Crypto Market Cap Exceeds $ 2.5 Billion – Is It ETF Season?

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The cryptocurrency’s total market cap has surpassed $ 2.5 trillion, with the United States Securities and Exchange Commission appearing willing to approve exchange-traded funds linked to additional crypto futures.

According to data from Cointelegraph Markets Pro, the value of all cryptocurrencies has more than doubled since reaching a market cap of $ 1,000 billion in January. Bitcoin (BTC) and Ether (ETH) prices rose to over $ 63,000 and $ 3,800, respectively, as the total crypto market cap dipped its toes above 2.5 trillion of dollars.

Total market capitalization of cryptocurrencies. Source: TradingView

BTC remains the largest cryptocurrency by market cap at around $ 1.2 trillion, ETH in second at over $ 448 billion and Binance Coin (BNB) in third at $ 81 billion. KuCoin Token (KCS), Zcash (ZEC) and Polygon (MATIC) rallied the most among other cryptocurrencies over the past seven days, rising over 20% to reach prices of $ 13.99,142 , $ 44 and $ 1.47, respectively.

One of the indicators of the overall health of the digital asset class, the crypto market cap, is at all-time highs since May, when the valuation peaked at more than $ 2.4 trillion before a major downturn would only halve it to about $ 1.3 trillion. The surge comes as the first exchange-traded fund linked to Bitcoin futures contracts in the United States began trading on the New York Stock Exchange, giving investors additional exposure to crypto.

Related: Unprecedented Highs? Bitcoin Holds $ 62,000 As Dollar Index Dips To 3-Week Low

The crypto market faced its share of regulatory and legal challenges in 2021, which could have threatened the prices of major tokens. Hitting a market cap of $ 1,000 billion for the first time in January, the space has priced well beyond the peaks of the 2017 bull run, with volatility still present across major asset classes.

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