Crypto Market Surges Past $4 Trillion
The overall market value of cryptocurrencies has soared beyond $4 trillion, driven by an increase in altcoin activities and growing momentum stemming from U.S. legislative efforts to regulate the industry.
Traders in the options market are reportedly upping their stakes, anticipating even higher prices in the near future.
Fadi Aboualfa, the research director at Copper, commented, “The journey to Bitcoin hitting $150,000 seems more and more certain.” He noted that Bitcoin makes up roughly 60% of the total market value in the crypto space.
This significant milestone follows the recent approval of the first federal legislation concerning stablecoins, a considerable step forward that lawmakers have dubbed “Crypto Week.” The bill, which has support from Republican lawmakers and President Donald Trump, proposes federal or state oversight of stablecoins tied to the U.S. dollar. This move aims to legitimize the $265 billion market, which Citigroup analysts predict could expand to $3.7 trillion by 2030.
Altcoins—essentially any tokens other than Bitcoin—are leading the latest market rally, with Ether climbing 22% in just five days. Earlier this week, Bitcoin reached a new high of $123,205. Additionally, Uniswap jumped 24% on Friday, while Solana had a peak increase of 6.5% at one point.
On Thursday, the House passed a more comprehensive bill regarding crypto market structures, which is now awaiting Senate review.
Investors are also seeing a significant influx of U.S. crypto exchange-traded funds (ETFs). Bitcoin ETFs have drawn in $5.5 billion in July alone, and Ether ETFs have seen $2.9 billion in inflows.
“Since we launched the Bitcoin ETF, we’ve observed a consistent pricing pattern. The recent price rise fits within what we would consider normal,” Aboualfa stated. “If this trend continues—even through the typically quieter summer—Bitcoin could breach $140,000 by September and potentially reach $150,000 by early October.”
There’s a robust demand for Bitcoin, as shown by the increasing open interest in options with a strike price of $130,000 set to expire on August 1. On Friday, Bitcoin’s price remained relatively stable at around $119,570.
