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Crypto market cap reaches $2.82T
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Crypto market cap reaches $2.82T

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  • Global crypto market capitalisation climbed to nearly US$2.82 trillion, its highest level in more than seven months.
  • Zcash led the top 50 cryptocurrencies with a 16.5% gain, while Bitcoin rose above US$81,000.
  • Traders remain split on the Federal Reserve’s September rate decision, adding uncertainty to the market outlook.

The global crypto market capitalisation climbed to nearly US$2.82 trillion on Thursday, its highest level in more than seven months.

Bitcoin (CRYPTO:BTC) broke above US$81,000, while major altcoins posted double-digit gains during the broader market rally.

Zcash (CRYPTO:ZEC) led the top 50 cryptocurrencies with a 16.5% gain, while Cardano (CRYPTO:ADA) rose 13% and Dogecoin (CRYPTO:DOGE) and XRP (CRYPTO:XRP) gained about 10% each.

The market recovery follows a sharp January sell-off that pushed total crypto capitalisation from about US$3.4 trillion to US$2.3 trillion by early February.

Crypto-linked shares also gained, with Strategy and Circle rising about 15%, while Coinbase climbed around 10%.

Traders are almost evenly split on the Federal Reserve’s September 16 decision, pricing a 50.4% chance of a 25-basis-point rate rise and 49.6% chance of no change.

Wincent Senior Director Paul Howard attributed the rally to Bitcoin breaking US$80,000, ETF inflows and over-the-counter activity, while warning that further market moves remain uncertain.

At the time of reporting, Bitcoin price was $81,115.31.

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