Historic Crypto Peak: Market Tops $4T on Back of Bitcoin Bull Run
A surge in both bitcoin and altcoin prices drove the entire crypto ecosystem into $4 trillion territory for the first time in history.
Bitcoin (BTC) topped $122K early Monday morning before easing back to $119K. But despite the slight pullback, the digital asset’s midnight rally buoyed the broader cryptocurrency ecosystem, pushing its market value above $4 trillion for the first time ever, according to data from Coinmarketcap.
(Data from Coinmarketcap shows that crypto’s market value broke through $4 trillion for the first time ever on Monday / coinmarketcap.com)
Bullish sentiment shot up, as the Coinmarketcap Greed Index jumped to sixty-two. Overzealous bulls in the derivatives markets betting on a steeper rise in bitcoin’s price lost nearly $33 million over 24 hours according to BTC open interest data from Coinglass. But it was the bears hoping for a drop in the cryptocurrency’s price who got caught with their pants down as short liquidations climbed to almost $93 million.
Ether (ETH) also enjoyed a significant rally, rising about 2% since yesterday and 17% since last week. At $4,310, the altcoin is now eyeing its $4,891.70 record from November 2021. “We may see astonishing things in the next year or so, especially with these treasury companies driving things,” said Ethereum co-founder Joseph Lubin during a CNBC interview. “Where ether will eclipse the monetary base size of bitcoin.”
While Lubin’s take on ETH surpassing BTC is controversial and unlikely, having the two largest cryptocurrencies hovering near their all-time highs has put crypto as a whole, in third place on the list of top asset market values on the planet, just below $4.47 trillion chipmaker Nvidia.
Overview of Market Metrics
Bitcoin was trading at $119,681.48 at the time of writing, up 0.96% in the last 24 hours and 3.77% for the week, according to Coinmarketcap. BTC has been priced between $118,105.69 and $122,321.10 since Sunday.
(BTC price/ Trading View)
Trading volume over the last 24 hours was up 42.65%, reaching $88.67 billion. Part of the jump in volume can be attributed to traders returning from the weekend. Market capitalization increased to $2.38 trillion, a change of roughly 1%. Bitcoin dominance inched up 0.11% in the last 24 hours and stood at 60.57% at the time of reporting. Given that BTC continues to garner more than half of the crypto market’s total value, Lubin’s prediction of a so-called ETH “flippening” “in the next year or so,” is highly unlikely.
(BTC dominance / Trading View)
Total bitcoin futures open interest was $81.76 billion, a 2.50% increase. As previously discussed, total BTC liquidations jumped to $125.62 million, with short liquidations comprising $92.64 million of that overall number. The remaining liquidations were long positions that saw $32.97 million wiped out.