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With a significant rise in the price of Bitcoin and other cryptocurrencies, the crypto market has witnessed a 58% gain equivalent to $700 billion in the past 21 days. As revealed by the leading market data aggregators, the crypto market has managed to cross the $1.9 trillion market capitalization.
Crypto Market on a Bull Run, Crosses $1.9 Trillion Capitalization
Since the beginning of the month of August, the cryptocurrency market has been on a bull run as the total market capitalization is nearing $2 trillion.
In accordance with the data released by leading market data aggregators, the total market capitalization of the crypto market broke the $1.9 trillion mark on Monday, and it has retouched this level for the first time since May 18.
Well notably the bull run started back in the month of July, but even now, the market is $700 billion low from its all-time high of $2.5 trillion as recorded on May 11.
Talking about the market capitalization of Bitcoin and Ethereum, they are back at their mid-May levels and are showing strong recovery trends.
Bitcoin and Ethereum Markets Surging
As the price of Bitcoin managed to surge above the level of $45K, the market value of BTC has increased by over 53%. Its market value hit above $860 billion on Monday, but it is still significantly low from the high that it made earlier this year.
It should be noted that the flagship cryptocurrency witnessed a major sell-off with its market capitalization dropping to as low as $560 billion as of July 20.
Talking about Ethereum, it has surged around 81% from $204 billion on July 20 to $369 billion on Monday.
The major reason behind the price surge of Ethereum is considered the London Hard Fork on the Ethereum blockchain. Also, the investors are waiting for the Ethereum blockchain to shift from PoW to PoS mechanism.