The total market capitalization of crypto assets has exceeded $4 trillion for the first time, driven by token gains and U.S. legislation pushing for industry regulation.The U.S. Congress passed the first federal legislation to regulate stablecoins on Thursday. The bill, backed by Republicans and U.S. President Donald Trump, would legalize the $265 billion market by requiring dollar-pegged tokens that circulate around the clock across platforms to be regulated by federal or state governments.
Citi analysts expect the market to grow to $3.7 trillion by 2030.
Coins other than Bitcoin led the latest rally. Ethereum is up 22% in the past five days. Bitcoin, the industry’s benchmark asset, hit a record of $123,205 earlier this week. Uniswap soared as much as 24% on Friday, while Solana rose as much as 6.5%.