Cardano (ADA) Reclaims $2 For The First Time Since May Crash As Crypto Market Cap Nears $2 Trillion

What Happened: Crypto markets looked to be on the road to recovery, with the overall market cap of the industry nearing $2 trillion for the first time since the crash in May.

According to data from CoinGecko, the industry’s total market cap hit $2.007 trillion on Wednesday, led by price action from Bitcoin BTC/USD, Ethereum ETH/USD, and other large-cap altcoins.

Today, Cardano ADA/USD led the rally after surging as much as 17% to hit a high of $2.06.

Over the past week, ADA rallied as much as 48%, gaining the most out of the top ten cryptocurrencies by market cap.

Why It Matters: “The expectation of what Cardano will deliver is high, and currently the usage stats are pretty unimpressive at a total of 35,000 transactions today. Bitcoin 240k, Polygon 4.6 million, Ethereum 1.2 million,” said crypto investor Lark Davis on Twitter.

“However Polygon was also doing a similar amount of transactions a day in January,” he pointed out.

“Things sure do move fast. Cardano's growth of transactions could follow a similar trajectory when native apps go live and if apps like Sushi actually tap into Cardano as they have other chains.”

What Else: Both Bitcoin and Ethereum rallied as much as 25% over the past week, but the latter appeared to account for more trading volume.

Ethereum dominance now exceeds 19.4%, while Bitcoin dominance had dropped to 45% at the time of writing.

Meanwhile, altcoins like IoTeX IOTX/USD and Ravecoin RVN/USD boasted three-digit percent gains over the past week, rising 315% and 72%, respectively.

XinFin Network XDC/USD, Axie Infinity AXS/USD, Internet Computer ICP/USD, Nano NANO/USD, and Holo HOT/USD also clocked gains of over 60% over the past seven days, driven by the momentum of the market leaders.

Read next: Cardano Prioritizes Human Rights: Company's Founder And Ethereum Co-Founder Charles Hoskinson