Beginning on July 19, cryptocurrency market saw a significant appreciation, with market value increasing by over $700 billion. The market continues to remain around $700 billion lower from its all-time peak of $2.5 trillion recorded on May 11. Following the robust recovery trend, prominent cryptos such as Bitcoin (BTC) and Ether (ETH) have validated their mid-May market capitalization values.
As per CoinGecko, Bitcoin’s market value surpassed $860 billion on Monday, the highest level since May 16. After surpassing the $1 trillion milestone earlier in 2021, Bitcoin’s price suffered a significant decline and its market value dropped to $560 billion as of July 20. BTC’s market worth has grown by more than 53% as the price of Bitcoin has risen back beyond $45,000.
Ether, the second-largest crypto by market value, has risen almost 81% since the July market correction, from about $204 billion on July 20 to roughly $369 billion at the beginning of this week. On Thursday, the cryptocurrency experienced a significant network update, with the price of ETH increasing by 50% after the London hard fork, as investors expected the overhaul to address problems such as excessive transaction validation charges.
In the midst of a resurgent bull crypto market, several prominent cryptocurrencies have had their market capitalization rankings reshuffled. Binance USD (BUSD), the third top stablecoin by market capitalization behind Tether (USDT) and USD Coin (USDC), fell off of the top ten high value cryptocurrencies list on Thursday, being replaced by Uniswap’s governance token, UNI.
While writing this article, BUSD is in the 11th position in terms of market value, with a market capitalization of $12 billion. As stated earlier, the recent rise in crypto markets occurred on July 22nd, after Tesla CEO Elon Musk’s disclosure that his aerospace company, SpaceX, possesses Bitcoin.
The CEO also stated that Tesla intends to reintroduce cryptocurrency payments for vehicle sales as a result of a substantial decrease in the proportion of non-renewable energy consumed by Bitcoin mining facilities. Musk’s earlier position to halt BTC payments at Tesla owing to the currency’s excessive energy usage was widely regarded as a significant contributor to Bitcoin’s price drop in May.