Crypto market cap nears $2 trillion for the first time since May

The cryptocurrency market has continued a notable rise, surging $700 billion over the past 21 days, with the total market capitalization breaking $1.9 trillion.

Crypto markets have maintained a bullish trend in early August, surging or 58% over three weeks and nearing $2 trillion in market capitalization. According to data of CoinGecko, the total crypto market cap broke the $1.9-trillion on Monday, regaining this level first since May 18.

Cryptocurrency markets have recorded a notable rise since July 19, with a market value surge of about $700 billion. The market is still down roughly $700 billion from the all-time high of $2.5 trillion on May 11, though.

Showing the strong recovery trend, major cryptocurrencies, like Bitcoin and Ether, have retested their mid-May levels in terms of market cap.

According to CoinGecko, Bitcoin’s market value hit above $860 billion on Monday, surging this high for the first time since May 16. After breaking into a $1-trillion asset earlier this year, Bitcoin experienced a major sell-off, with its market cap dropping to $560 billion as of July 20. As Bitcoin’s price surged back above $45,000, BTC’s market value has increased by over 53%.

At the time, as the second-largest cryptocurrency by market cap, Ethereum, has posted more gains since the bear market in July, surging nearly 81% from $204 billion on July 20 to $369 billion on Monday. On Thursday, the cryptocurrency suffered a major network upgrade, with Ether’s price surging over 50% following the London hard fork showing investor expectations for the upgrade to solve ETH’s problems such as high transaction fees.

A renewed bull crypto market caused some major cryptocurrencies’ re-ranking in terms of market capitalization. Binance USD, the 3rd-largest stablecoin by market value after Tether and USD Coin, dropped out of the top 10 most-valued cryptocurrencies list on Thursday.

As previously reported, the latest growth on crypto markets came after Tesla CEO Elon Musk disclosed that Tesla was planning to resume crypto payments for car purchases due to a significant rise in the percentage of renewable energy used for Bitcoin mining. While his previous decision to stop BTC payments at Tesla over the currency’s waste energy consumption was seen as one of the major causes for Bitcoin’s price fall in May.