The total cryptocurrency market capitalization broke $2.5 trillion as the U.S. Securities and Exchange Commission seems to be open to approving additional crypto futures-linked exchange-traded funds.
According to data from Cointelegraph Markets Pro, the value of all cryptocurrencies has more than doubled since hitting a $1 trillion market capitalization in January. The prices of Bitcoin (BTC) and Ether (ETH) rose to more than $63,000 and $3,800, respectively, as the total crypto market capitalization dipped its toes above $2.5 trillion.
Total cryptocurrency market capitalization. Source: TradingView
BTC remains the biggest cryptocurrency by market cap at roughly $1.2 trillion, ETH in the second position at more than $448 billion, and Binance Coin (BNB) third with $81 billion. KuCoin Token (KCS), Zcash (ZEC) and Polygon (MATIC) have rallied the most among other cryptocurrencies in the last seven days, rising more than 20% to reach prices of $13.99, $142.44, and $1.47, respectively.
One of the indicators for the overall health of the digital asset class, the crypto market cap is at highs not reached since May, when the valuation peaked at more than $2.4 trillion before a major downturn effectively halved it to roughly $1.3 trillion. The surge comes as the first Bitcoin futures-linked exchange-traded fund in the United States began trading on the New York Stock Exchange, providing additional investors exposure to crypto.
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The crypto market has faced its share of regulatory and legal challenges in 2021 which could have threatened prices of major tokens. First hitting a $1 trillion market capitalization in January, the space has reached prices far beyond the highs of the 2017 bull run, with volatility still present across major asset classes.