The total market capitalization of cryptocurrencies has reached a new all-time high of $4.14 trillion, driven by significant gains in Bitcoin and Ethereum. This new peak surpasses the previous record set on July 23, with the crypto market gaining 22% since the beginning of the year. This inflow of approximately $750 billion is comparable to the entire market cap during the bear market crash in November 2022.
Despite the growth, the total crypto market is still valued less than tech giant Nvidia, which has a market capitalization of $4.45 trillion.
Ethereum has been a primary driver of the market’s recent growth, with its price reaching $4,332. This marks its highest value since December 2021, following a 46% increase over the past month. The rally has been attributed to institutional investments and corporate treasury accumulation.
As a result of this surge, Ethereum’s market capitalization has climbed to $522 billion, making it more valuable than companies like Mastercard and Netflix.
Bitcoin also saw strong gains, rising 3.3% to exceed $122,000. The asset is now within $1,000 of its all-time high, having recovered from losses earlier in the month.
While the top two cryptocurrencies have seen significant movement, most altcoins have remained flat. Major tokens like XRP, Binance Coin (BNB), and Solana (SOL) have shown little daily movement. Analysts, however, suggest that an “altseason” could be approaching, as Bitcoin dominance has declined and altcoin market share is slowly increasing.
