The total market capitalization of all cryptocurrencies rose to new all-time highs on Wednesday, culminating a dramatic months-long rally that reaffirmed Bitcoin's bullish narrative (BTC) and ether (ETH).
the cryptocurrency market capitalization - an important barometer for the overall health of the digital asset economy - peaked above $ 2.63 trillion on Wednesday, according to Cointelegraph Markets Pro. That represents a gain of 5.9% over the previous 24 hours.
A market buying frenzy lifted Bitcoin to new all-time highs as the flagship cryptocurrency touched an intraday peak of $ 67,016.50. Ether, meanwhile, crossed the $ 4,000 mark for the second time since May. With the exception of stablecoins, all cryptocurrencies in the top ten market capitalization rankings printed earnings.
The new peak in market capitalization marks a major milestone for digital assets after a months-long correction over the summer threatened the bullish narrative. During the lowest point of the summer correction, the cryptocurrency market capitalization fell below $ 1.2 trillion.
TO pair of Bitcoin ETF approvals in the US it appears to have sparked the latest rally for BTC and the crypto market in general, although the bullish momentum has been building for months. A favorable macroeconomic environment, strong chain fundamentals and technical confirmation of a July low helped secure the Bitcoin relief rally during the last three months.
Related: Bitcoin Futures ETF Debuts First Day 'Natural' Highest Volume of $ 1 Billion
The fact that Bitcoin was the main catalyst for the relief rally is further reflected in BTC's dominance index, which has risen to 47.7% Bitcoin's dominance bottomed out near 39% in May during the heyday of the altcoin rally. Cointelegraph's Altseason indicator, which tracks how far altcoins outperform Bitcoin, is only 15%. (In crypto, "altseason" refers to a period when altcoins outperform Bitcoin.)
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