With the soaring of BTC and ETH, the crypto market value hit a record high

The total market value of all cryptocurrencies rose to a record high on Wednesday, ending a dramatic months-long recovery and reaffirming Bitcoin’s bullish narrative (Bitcoin) And ether (Ethereum).

this Encrypted market value According to statistics, an important barometer of the overall health of the digital asset economy reached a high of more than $2.63 trillion on Wednesday. Cointelegraph Markets ProThis means an increase of 5.9% in the past 24 hours.

The buying frenzy in the market pushed Bitcoin to a record high as the flagship cryptocurrency hit an intraday high of $67,016.50. At the same time, Ether has only broken through the $4,000 mark for the second time since May. With the exception of stable currencies, each cryptocurrency in the top ten market capitalization rankings has shown gains.

The new peak market value marks an important milestone after the months-long correction of digital assets in the summer threatened the bullish narrative. During the summer’s revised low, the market value of cryptocurrencies plummeted below $1.2 trillion.

A sort of A pair of Bitcoin ETF approved In the United States it seems to have triggered the latest rally in BTC and the broader cryptocurrency market, although bullish momentum has been building for months.Favorable macro environment, strong on-chain fundamentals and technical confirmation at the bottom of July Help secure Bitcoin relief rally In the past three months.

related: Bitcoin futures ETF made its debut, with “natural” trading volume reaching US$1 billion on the first day

Bitcoin has always been the main catalyst to ease the rebound, which is further reflected in the BTC dominance index. During the peak of the altcoin rebound in May, the Bitcoin dominance index has increased to 47.7%, close to 39%. Cointelegraph’s Altseason indicator tracks the extent to which altcoins outperform Bitcoin, at only 15%. (In cryptocurrencies, “altseason” refers to the period when altcoins outperformed Bitcoin.)