The total market capitalization of all cryptocurrencies soared to new highs on Wednesday, completing a dramatic multi-month rally that confirmed the upside for Bitcoin (BTC) and Ether (ETH).
The market capitalization of cryptocurrencies – an important measure of the overall health of the digital asset economy – peaked at more than $2.63 trillion on Wednesday, according to Cointelegraph Markets Pro. This is 5.9% more than the last 24 hours.
The buying habit in the market drove bitcoin to all-time highs when the major cryptocurrency peaked at $67,016.50 on the day. Meanwhile, the shipment only crossed the $4,000 mark for the second time since May. With the exception of the stack coins, all cryptocurrencies in the top 10 market rankings are profitable.
The new peak in market capitalization marks a milestone for digital assets after months of a summer correction that threatened the bullish narrative. Below the lowest point of the summer correction, the cryptocurrency market cap fell below $1.2 trillion.
Two Bitcoin ETF approvals in the US seem to have fueled the recent rally for BTC and the broader crypto market, even though bullish momentum has been building for several months. A favorable macroeconomic environment, strong on-chain fundamentals, and technical confirmation of the July bottom have helped fuel Bitcoin’s rally over the past three months.
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The fact that bitcoin has become the main catalyst for aid growth is further reflected in the BTC dominance index, which rose to 47.7%. Bitcoin dominance fell to 39% in May at the height of the altcoin’s rally. Cointelegraph’s Altseason Index, which tracks how much altcoins outperform bitcoin, is just 15%. (In cryptocurrency, the term “altseason” refers to the period when altcoins were more popular than bitcoin.)