Surges in Ether and XRP prices drove the total crypto market capitalization to record highs, just shy of $4 trillion.
Total crypto market capitalization approaches the $4 trillion milestone, as a daily surge in Bitcoin, Ether, XRP, and other cryptocurrencies drives it, and three major crypto bills passed in the US House.
A $4 trillion market cap would place cryptocurrencies just behind Nvidia, the biggest publicly-listed company in the world. Nvidia crossed a $4 trillion market cap for the first time on July 9 and is now at $4.2 trillion.
Binance-owned CoinMarketCap shows peak crypto market capitalization figures at $3.8 trillion, while TradingView holds the number at $3.9 trillion, surpassing December’s previous peak of $3.73 trillion.
However, some trackers like CoinGecko have already shown that crypto market capitalization crossed the milestone.
ETH and XRP Fuel Market Rally
Bitcoin (BTC) topped $120,000 again on Thursday following a minor daily gain.However, Ether (ETH) and XRP (XRP) are surging after the US House passed three key crypto bills ahead of the August recess.
Ether prices rose 8% to top $3,600 for the first time since early January, culminating in a 40% gain for the asset over the past fortnight.
Meanwhile, the Ripple cross-border token XRP skyrocketed almost 20% on the day, reaching a year-to-date high of $3.64 in early trading on Friday.
Analysts Predict Ongoing Growth in Markets
Nick Ruck, director at LVRG Research, told that traders see digital asset prices surge from regulatory and institutional support.
We’re optimistic that this growth will continue as institutions race to advance integration with the crypto industry.
US Regulations Propel Markets
Nassar Al Achkar, chief strategy officer at CoinW crypto exchange, added, “Bitcoin and other cryptocurrencies surged as traders entered a risk-on mode due to bullish regulatory and institutional developments.”
The passing of the GENIUS Act and Trump’s plan to open the US retirement market to crypto investments could unlock trillions in institutional capital.
