The overall market capitalization of all cryptocurrencies rose to new all-time highs on Wednesday, capping off a dramatic months-long restoration that reaffirmed the bullish narrative for Bitcoin (BTC) and Ether (ETH).
The crypto market cap — an vital barometer for the general well being of the digital asset economic system — reached a excessive above $2.63 trillion on Wednesday, in keeping with Cointelegraph Markets Pro. That represents a acquire of 5.9% over the earlier 24 hours.
A shopping for frenzy available in the market lifted Bitcoin to new document highs, because the flagship cryptocurrency touched an intraday peak of $67,016.50. Ether, in the meantime, crossed the $4,000 mark for under the second time since Might. Except for stablecoins, each cryptocurrency within the top-ten market cap rankings printed positive aspects.
The brand new market cap peak marks an vital milestone for digital belongings after a months-long correction throughout the summer season threatened the bullish narrative. Throughout the low level of the summer season correction, the crypto market cap plunged under $1.2 trillion.
A pair of Bitcoin ETF approvals in the USA seems to have sparked the newest rally for BTC and the broader crypto market, although bullish momentum has been constructing for months. A positive macro atmosphere, sturdy on-chain fundamentals and technical affirmation of a July backside helped secure Bitcoin’s relief rally over the previous three months.
That Bitcoin has been the main catalyst for the aid rally is additional mirrored within the BTC dominance index, which has elevated to 47.7% Bitcoin dominance bottomed close to 39% in Might throughout the top of the altcoin rally. Cointelegraph’s Altseason Indicator, which tracks the extent to which altcoins outperform Bitcoin, is simply at 15%. (In crypto, “altseason” refers to a interval the place altcoins outperform Bitcoin.)