The total market capitalization of cryptocurrencies has just surpassed the $2 trillion mark for the first time since May, indicating a bullish trend that began earlier this month.
According to CoinGecko data, the total crypto market cap reached US$2.007 trillion on Wednesday night Hong Kong time and stood at US$2.002 trillion on Thursday at noon.
This was the first time since May of this year that the total cryptocurrency market cap had returned to US$2 trillion. On May 12, the total cryptocurrency market cap reached a new high of US$2.555 trillion.
Bitcoin currently has a 43.4 percent market share, while Ethereum’s Ether accounts for 18.8 percent of the total cryptocurrency market. On January 1st of this year, Bitcoin had a market dominance of 71%, far exceeding Ethereum’s 10%.
According to CoinGecko data, Bitcoin’s price has increased by 16 percent in the last seven days, while Ether’s price has increased by approximately 18 percent.
The price of Ethereum increased further as the London upgrade went live, surging in the hours preceding the update and trading volume increased globally.