Crypto market value tops $2 trillion for first time since May

Bitcoin climbed as high as $48,048 early Monday, its highest level since May 17. Ethereum and ADA also rose along with it, gaining 11% and 53% respectively over the past seven days.
The cryptocurrency market capitalization surpassed $2 trillion for the first time since mid-May, according to CoinMarketCap, as bitcoin led the gains.
Bitcoin climbed as high as $48,048 early Monday, its highest level since May 17, according to CoinDesk data.
ETH and ADA also followed suit, gaining 11% and 53% respectively over the past seven days.
According to data from CoinMarketCap, the overall cryptocurrency market capitalization hit a low of $1.19 trillion on July 20, meaning the industry has nearly doubled in value in less than a month.
After hitting a peak of more than $2.5 trillion on May 12, the crypto market is experiencing a massive correction, and has been under downward pressure for several months as China has banned mining. (CoinDesk)