The cryptocurrency market continued its strong uptrend in early August when the total capitalization of all coins reached nearly $2 trillion.
According to data from crypto data aggregator CoinGecko, the total crypto market capitalization broke the $1.9 trillion mark on August 9, which is the first time this number has come up since. from May 18.
Starting on July 19, the cryptocurrency market recorded a notable increase, with the market value increasing by nearly $700 billion. The market is still down about $700 billion from its all-time high of $2.5 trillion recorded on May 11.
Along with a strong recovery trend, the capitalization of major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) has retested mid-May levels.
Bitcoin’s market value hit over $860 billion on Monday, the last time BTC hit this level since May 16, according to CoinGecko. After hitting the $1 trillion mark earlier this year, Bitcoin experienced a massive sell-off, causing its market cap to drop to $560 billion on July 20. As the Bitcoin price rebounded above 45,000 USD, the market value of BTC has increased by more than 53%.
Ether, the world’s second-largest cryptocurrency, has gained more since the bear market in July, up nearly 81% from $204 billion on July 20 to $369 billion on Monday. The altcoin underwent a major network upgrade on August 5, when the price of ETH surged by 50% following the London hard fork amid investor expectations the upgrade would solve problems such as high transaction fees.
Also thanks to the new uptrend, several major cryptocurrencies have improved significantly on the market cap rankings. Binance USD (BUSD), the third largest stablecoin after Tether (USDT) and USD Coin (USDC), was knocked out of the top 10 most valuable coins on August 5, the alternative name is token Uniswap’s UNI. At the time of writing, BUSD is the 11th largest cryptocurrency with a market cap of $12 billion.
As previously reported, the latest growth in the market comes after Tesla CEO Elon Musk revealed that his space exploration company SpaceX owns Bitcoin on July 22. The CEO also stated that Tesla is planning to accept Bitcoin back for electric car purchases as the energy used to mine Bitcoin is improving significantly. Elon Musk’s previous decision to stop BTC payments at Tesla – due to the coin’s high energy consumption – is seen as the main cause of Bitcoin’s price crash in May.
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