Ether surged 22% in five days, Bitcoin hit a new all-time high of $123,205, Uniswap jumped 24%, and Solana saw an intraday rise of 6.5%.
The total cryptocurrency market capitalization surpassed the $4 trillion milestone for the first time, driven by the rapid rise of altcoins and the passing of the first federal stablecoin bill in the United States.
The legislation was approved during what's been dubbed "Crypto Week" in the U.S. Congress and has the support of Republicans as well as President Donald Trump.
The bill provides for state or federal oversight of dollar-pegged stablecoins, aiming for institutional recognition of a market already valued at $265 billion, which could reach $3.7 trillion by 2030, according to Citigroup. In addition to the stablecoin bill, the House also approved a second, broader legislative framework for crypto market regulation on Thursday, which now awaits Senate approval.
The passing of the bill and the explosive rise of altcoins confirm crypto's entry into a new era, one that's more institutionally regulated yet also dynamically volatile in the market.
