Cryptocurrencies' market cap has risen above $2 trillion for the first time since May as bitcoin rebounds

• The crypto market's total value has climbed above $2 trillion for the first time since May.
• It touched $2.02 trillion on Saturday before slipping slightly to $1.96 trillion on Sunday.
• Bitcoin, ether, and other tokens have rebounded in recent weeks as investors have been lured back.

The market capitalization of the cryptocurrency universe has broken the $2 trillion barrier for the first time since May after a strong rebound in $4 and other tokens.

The total value of all cryptocurrencies reached $2.02 trillion on Saturday, according to $4. It hovered around that level until dipping slightly to $1.96 trillion on Sunday. Bitcoin's market cap stood at $863 billion, while $4 was $370 billion.

It's been a wild year for cryptocurrencies. They boomed in the first few months of 2021 as governments pumped stimulus into economies, but tumbled in May and June when Tesla boss Elon Musk $4 and China $4 on the tokens.

However, the market has gained a new lease of life in the last few weeks, with bitcoin rising from below $30,000 in July to trade at around $46,000 on Sunday.

Analysts have struggled to put a finger on exactly why the asset class has rebounded. Some have suggested that Elon Musk's comments have once again been a catalyst. He told a bitcoin conference in July that Tesla is likely to $4 again once it is more eco-friendly.

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Institutions also appear to have remained interested, despite the price drops of the spring. Insider revealed in July that JPMorgan has given its financial advisors $4 to give all its wealth-management clients access to cryptocurrency funds.

So-called altcoins such as ether and cardano's native token ada have also rallied sharply in recent weeks. A major network upgrade has helped ether - the second-biggest cryptocurrency - climb from below $1,800 in July to $3,156 on Sunday.

Ada has surged in recent days, also due partly to excitement around $4. The token traded at under $1.10 in July but stood at $2.10 on Sunday.

Cryptocurrencies have rebounded despite growing regulatory threats. Watchdogs around the world are increasingly concerned about crypto derivative exchanges $4, and the US Securities and Exchange Commission has signaled that it wants $4 of the crypto landscape.