Total crypto market value exceeds $ 1.9 billion for the first time since May

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The cryptocurrency market continued a strong uptrend in early August, with a total market cap hovering around $ 2 trillion.

According to data from crypto data aggregator CoinGecko, the total crypto market cap broke the $ 1.9 trillion mark on Monday, re-touching that level for the first time since May 18.

As of July 19, the cryptocurrency markets saw a noticeable rise, with a market value rising to nearly $ 700 billion. The market is still down about $ 700 billion from the all-time high of $ 2.5 trillion on May 11.

90 Day Crypto Total Market Cap Chart. Source: CoinGecko

In line with the strong recovery trend, major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) have retested their mid-May levels in terms of market capitalization.

The market value of bitcoin topped $ 860 billion on Monday, reaching that level for the first time since May 16, according to CoinGecko. After breaking into $ 1,000 billion in assets earlier this year, Bitcoin has seen a massive selloff, with its market cap falling to $ 560 billion as of July 20. As the price of Bitcoin climbed back above $ 45,000, the market value of BTC rose by over 53%. .

Ether, the second-largest cryptocurrency by market cap, has seen more gains since the July bear market, rising nearly 81%, from $ 204 billion on July 20 to $ 369 billion on Monday. The cryptocurrency underwent a major network upgrade on Thursday, with the price of ETH rising 50% following the London hard fork amid investor expectations for the upgrade to address issues like fees high transaction rates.

Related: Stablecoin Market To Hit $ 1 Billion By 2025, Unstoppable Domains CEO Predicts

Amid a bullish crypto market, some major cryptocurrencies have seen a ranking reshuffle in terms of market capitalization. Binance USD (BUSD), the third-largest stablecoin by market value after Tether (USDT) and USD Coin (USDC), on Thursday dropped the list of the 10 most valuable cryptocurrencies, overturned by the governance token Uniswaps, UNI. At the time of writing, BUSD is the 11th largest cryptocurrency by market cap of $ 12 billion.

As previously reported, the latest growth in the crypto markets came after Tesla CEO Elon Musk revealed that his aerospace company, SpaceX, owns Bitcoin on July 22. The CEO also said Tesla plans to resume crypto payments for car purchases due to a significant drop. in the percentage of non-renewable energy used for Bitcoin mining. Musk’s previous decision to stop BTC payments at Tesla due to the currency’s heavy power consumption was seen as a major cause of the Bitcoin price drop in May.

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