Crypto market tops $2 trillion for the first time in nearly 3 months as bitcoin rallies

Bitcoin topped $48,000 over the weekend, its highest level since May, but pared some of those gains on Monday. On Saturday, the digital coin hit $48,126.47, its highest level since May 17, according to Coindesk data. Around 9 a.m. ET on Monday, bitcoin was trading at $47,263.35. The bitcoin recovery comes after it sold off heavily in June and July, dropping below $30,000 following a record high of over $64,000 in April. “I do believe this (bitcoin’s rise) is the result of massive accumulation” when bitcoin was trading around $29,000 to $30,000, according to Vijay Ayyar, head of business development at cryptocurrency exchange Luno.

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