Crypto Market Breaks Through $2 Trillion Again As Altcoins Join Bitcoin In Post-Crash Rally

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The combined value of the world’s cryptocurrencies reached $2 trillion Wednesday afternoon for the first time in nearly three months, reflecting a wave of renewed optimism in the space that has boosted top cryptocurrencies bitcoin and ether along with a slew of smaller cryptocurrencies.

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The market crossed the $2 trillion threshold around 10:45 AM ET on Wednesday — its highest level since the $1 trillion crash in May, according to cryptocurrency data site CoinGecko.

The achievement comes as a large number of cryptocurrencies have posted massive gains over the past week, with Bitcoin soaring 19% to a three-month high above $46,500.

Ether and Binance, the world’s second and third largest cryptocurrencies, respectively, are up more than 20% each, and similarly hit their highest levels in months.

Ada, the cryptocurrency built on the Cardano blockchain platform, surged to its highest value in nearly three months on Wednesday morning after the Cardano founder said it would announce the date it will launch smart contracts — an automated way to track and enforce agreements — on Friday.

Currently, the fifth largest cryptocurrency, Ada has gained 21% in the last day – the biggest jump among the top ten – according to Coingecko.

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The total value of all cryptocurrencies in circulation reached around $2.5 trillion in May — and then collapsed, prompted in part by Elon Musk’s tweet confirming that Tesla is no longer taking bitcoin as payment. The market value reached a low of $1.2 trillion in July. In early August, the highly anticipated upgrade to Ethereum boosted both its price and the common market, a trend that has continued into this week.

Amazing fact

The current value of the cryptocurrency market is greater than that of all but two companies: Apple and Microsoft.

in-depth reading

Cryptocurrency Market Suddenly Rise Near $2 Trillion – Could Ethereum Be About to “Flip” Bitcoin? (Forbes)

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