The cryptocurrency market has continued a solid bullish trend in early August, with the total market capitalization nearing $2 trillion. According to data from crypto data aggregator CoinGecko, the total crypto market cap broke the $1.9-trillion mark on Monday, retouching this level for the first time since May 18. Starting July 19, cryptocurrency markets recorded a notable rise, with market value surging nearly $700 billion. The market is still down roughly $700 billion from the all-time high of $2.5 trillion recorded on May 11.
In line with the strong recovery trend, major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) have retested their mid-May levels in terms of market capitalization. Bitcoin’s market value hit above $860 billion on Monday, surging this high for the first time since May 16, according to CoinGecko. 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%.
Ether, the second-largest cryptocurrency by market cap, has posted more gains since the bear market in July, surging nearly 81% from $204 billion on July 20 to $369 billion on Monday. The cryptocurrency underwent a major network upgrade on Thursday, with ETH’s price rallying 50% following the London hard fork amid investor expectations for the upgrade to solve issues such as high transaction fees.