Bitcoin News Today: Global crypto market cap hits $4.13 trillion driven by Bitcoin and Ethereum gains

The global cryptocurrency market has reached a historic milestone, with the total market capitalization surpassing $4.13 trillion, eclipsing the previous record of $3.9 trillion [1]. This surge is largely attributed to the continued dominance of Bitcoin (BTC) and Ethereum (ETH), the two largest digital assets by market cap. At the time of reporting, Bitcoin was trading at $121,762, reflecting a 2.9% increase in the past 24 hours, while Ethereum rose 1.5% to $4,291.47 [1]. The combined strength of these two leading cryptocurrencies, alongside a broader rally in smaller-cap tokens, has propelled the market to an all-time high.

Bitcoin, currently valued at a market cap of $2.43 trillion, continues to serve as the market’s bellwether. Over the past week, the asset has demonstrated consistent upward movement, contributing significantly to the overall market gains [1]. The daily trading volume for BTC reached approximately $45 billion in the last 24 hours, signaling strong liquidity and investor confidence [1].

Ethereum, the second-largest cryptocurrency, also saw robust performance. With a market cap of $518.5 billion, ETH has risen steadily, supported by growing institutional interest and ETF inflows [1]. The recent addition of Ethereum to corporate balance sheets and the ongoing success of funds such as BlackRock’s ETHA ETF—now holding over $12.3 billion in assets—highlight the increasing legitimacy of crypto in traditional finance [1].

Meanwhile, XRP maintained a strong position as the third-largest cryptocurrency, trading at $3.26 with a $193.3 billion market cap. While its hourly movements were minimal, it closed the past 24 hours with a 0.1% gain, driven by steady trading activity of $4.9 billion [1].

The rally has extended beyond the top two cryptocurrencies, with several smaller-cap tokens posting significant gains in the last 24 hours. The most notable was Polyhedra Network (ZKJ), which surged 74.3% to $0.2997, followed by The Spirit of Gambling (ROUL) with a 67.2% increase [1]. Zora (ZORA) and Pudgy Penguins (PENGU) also saw double-digit gains, reinforcing the broad-based nature of the current market upturn.

The continued rise in market cap and the strong performance of individual tokens suggest that the crypto market is experiencing a period of heightened activity and optimism. Institutional adoption and macroeconomic factors have played a crucial role in this development. Bitcoin’s recent gains have also been supported by geopolitical developments, including El Salvador’s new Investment Banking Law, which permits licensed institutions to hold Bitcoin alongside legal tender [1]. The move has added to the bullish narrative surrounding the asset.

Retail investor sentiment has also turned increasingly positive, with analytics firm Santiment reporting a surge in bullish hashtags on social media while bearish mentions have declined [1]. However, analysts caution that excessive retail enthusiasm may introduce short-term volatility.

Ryan Lee, chief analyst at Bitget, predicts that Bitcoin could consolidate between $115,000 and $140,000, with Ethereum potentially reaching $4,000–$4,600 [1]. He attributes the current rally to continued ETF inflows and the anticipation of a Federal Reserve rate cut in September, which could enhance liquidity and support risk-on assets [1]. The market’s ability to maintain its upward trajectory will depend on sustained institutional participation, macroeconomic clarity, and the continued adoption of crypto-based financial instruments.

As the market approaches a new high, investors are closely watching for signs of consolidation or a potential pullback. The performance of Bitcoin and Ethereum will be critical in determining whether the current rally continues or faces a short-term correction in the coming weeks.

Source:

[1] https://cryptonews.com/news/bitcoin-price-ether-crypto-market-cap-4trillion/