Crypto Market Hits $2.82 Trillion: Where Did the Bitcoin Rally Spread?
Total crypto market capitalization rose to $2.82 trillion as Bitcoin surpassed $81,000; while the rally spread to altcoins and crypto stocks, uncertainty persists ahead of the Fed decision.
According to data reported by The Block, the total crypto market capitalization reached its highest level in over seven months. Bitcoin’s surge was not limited to the leading cryptocurrency; strong gains were also seen in altcoins and crypto company stocks.
At the time of publication, the Bitcoin price was trading at approximately $81,460, up 5.4%. Thus, total market capitalization recorded a significant recovery after retreating from approximately $3.4 trillion in mid-January to $2.3 trillion in the first week of February.
Altcoins and crypto stocks also rise
Among the top 50 cryptocurrencies, Zcash (ZEC) displayed the strongest performance of the day, gaining 16.5%. Cardano (ADA) rose 13%, while Dogecoin (DOGE) and XRP increased by approximately 10%. This outlook indicated that the movement has spread beyond Bitcoin.
Crypto company stocks also rose during the same session. Shares of MicroStrategy (MSTR), which holds Bitcoin reserves, and USDC issuer Circle (CRCL) gained 15%. Shares of crypto exchange Coinbase, Coinbase (COIN), rose by approximately 10%.
Market split ahead of Fed decision
Traders were almost evenly split between a rate hike and keeping rates steady at the September 16 Fed meeting. Market pricing showed a 50.4% probability of a 25-basis point hike and a 49.6% probability of rates remaining unchanged.
Adam Haeems, Head of Asset Management at Tesseract Group, noted that both bullish sentiment and hedging against a decline are being seen simultaneously in the options market. According to Haeems, approximately $1.4 billion in September put options are concentrated in the $68,000–$75,000 range, while call positions stand out in the $82,000–$100,000 range. While puts provide protection against a decline, call positions reflect expectations for higher levels in Bitcoin.