Since May, the total market value of cryptocurrencies has exceeded 1.9T USD for the first time

The cryptocurrency market continued to maintain a strong bullish trend in early August, with a total market value of nearly 2 trillion US dollars.

According to the encrypted data aggregator CoinGecko’s data, the encrypted total market value Broke It broke the $1.9 trillion mark on Monday, touching this level for the first time since May 18.

Since July 19, the cryptocurrency market has seen a significant rise, and the market value has soared by nearly 700 billion U.S. dollars. The market is still down about US$700 billion from the historical high of US$2.5 trillion set on May 11.

90-day chart of the total market value of cryptocurrencies. Source: CoinGecko

With the strong recovery trend, major cryptocurrencies such as Bitcoin (Bitcoin) And ether (Ethereum) Re-tested its mid-May level in terms of market value.

Bitcoin’s market value exceeded $860 billion on Monday, surging According to CoinGecko, this is the first high since May 16.Rear Break through $1 trillion in assets Earlier this year, Bitcoin experienced a major sell-off, and as of July 20, its market value had fallen to $560 billion. As the price of Bitcoin soared above $45,000, the market value of BTC rose by more than 53%.

Ether is the second-largest cryptocurrency by market capitalization, and it has risen even more since the July bear market. surging From 204 billion U.S. dollars on July 20 to 369 billion U.S. dollars on Monday, an increase of nearly 81%.Cryptocurrency Has undergone a major network upgrade Thursday, with ETH price increased by 50% Following the London hard fork, investors expect to upgrade to solve problems such as high transaction fees.

related: The CEO of Unstoppable Domains predicts that the stablecoin market will reach 1T USD by 2025

In the new round of cryptocurrency bull market, some major cryptocurrencies have undergone a ranking reshuffle in terms of market value. Binance USD (BUSD), the third largest stablecoin in market capitalization after Tether (USDT) And U.S. dollar coins (USDC), fell out of the top 10 cryptocurrency list with the highest market capitalization on Thursday, and was overthrown by Uniswap’s governance token UNI. At the time of writing, BUSD is the 11th largest cryptocurrency with a market capitalization of US$12 billion.

As previously reported, the latest growth in the crypto market came after Tesla CEO Elon Musk revealed his Space company SpaceX owns Bitcoin July 22.The CEO also stated that Tesla plans to resume encrypted payments for car purchases because The proportion of non-renewable energy has dropped significantly Used for Bitcoin mining.Musk’s previous decision to stop paying BTC at Tesla-due to the high energy consumption of the currency-was seen as the main reason Bitcoin price plummeted in May.