The total value of all cryptocurrencies in circulation — a major bellwether for the health of the overall market — reached $2 trillion on Wednesday for the first time in almost three months, offering compelling evidence that buyers are back in control.
Measured by market capitalization, digital asset values peaked at $2.007 trillion on Wednesday, according to data provided by Coingecko. Over the past 24 hours, the digital asset class has risen by 4.6%. Week-over-week, the market has added 25%, or $400 billion.
At the time of writing, Bitcoin was up 3.3% to $46,343 and Ether had risen 5.2% to $3,240, according to Cointelegraph Markets Pro.
As Cointelegraph reported, the cryptocurrency market reached a cumulative valuation of $1 trillion in January before more than doubling three months later. Asset values peaked closer to $2.6 trillion on May 11 before a major downturn effectively halved the total market cap.
A confluence of forces is working together to aid crypto’s recovery. A wave of institutional buying, steady accumulation by retail investors and billions in venture funding for crypto and blockchain startups have all contributed to the rally. Supply-squeeze undertones have been largely responsible for Bitcoin’s rally, which appears to have