Crypto market cap hits all-time high as BTC and ETH soar

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The total market cap of all cryptocurrencies hit new all-time highs on Wednesday, closing a spectacular multi-month rally that reaffirmed the bullish narrative for Bitcoin (BTC) and Ether (ETH).

Crypto market capitalization – an important barometer for the overall health of the digital asset economy – hit a high above $ 2.63 trillion on Wednesday, according to Cointelegraph Markets Pro. This represents a gain of 5.9% compared to the previous 24 hours.

A buying frenzy in the market took Bitcoin to new highs, as the flagship cryptocurrency hit an intraday high of $ 67,016.50. Ether, meanwhile, has only crossed the $ 4,000 mark for the second time since May. With the exception of stablecoins, every cryptocurrency in the top ten market capitalization rankings has printed gains.

The new market cap spike marks a milestone for digital assets after a multi-month correction over the summer threatened the bullish narrative. At the low of the summer correction, the crypto market cap plunged below $ 1.2 trillion.

A pair of Bitcoin ETF approvals in the US appear to have sparked the latest rally for BTC and the broader crypto market, although bullish momentum has been building for months. A favorable macro environment, solid on-chain fundamentals and technical confirmation of a July bottom have helped secure Bitcoin’s relief rally over the past three months.

Related: Bitcoin Futures ETF Debuts with Highest ‘Natural’ Volume on Day One of $ 1 Billion

The fact that Bitcoin was the main catalyst in the relief rally is also reflected in the BTC Dominance Index, which rose to 47.7%. Bitcoin’s dominance hit a low of nearly 39% in May at the height of the altcoin rally. Cointelegraph’s Altseason indicator, which measures how far altcoins outperform Bitcoin, is only 15%. (In crypto, “altseason” refers to a time when altcoins outperform Bitcoin.)

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