On Thursday Eastern Time, the global cryptocurrency market value exceeded the $4 trillion mark for the first time. According to data from Coingecko, the entire cryptocurrency market has a market capitalization of approximately $4.003 trillion, with trading volume exceeding $260.2 billion in the past 24 hours. Bitcoin currently accounts for 59.91% of the total cryptocurrency market, with a market capitalization of $2.39 trillion.
Vincent Liu, chief information officer of Kronos Research, said: "Breaking through $4 trillion is not only symbolic, but also marks the structural repositioning of cryptocurrencies in the global financial system. Bitcoin's breakthrough, continued ETF inflows, and improved policy clarity have jointly promoted a large amount of funds to re-enter this field."
More notably, altcoins (non-Bitcoin cryptocurrencies) have seen stronger gains, signaling a possible shift in market momentum from Bitcoin dominance to the emerging altcoin season.
According to The According to Block’s price panel data, Ripple (XRP) soared 20%, surpassing the previous historical high of $3.4, and is currently trading at $3.62; Ether rose 7.8%, exceeding $3,600, reaching its highest level since the beginning of this year levels; Solana rose 6.16% to $180.6; Dogecoin rose 10.52% to $0.23; Cardano surged 14.76% to $0.86.
Rachael Lucas, a cryptocurrency analyst at BTC Markets, said: "Altcoins have surged as traders shifted funds from Bitcoin to high-beta assets. This is a typical pattern of late-cycle rebounds, but this rebound is supported by improving technical and fundamentals."
The rise in altcoins also benefited from developments during “Cryptocurrency Week” in the United States – the House of Representatives passed three key cryptocurrency bills, including the GENIUS Stablecoin Act and the Digital Asset Market Clarity Act (Clarity Act). This means the GENIUS Act will be headed to President Trump's desk, where he is expected to sign it by the end of the week.
"What's different about this cycle is the maturity of the ecosystem," Lucas said. "The rebound has been supported by institutional infrastructure, regulated products and increased corporate adoption. Bitcoin is now on balance sheets, ETFs are a reliable entry channel, and stablecoins are growing as parallel payment systems."
Analyst Lucas pointed out that the next technical resistance level is near $4.5 trillion, and if the inflow of spot cryptocurrency ETF funds slows down or macroeconomic conditions worsen, there are still downside risks.