Bitcoin continued a two-day surge, driving broad-based gains in cryptocurrencies as digital assets reasserted themselves as haven assets – and appeared as a viable vehicle for circumventing sanctions – amid Russia's and Ukraine's increasing hostilities.

The biggest digital currency by market capitalization soared as much as 8% to $44,964 in New York trading hours Tuesday, with its rise over the previous two sessions adding 20% to its market value at one point and its entire market capitalization passing over $840 billion once again. Other cryptocurrencies gained as well, with Ether surpassing $3,000. It also broke over its 50-day moving average, which is normally seen as a positive event.