Bitcoin hitting a peak of 122,000 USD pushed the total cryptocurrency market capitalization to surpass 4 trillion USD for the first time.
The global cryptocurrency market has set a historic milestone as the total market capitalization surpasses 4 trillion USD for the first time, driven by a strong bullish trend of Bitcoin and altcoins. This event marks a significant turning point for the digital asset industry, affirming the increasingly strong position of cryptocurrencies in the global financial system.
BTC Price / TradingView
Bitcoin peaked at 122,000 USD early on Monday before correcting to 119,681 USD at the current moment, still maintaining an increase of 0.96% in the past 24 hours and 3.77% over the week. This breakthrough rally not only set a new record for the largest digital currency in the world but also pulled the entire cryptocurrency asset ecosystem, pushing the total market capitalization beyond the 4 trillion USD milestone according to data from CoinMarketCap.
Data from Coinmarketcap shows that the market value of cryptocurrencies surpassed 4 trillion USD for the first time on Monday / coinmarketcap.com
Ethereum also recorded an impressive increase with a rise of 2% compared to yesterday and 17% compared to last week, currently trading at 4,310 USD. This second-largest altcoin is approaching its historical record of 4,891.70 USD set in November 2021. Joseph Lubin, co-founder of Ethereum, expressed optimism in an interview with CNBC, predicting 'surprises in the next year or beyond' and the possibility of ETH surpassing the monetary base scale of Bitcoin.
The derivatives market is bustling amid the bullish trend
Market sentiment has shifted to a region of optimism with the CoinMarketCap Greed Index rising to 62 points. However, strong volatility has also created significant impacts in the derivatives market. Investors betting on the continued rise of Bitcoin have lost nearly 33 million USD in the past 24 hours, while those expecting a price drop have suffered heavier losses with 93 million USD being liquidated.
The total open interest of Bitcoin futures has risen by 2.50% to 81.76 billion USD, reflecting increased interest from traders. The trading volume in the past 24 hours has also surged by 42.65% to reach 88.67 billion USD, partly due to investors returning after the weekend.
Total market capitalization of BTC / TradingView
With a total market capitalization of 4 trillion USD, the cryptocurrency market now ranks third on the list of the most valuable assets in the world, only behind Nvidia with 4.47 trillion USD. Bitcoin continues to dominate with 60.57% of the total market capitalization, an increase of 0.11% compared to yesterday, indicating the solid position of the leading digital currency.
