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For the first time since May, the total value of the cryptocurrency market has surpassed $1.9 trillion.

With a total market capitalization approaching $2 trillion in early August, the cryptocurrency market has continued a solid bullish trend.

For the first time since May 18, the global crypto market cap crossed $1.9 trillion on Monday, according to statistics from cryptocurrency data aggregator CoinGecko.

Cryptocurrency markets have seen a significant increase since July 19, with a market value of around $700 billion. Since reaching an all-time high of $2.5 trillion on May 11, the market has lost nearly $700 billion.

90-day chart of total crypto market capitalization. Source: CoinGecko

The most popular cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) , have retested their mid-May market capitalization levels, continuing the strong rebound trend.

On Monday, Bitcoin's market capitalization surpassed $860 billion, the highest level since May 16th, according to CoinGecko. After breaking into the $1-trillion asset category earlier this year, Bitcoin have seen a huge sell, with its market cap falling to $560 billion as of July 20. As its price has soared back above $45,000, Bitcoin's market value has increased by nearly 53%.

Ether, the second-largest cryptocurrency by market capitalization, has risen nearly 81 percent from $204 billion on July 20 to $369 billion on Monday since the bear market ended in July. On Thursday, the cryptocurrency experienced a massive network update, with the price of ETH surging 50% following the London hard fork, as investors hoped the upgrade would address issues including excessive transaction costs.

In the midst of a resurgent bull crypto market, the market capitalization rankings of certain major cryptocurrencies have shifted. On Thursday, Binance USD (BUSD), the third-largest stablecoin by market capitalization behind Tether (USDT) and USD Coin (USDC), was pushed out of the top ten most valuable cryptocurrencies by Uniswap's governance token, UNI. BUSD is the 11th-largest cryptocurrency by market capitalization, with a value of $12 billion at the time of writing.

As previously reported, the recent rise in crypto markets occurred after Tesla CEO Elon Musk revealed on July 22 that his aerospace firm, SpaceX, owns Bitcoin. Tesla's CEO also stated that due to a considerable decline in the percentage of non-renewable energy needed for Bitcoin mining, the company plans to resume crypto payments for car purchases. Musk's earlier decision to cease accepting Bitcoin payments at Tesla owing to the currency's excessive energy consumption was seen as a major factor in the currency's price drop in May.