Crypto Market Surpasses $4 Trillion for First Time
The total market value of crypto assets has surpassed $4 trillion for the first time, driven by the rise of altcoins and momentum from a sweeping U.S. legislative effort to regulate the sector, CE Report quotes Kosova Press.
The options market shows that traders are increasing their bets on even higher prices in the coming weeks.
"Bitcoin's path to $150 looks increasingly inevitable," said Fadi Aboualfa, head of research at Copper.
Domestic cryptocurrency accounts for about 60% of the value of the entire digital market.
This milestone comes after the passage of the first federal stablecoin bill, a key achievement during what lawmakers dubbed "Cryptocurrency Week."
The Republican-backed bill, backed by President Donald Trump, would introduce federal or state oversight of dollar-pegged stablecoins, aiming to legitimize a $265 billion market that analysts at Citigroup predict could grow to $3.7 trillion by 2030.
Altcoins have led the recent rally, with Ether up 22 percent in the past five days. Bitcoin hit a record high of $123 earlier this week. Uniswap rose 205 percent on Friday, while Solana gained 24 percent at one point.
On Thursday, the House of Representatives also passed a broader bill on cryptocurrency market structure, which now awaits consideration in the Senate.
Investors continued to flock to cryptocurrency ETFs on U.S. exchanges. Bitcoin funds have attracted $5.5 billion in inflows so far in July, while Ether ETFs have brought in $2.9 billion.
"Since the launch of Bitcoin ETFs, we have seen a consistent price trend and the recent price increase is still within the norm. If the current inflows continue, we could see Bitcoin surpass $140k by September, with a possible rise towards $150k by early October," Aboualfa said.
Deribit data shows that underlying demand for Bitcoin is strong, with rising open interest for options at $130 expiring on August 1. Bitcoin fell to around $118 today.
