The combined value of the world’s cryptocurrencies hit $2 trillion Wednesday afternoon for the first time in nearly three months, reflecting a wave of renewed optimism in the space that’s bolstered top cryptocurrencies bitcoin and ether alongside a slew of smaller cryptocurrencies.
The market crossed the $2 trillion threshold at about 10:45 a.m. EDT Wednesday—its highest level since a $1 trillion flash crash in May, according to cryptocurrency data website CoinGecko.
The milestone comes as a slew of cryptocurrencies post massive gains over the past week, with bitcoin surging 19% to a three-month high above $46,500.
Ether and binance coin, the world’s second and third-largest cryptocurrencies, respectively, have soared more than 20% apiece, similarly hitting months-long highs.
Ada, the cryptocurrency built on the blockchain platform Cardano, surged to its highest value in nearly three months Wednesday morning after Cardano’s founder said it would announce the date it would launch smart contracts—an automated way to track and execute agreements—on Friday.
Currently the fifth-largest cryptocurrency, Ada gained 21% in the last day—the biggest jump among the top ten—according to Coingecko.
The combined value of all cryptocurrency in circulation had reached about $2.5 trillion in May—then it cratered, spurred in part by Elon Musk’s tweet confirming that Tesla would no longer take bitcoin as payment. The market’s value bottomed out at $1.2 trillion in July. In early August, a highly anticipated upgrade to Ethereum boosted both its price and the combined market, a trend that has continued into this week.
The current value of the cryptocurrency market is larger than all but two companies: Apple and Microsoft.