The total value of the cryptocurrency market surpassed $2 trillion again for the first time since May 2021. It rose to $2.2 trillion on Friday, but has been fluctuating around the $2 trillion level in the days since.

The resumption of growth in the cryptocurrency market points to a broader acceptance of crypto-assets around the world. On Friday, total market capitalization reached $2 trillion since May 19 this year, a milestone first crossed back in early April.

This was partly the result of a surge in the value of major altcoins, including ETH, ADA, BNB and XPR. However, the correction that began prevented it from moving above this landmark mark. A continuation of the rise is likely, but the correction in the absence of positive news could be prolonged.

BTC is also trading near a three-month high. According to CoinMarketCap as of Monday morning, bitcoin had climbed to $48,000 and twice attempted to break that level. However, BTC is still 28% below its all-time high of $64,804 reached on April 14.

Notably, altcoins have outperformed bitcoin. Over the past week, ETH is up 8.34%, ADA is up more than 50%, XPR is up 63%, BNB is up nearly 21%, while BTC is up about 6.2%. This often happens at the end of a growth wave: the "flagship" bitcoin grows first, followed by other cryptocurrencies, after which the market goes into a correction.

As of August 16, 2021, the market capitalization of the leaders of the top 10 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 BTC to $886.4 billion.

The total trading volume of the above crypto-assets in the last 24 hours was $71.3 billion.

Most experts have concluded that the main "trigger" of the current growth phase was the successful launch of the London hardfork on Ethereum. The widely discussed event revitalized 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 advisors to provide all interested asset management clients 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 tax reporting rules for cryptocurrency transactions in the United States. And China has almost completed an operation to expel miners from its territory.