Total crypto market value breaks $1.9T for first time since May

The cryptocurrency market has continued a strong bullish development in early August, with the entire market capitalization nearing $2 trillion.

In keeping with information from crypto information aggregator CoinGecko, the entire crypto market cap broke the $1.9 trillion mark on Aug. 9, retouching this degree for the primary time since Might 18.

Beginning July 19, cryptocurrency markets recorded a notable rise, with market worth surging almost $700 billion. The market continues to be down roughly $700 billion from the all-time excessive of $2.5 trillion recorded on Might 11.

Whole crypto market capitalization 90-day chart. Supply: CoinGecko

Consistent with the sturdy restoration development, main cryptocurrencies like Bitcoin (BTC) and Ether (ETH) have retested their mid-Might ranges when it comes to market capitalization.

Bitcoin’s market worth hit above $860 billion on Monday, surging this excessive for the primary time since Might 16, in line with CoinGecko. After breaking right into a $1 trillion asset earlier this yr, Bitcoin skilled a serious sell-off, with its market cap dropping to $560 billion as of July 20. Because the Bitcoin worth surged again above $45,000, BTC market worth has elevated by over 53%.

Ether, the second-largest cryptocurrency by market cap, has posted extra positive aspects for the reason that bear market in July, surging almost 81% from $204 billion on July 20 to $369 billion on Monday. The cryptocurrency underwent a serious community improve on Aug. 5, with ETH worth rallying 50% following the London arduous fork amid investor expectations for the improve to resolve points like excessive transaction charges.

Associated: Stablecoin market to have hit $1T by 2025, Unstoppable Domains CEO predicts

Amid a renewed bull crypto market, some main cryptocurrencies have skilled a rating reshuffle when it comes to market capitalization. Binance USD (BUSD), the third-largest stablecoin by market worth after Tether (USDT) and USD Coin (USDC), dropped out of the top-10 most-valued cryptocurrencies record on Aug. 5, flipped by Uniswap’s governance token UNI. On the time of writing, BUSD is the eleventh largest cryptocurrency by market capitalization of $12 billion.

As beforehand reported, the most recent progress on crypto markets got here after Tesla CEO Elon Musk disclosed that his aerospace agency SpaceX owns Bitcoin on July 22. The CEO additionally mentioned that Tesla was planning to renew crypto funds for automotive purchases because of a major drop within the share of non-renewable vitality used for Bitcoin mining. Musk’s earlier resolution to cease BTC funds at Tesla — as a result of forex’s excessive vitality consumption — was seen as a serious trigger for Bitcoin’s worth crash in Might.