The total value of all cryptocurrencies in circulation - a major driver of overall market health - reached $2 trillion on Wednesday, for the first time in nearly three months, providing 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 CoinGeco.
Over the past 24 hours, the digital asset class is up 4.6%. Weekly, the market added 25%, or $400 billion.
Bitcoin (BTC), the largest and most influential cryptocurrency, accounts for 43.7% of the total market. Meanwhile, Ethereum (ETH) captured 18.9% of the market share.
At the time of writing, Bitcoin is up 3.3% to $46,343 and Ethereum is up 5.2% to $3,240, according to Coin Telegraph Markets Pro.< /p>
As Coin Telegraph reported, the cryptocurrency market reached a cumulative valuation of $1 trillion in January before doubling three months later. Asset values peaked near $2.6 trillion on May 11 before a major downturn actually halved the overall market value.
A range of forces are working together to help cryptocurrency recovery. The wave of institutional buying, a steady backlog by retail investors, and billions in venture funding for crypto and blockchain startups also contributed to the rally.
Trends of supply pressure were largely responsible for Bitcoin's rally, which appears to have paved the way for altcoins to reassert their dominance.
