Dogecoin and Shiba Inu are also in the green.

Terra was the biggest gainer in the broader stock market, up nearly 20%. As a result, LUNA's price is close to $90.

More price increases came from Waves (40%), THORChain (24%), NEAR (22%), Theta Network (18%), NEO (16%), Fantom (16%), JUNO (15%), Oasis Network (15%) and many others.

Since yesterday, cryptocurrency market capitalization has increased by about $200 billion and is now over $1.9 trillion. Since February 24, the indicator has increased by almost $400 billion.

Cryptocurrency market overview. Source: Quantify Cryptocurrency Special Offer (Sponsored) Cryptocurrency Free $100 (Exclusive): Use this link to sign up and get your first month of Cryptocurrency Futures for free with $100 and 10% fee (Terms).

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TradingView's cryptocurrency K-line chart.