Total cryptocurrency market value breaks $1.9T for first time since May

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 Aug. 9, 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 like Bitcoin and Ether 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 the Bitcoin price surged back above $45,000, BTC market value has increased by over 53%.

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