Crypto market cap hits new all-time high as BTC, ETH soar

Crypto market cap hits new all-time high as BTC, ETH soar

The crypto market cap is back at an all-time high, and the price of Bitcoin and Ethereum is soaring. The recent rally has been fueled by a strong performance in the US stock markets, which have seen their best start to a year since 1987.

The cryptocurrency market cap hit a new all-time high on September 4, as the price of ethereum reached $330.

Crypto market cap hits new all-time high as BTC, ETH soar

 

On Wednesday, the entire market value of all cryptocurrencies hit new highs, completing a spectacular months-long rebound that reinforced the optimistic narrative for Bitcoin (BTC) and Ether (ETH) (ETH).

According to Cointelegraph Markets Pro, the crypto market cap — a key gauge for the overall health of the digital asset sector — hit a high of over $2.63 trillion on Wednesday. This indicates a 5.9% increase in the past 24 hours.

A market purchasing frenzy pushed Bitcoin to new all-time highs, with the flagship cryptocurrency reaching an intraday high of $67,016.50. Ether, on the other hand, has only surpassed the $4,000 barrier twice since May. Every cryptocurrency in the top 10 market cap rankings saw increases, with the exception of stablecoins.

After a months-long downturn endangered the optimistic narrative over the summer, the new market cap high represents a significant milestone for digital assets. The crypto market cap fell below $1.2 trillion at the summer correction’s low point.

Though positive momentum has been building for months, a pair of Bitcoin ETF approvals in the United States seems to have triggered the current surge for BTC and the wider crypto market. Bitcoin’s three-month recovery rally was aided by a benign macro environment, solid on-chain fundamentals, and technical confirmation of a July bottom.

Bitcoin futures ETF launches with $1 billion in first-day ‘natural’ volume, the biggest ever for a first-day ‘natural’ volume.

The fact that Bitcoin has been the main driver of the relief rally is reflected in the BTC dominance index, which has risen to 47.7%. During the height of the altcoin surge in May, bitcoin dominance hit a low of about 39%. The Altseason Indicator, which measures how much altcoins outperform Bitcoin, is only at 15% right now, according to Cointelegraph. (An “altseason” in cryptocurrency refers to a time when altcoins outperform Bitcoin.)

The gold market cap is a measure of the total value of all gold in the world. It has hit an all-time high, as Bitcoin and Ethereum have soared.

  • bitcoin
  • bitcoin price
  • ethereum price
  • coinbase
  • silver market cap

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