tl;dr
The total cryptocurrency market cap reached a new all-time high of $4.14 trillion, driven by strong gains in Bitcoin and Ethereum, marking a 22% increase since the year's start. Ethereum surged to $4,332, its highest since December 2021, boosted by institutional ETPs and corporate treasury purchases...
Total cryptocurrency market capitalization has reached a new all-time high of $4.14 trillion, fueled by strong gains in Bitcoin and Ethereum during early Monday trading in Asia. This milestone surpasses the previous peak set on July 23 and represents a 22% increase since the start of the year, reflecting an inflow of around $750 billion into digital assets. Interestingly, the entire crypto market capitalization still lags behind the $4.45 trillion valuation of Nvidia, the largest U.S. corporation by market cap. Analyst 'cyclop' noted the current market environment as the "most unclear timeline" seen, with the market at an all-time high but uncertainty looming over future direction.
Ethereum has been a major driver of the rally, surging to $4,332 – the highest price since December 2021. Over the past month, ETH has gained 46%, propelled by institutional Exchange-Traded Products (ETPs) and corporate treasury purchasing. Ethereum's weekly performance also hit a notable milestone with its largest candle since November 2021. Corporate treasuries alone have accumulated more than 3 million ETH, worth approximately $13 billion in just four months, pushing ETH's market cap to $522 billion, surpassing companies like MasterCard and Netflix.
Bitcoin has simultaneously shown strength, rising 3.3% to over $122,000, edging within $1,000 of a new all-time high. This resurgence erases losses sustained earlier in the month and points toward fresh price discovery. Despite these gains by the two giants, altcoins have not yet mirrored the momentum. Major altcoins such as XRP, Binance Coin (BNB), and Solana (SOL) showed minimal daily movement, while Hyperliquid (HYPE) stood out with a 5.6% gain, nearing its all-time high, and Ethena (ENA) climbed 11% on the day. Most other altcoins remained flat.
Market observers suggest that an "altseason" might be on the horizon, as Bitcoin dominance has declined by 10% from its peak, allowing altcoin market shares to rise gradually. Whether this signals the start of broader altcoin rallies remains to be seen, but the shifting market composition hints at a developing change in dynamics.