Bitcoin Reclaims $65k as Crypto Market Surges Past $2.9 Trillion

The cryptocurrency market experienced a significant surge in momentum during the first week of August, with the aggregate market capitalization increasing from under $2.2 trillion to reach $2.9 trillion by Aug. 8.

Bitcoin led the rally, reclaiming the $65,000 threshold for the first time in August and lifting its total market cap back past $1.3 trillion. Despite regulatory headwinds following the U.S. Senate's failure to pass the CLARITY Act, bitcoin secured these gains by rising over 3% in seven days.

Cardano ($ADA) emerged as a standout performer, logging double-digit gains for the second consecutive week and rallying from $0.174 to hit $0.211 on Aug. 6, its highest point since June 4.