Greg Miller
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Bitcoin Rally Pushes Crypto Market to Record $4 Trillion
The cryptocurrency market has reached a milestone like never before. Thanks to a strong rally in Bitcoin and other digital assets, the total value of all cryptocurrencies combined has crossed the $4 trillion mark for the first time in history.
Bitcoin Leads the Charge
Early Monday morning, Bitcoin surged past $122,000 before pulling back slightly to around $119,000. Even with the small dip, the rally was strong enough to push the entire crypto market into uncharted territory. According to data from CoinMarketCap, the market hit the $4 trillion milestone overnight, marking a new chapter in cryptocurrency history.
Investor confidence was clearly high. The CoinMarketCap Greed Index climbed to 62, signaling strong bullish sentiment. Still, the rally wasn’t without drama, traders betting on a bigger jump in Bitcoin’s price lost about $33 million in 24 hours. On the flip side, those betting against Bitcoin suffered even more, with short positions worth nearly $93 million being wiped out.
Ethereum Joins the Party
It wasn’t just Bitcoin making headlines. Ethereum, the second-largest cryptocurrency, also climbed higher. The price rose 2% in just one day and 17% over the week, bringing ETH to $4,310. That’s not far from its all-time high of $4,891, set back in November 2021.
Ethereum co-founder Joseph Lubin told CNBC that he believes ETH could eventually surpass Bitcoin’s market size, especially with more large companies getting involved. While this prediction, known in the crypto world as the “flippening” remains controversial, Ethereum’s recent rally has definitely given the market a boost.
Crypto Becomes a Global Asset Giant
With both Bitcoin and Ethereum near their all-time highs, the crypto market now ranks as the third-largest asset class in the world. It sits just behind chipmaker Nvidia, which has a market value of $4.47 trillion.
This is a big moment for cryptocurrency, which only a decade ago was dismissed by many as a niche experiment. Now, it’s rubbing shoulders with the world’s most valuable companies and assets.
Market Snapshot
Bitcoin Price: $119,681.48
24-Hour Change: +0.96%
Weekly Change: +3.77%
Price Range (24h): $118,105 – $122,321
Trading Volume (24h): $88.67 billion (+42.65%)
Market Cap: $2.38 trillion
Bitcoin Dominance: 60.57%
The big jump in trading volume was partly due to traders returning after the weekend. Bitcoin’s dominance, its share of the total crypto market, remains above 60%, making it unlikely that Ethereum will surpass it in the near term.
Futures Market and Liquidations
Bitcoin futures trading also saw a bump. Open interest — the total value of outstanding futures contracts — rose to $81.76 billion, up 2.5%. In the past 24 hours, total Bitcoin liquidations hit $125.62 million. Of that, short positions accounted for $92.64 million, while long positions lost $32.97 million.
Final Thoughts
This rally has shown the strength and growing importance of cryptocurrency in the global financial system. Whether you’re a seasoned trader or someone who’s just starting to explore digital assets, it’s clear that crypto has moved far beyond its early days.
With Bitcoin leading the way and Ethereum gaining ground, the road ahead will likely be filled with both excitement and volatility. One thing is certain — the $4 trillion milestone is a reminder that the crypto market is no longer just an experiment; it’s now a major player in the world economy.
#BTC #Bitcoin #Crypto #GregLens #BinanceSquareFamily
Bitcoin Leads the Charge
Early Monday morning, Bitcoin surged past $122,000 before pulling back slightly to around $119,000. Even with the small dip, the rally was strong enough to push the entire crypto market into uncharted territory. According to data from CoinMarketCap, the market hit the $4 trillion milestone overnight, marking a new chapter in cryptocurrency history.
Investor confidence was clearly high. The CoinMarketCap Greed Index climbed to 62, signaling strong bullish sentiment. Still, the rally wasn’t without drama, traders betting on a bigger jump in Bitcoin’s price lost about $33 million in 24 hours. On the flip side, those betting against Bitcoin suffered even more, with short positions worth nearly $93 million being wiped out.
Ethereum Joins the Party
It wasn’t just Bitcoin making headlines. Ethereum, the second-largest cryptocurrency, also climbed higher. The price rose 2% in just one day and 17% over the week, bringing ETH to $4,310. That’s not far from its all-time high of $4,891, set back in November 2021.
Ethereum co-founder Joseph Lubin told CNBC that he believes ETH could eventually surpass Bitcoin’s market size, especially with more large companies getting involved. While this prediction, known in the crypto world as the “flippening” remains controversial, Ethereum’s recent rally has definitely given the market a boost.
Crypto Becomes a Global Asset Giant
With both Bitcoin and Ethereum near their all-time highs, the crypto market now ranks as the third-largest asset class in the world. It sits just behind chipmaker Nvidia, which has a market value of $4.47 trillion.
This is a big moment for cryptocurrency, which only a decade ago was dismissed by many as a niche experiment. Now, it’s rubbing shoulders with the world’s most valuable companies and assets.
Market Snapshot
Bitcoin Price: $119,681.48
24-Hour Change: +0.96%
Weekly Change: +3.77%
Price Range (24h): $118,105 – $122,321
Trading Volume (24h): $88.67 billion (+42.65%)
Market Cap: $2.38 trillion
Bitcoin Dominance: 60.57%
The big jump in trading volume was partly due to traders returning after the weekend. Bitcoin’s dominance, its share of the total crypto market, remains above 60%, making it unlikely that Ethereum will surpass it in the near term.
Futures Market and Liquidations
Bitcoin futures trading also saw a bump. Open interest — the total value of outstanding futures contracts — rose to $81.76 billion, up 2.5%. In the past 24 hours, total Bitcoin liquidations hit $125.62 million. Of that, short positions accounted for $92.64 million, while long positions lost $32.97 million.
Final Thoughts
This rally has shown the strength and growing importance of cryptocurrency in the global financial system. Whether you’re a seasoned trader or someone who’s just starting to explore digital assets, it’s clear that crypto has moved far beyond its early days.
With Bitcoin leading the way and Ethereum gaining ground, the road ahead will likely be filled with both excitement and volatility. One thing is certain — the $4 trillion milestone is a reminder that the crypto market is no longer just an experiment; it’s now a major player in the world economy.
#BTC #Bitcoin #Crypto #GregLens #BinanceSquareFamily
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.