The total value of the cryptocurrency market for the first time since May 2021 again exceeded $ 2 trillion. It rose to $ 2.2 trillion on Friday, but hovers around the $ 2 trillion level in the following days.
The resumption of growth in the cryptocurrency market indicates a wider acceptance of cryptoassets around the world. On Friday, the total market capitalization reached $ 2 trillion since May 19 of this year, and for the first time this milestone was crossed in early April.
This is partly due to the spike in the value of major altcoins, including ETH, ADA, BNB and XPR. However, the incipient correction prevented it from gaining a foothold above this significant mark. Continued growth is quite likely, but the correction in the absence of positive news may be prolonged.
BTC is also trading near a three-month high. According to CoinMarketCap, on Monday morning, bitcoin climbed to $ 48,000 and twice tried to break this level. However, BTC is still 28% below its all-time high of $ 64,804 reached on April 14.
It is noteworthy that altcoins showed outrunning growth compared to bitcoin. Over the past week, ETH is up 8.34%, ADA is up over 50%, XPR is up 63%, BNB is up nearly 21%, while BTC is up about 6.2%. This often happens “at the end” of the growth wave: first, the “flagship” bitcoin grows, the rest of the cryptocurrencies follow it, after which the market goes into correction.
As of August 16, 2021, the market capitalization of the leaders of the top ten cryptocurrencies increased: ETH to $ 388.3 billion, ADA to $ 70.2 billion, BNB to $ 69.6 billion, XPR to $ 60.1 billion and the leader of BTC to $ 886.4 billion.
The total trading volume in the above cryptoassets over the past 24 hours amounted to $ 71.3 billion.
Most experts concluded that the main trigger for the current growth phase was the successful launch of the London hard fork on Ethereum. The widely discussed event revived the market and indirectly influenced the inflow of investments in other crypto assets.
Traditional financial institutions have also shown interest in the cryptocurrency market. For example, investment bank JPMorgan instructed its financial advisers to provide all interested clients involved in asset management with access to cryptocurrency funds.
The upward movement of the market did not stop even after the cryptocurrency lobby in the Senate failed to achieve a change in the tax reporting rules for transactions with cryptocurrencies in the United States. And China has practically completed the operation of expelling miners from its territory.

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