XRP News Today: Crypto Market Nears $4 Trillion on US Policy Boost

The total market capitalization of cryptocurrencies is nearing the $4 trillion milestone, driven by substantial daily gains in major digital assets such as Bitcoin, Ether, and XRP. This surge is closely tied to the passage of three significant crypto bills in the US House, which has provided a boost to the industry. Achieving a $4 trillion market cap would place cryptocurrencies just behind Nvidia, the largest publicly-listed company globally, which reached a $4 trillion market cap for the first time on July 9 and is currently valued at $4.2 trillion.

Different trackers report varying figures for the peak crypto market capitalization. CoinMarketCap indicates a figure of $3.8 trillion, while TradingView reports $3.9 trillion, surpassing the previous peak of $3.73 trillion recorded in December. Some trackers, such as CoinGecko, have already shown that the crypto market capitalization has crossed the $4 trillion mark.

The recent gains in the crypto market are primarily driven by the performance of Ether (ETH) and XRP (XRP). Bitcoin (BTC) reached $120,000 again on Thursday following a minor daily gain. Ether prices rose by 8% to top $3,600 for the first time since early January, resulting in a 40% gain over the past fortnight. Meanwhile, XRP skyrocketed by almost 20% to a year-to-date high of $3.64 in early trading on Friday.

Analysts are optimistic about the continued growth of the crypto market. Nick Ruck, director at LVRG Research, noted that traders are seeing digital asset prices surge due to regulatory and institutional support. He expressed optimism that this growth will continue as institutions race to advance integration with the crypto industry. Nassar Al Achkar, chief strategy officer at a crypto exchange, added that the passing of the GENIUS Act and plans to open the US retirement market to crypto investments could unlock trillions in institutional capital, further boosting the markets.

The regulatory developments in the US have played a significant role in the recent surge of Bitcoin and other cryptocurrencies. Traders have entered a risk-on mode due to bullish regulatory and institutional developments, which have contributed to the overall market gains. The passing of key crypto bills in the US House has provided a positive outlook for the industry, with analysts predicting more gains to come as regulatory clarity and institutional support continue to grow.