The total market value of cryptoassets surged past $4 trillion for the first time, driven by a rally in altcoins and momentum from a sweeping US legislative push to regulate the sector.
The options market shows traders are increasing bets for even higher prices in the weeks ahead.
“Bitcoin’s path to $150,000 looks increasingly inevitable,” said Fadi Aboualfa, head of research at Copper. The original cryptocurrency accounts for about 60% of the entire digital market’s value.
The milestone followed the passage of the first-ever federal legislation for stablecoins, a key accomplishment during what lawmakers have dubbed “Crypto Week.” The bill, backed by Republicans and championed by President Donald Trump, introduces federal or state oversight of dollar-linked stablecoin, aiming to legitimize a $265 billion market that Citigroup Inc. analysts project could grow to $3.7 trillion by 2030.