Crypto market value rebounded to 2T USD for the first time since May

The total value of all cryptocurrencies in circulation-the main indicator of the health of the entire market-reached $2 trillion on Wednesday for the first time in nearly three months, which provides convincing evidence that buyers have regained control .

Measured by market value, the value of digital assets reached a peak of USD 2.007 trillion on Wednesday. according to Data provided by Coingecko. In the past 24 hours, the digital asset class has risen by 4.6%. Compared with last week, the market has grown by 25%, or US$400 billion.

After three months of trials, the cryptocurrency market seems to have regained its footing. Source: Coingecko

Bitcoin (Bitcoin), is the largest and most influential cryptocurrency, accounting for 43.7% of the overall market. Ethereum (Ethereum), while occupying 18.9% of the market share.

At the time of writing, Bitcoin was up 3.3% to $46,343 and Ethereum was up 5.2% to $3,240. Cointelegraph Markets Pro.

As reported by Cointelegraph, the cryptocurrency market has reached Cumulative valuation in January is USD 1 trillion More than doubled after three months. The asset value reached a peak of nearly US$2.6 trillion on May 11, after which the sharp decline effectively halved the total market value.

Various forces are working together to help the recovery of cryptocurrencies.A wave of institutional buying, retail investors steadily increase their holdings and Billions of venture capital Both crypto and blockchain startups have contributed to this rebound. Supply tight background It has been the main reason for Bitcoin’s rise, which seems to pave the way for altcoins to re-establish their dominance.

related: U.S. dollar downturn helps Bitcoin bulls before $50,000 BTC price showdown

Although regulatory developments in the United States are somewhat worrying, the crypto market still maintains a bullish bias. As reported by Cointelegraph, President Biden’s infrastructure deal was recently passed in the Senate without much-needed clarification on the composition of cryptocurrency brokers.

This The version adopted by the Senate Tax reporting requirements may be imposed on protocol developers earlier this week, and many in the crypto industry believe these requirements are not feasible. The bill is not expected to be submitted to the House of Representatives until later this year.