Crypto Market Approaches $3 Trillion Benchmark
The cryptocurrency market wrapped up the week positively, with the overall market cap soaring from $2.87 trillion on September 20 to $2.99 trillion, marking a 4% rise. Notably, the total capitalization exceeded $3 trillion on Tuesday as both Bitcoin and various altcoins hit their highest values in several months.
However, by Thursday, the market capitalization slipped below the $3 trillion mark again, as Bitcoin’s price fell from above $87,000 to $84,000, resulting in a market cap below $1.7 trillion. Despite this decline, Bitcoin still managed to close the week with a 4% increase. With only three days remaining in September, the recent price action boosts the chances of a significant monthly gain.
Although Bitcoin registered moderate gains, edging closer to a break-even point for the year, a number of high-cap altcoins surged by 10% or more as investors redirected funds throughout the sector. Notably, Bitcoin Cash led the way, skyrocketing nearly 30% following the announcement from CME regarding plans to introduce a $BCH perpetual futures contract set for launch in October. After reaching $360 on September 23, $BCH consolidated above $330, achieving a remarkable 34% weekly gain.
In line with $BCH’s weekly performance, Near Protocol ($NEAR) climbed from $4.16 at the week’s start to a peak of $5.48. This rise coincided with news that Bitwise’s spot $NEAR exchange-traded fund (ETF) had cleared significant regulatory approvals, potentially making the asset accessible to brokers and institutions. The ETF is anticipated to launch around September 29. This, along with forced buybacks, drove $NEAR’s weekly and year-to-date gains to exceed 31% and 250%, respectively.
Significant Gains Across Major Cryptocurrencies
Privacy-focused token Zcash (ZEC) also saw substantial growth, rising 11% to finish above $1,600. Other notable altcoins that experienced double-digit increases included XRP (up 10%), Solana (SOL, up 12%), Dogecoin (DOGE, up 12%), and Chainlink (LINK, up 13%).
A small number of altcoins, however, closed the week on a negative note. Tron (TRX) decreased by 2.6%, and Hyperliquid (HYPE) ended 1.1% lower at $91.71 after briefly hitting a new all-time high of $97.96. Monero (XMR) fell by 2%, while Rain (RAIN) dropped 10%. Gold-backed digital currencies Tether Gold (XAUT) and Pax Gold (PAXG) also experienced a 2% decline.
Fueled by widespread gains throughout the alternative asset sector, the total altcoin market capitalization surged from $1.25 trillion to around $1.3 trillion over the week. Continued bullish sentiment and a “greed” reading on the Crypto Fear and Greed Index have market analysts forecasting another upward movement for digital assets. This shift could eliminate Bitcoin’s losses for the year to date while lifting leading altcoins to unprecedented heights.