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Global cryptocurrency market capitalization climbed to $2.82 trillion, the highest level in more than seven months. With Bitcoin trading above $81,000, Zcash rose past $1,000 to a record high.
The Block reported on September 4 that the global crypto market cap stood at about $2.82 trillion. That marks a swift recovery after the figure fell from about $3.4 trillion in mid-January to around $2.3 trillion in early February.
Bitcoin traded near $81,460, up 5.4% on the day. Major altcoins also advanced, with Zcash breaking above $1,000 to set a fresh all-time high. Cardano gained 13%, while Dogecoin and XRP each rose about 10%.
US crypto-linked stocks also rallied. Strategy and Circle each climbed about 15%, while Coinbase added about 10%.
Bearish sentiment has weakened sharply since Bitcoin crossed $80,000, helped by $100 million in exchange-traded fund inflows and over-the-counter trading, Paul Howard, a senior director at Wincent, said.
Markets are also focused on the outcome of the Federal Open Market Committee meeting on September 16. Current pricing implies a 50.4% chance of a 0.25 percentage-point rate increase and a 49.6% chance that rates remain unchanged.
Some analysts say the simultaneous rise in Bitcoin and gold suggests the debasement trade — an investment strategy aimed at hedging against a decline in the dollar’s value — is regaining traction amid concerns about US fiscal conditions.
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Source: en.bloomingbit.io