Crypto Market Cap Surges Close to $4T Amid US Legislative Wins and Bitcoin Rally

As a result of three big crypto bills passing in the US House and a daily spike in Bitcoin, Ether, and XRP, among others, the total crypto market value is getting extremely close to the $4 trillion level.

Nvidia, the largest publicly-listed corporation in the world, surpassed a $4 trillion market valuation on July 9 and is currently at $4.2 trillion; if cryptocurrencies reached a $4 trillion market cap, they would be second only to Nvidia.

The top crypto market capitalization statistics, according to CoinMarketCap and TradingView, are $3.8 trillion and $3.9 trillion, respectively. This is an increase over the previous record of $3.73 trillion in December. Nonetheless, data from monitors like CoinGecko shows that the market valuation for cryptocurrencies has surpassed the level.

Bulls in Control

As a result of optimistic institutional and regulatory developments, traders went into risk-on mode, sending the price of Bitcoin and other cryptocurrencies soaring. Institutional investors might have access to trillions of dollars if Trump’s proposal to open the US retirement market to crypto investments and the GENIUS Act are both approved.

As the typical bull signal for Bitcoin resumes in the next months, the price has the potential to hit $155,000. Trader Merlijn pointed out a fresh “golden cross” on the daily chart of BTC/USD on X Thursday. Golden crosses in Bitcoin, which occur when the 50-day SMA crosses above its 200-day counterpart, can lead to significant price increases.

Their achievements are diverse. Unfortunately, there are instances where the 50-day SMA drops below the 200-day SMA. The golden cross likely has an obvious effect on the price of Bitcoin, regardless of how long it lasts. Among them, there have been massive bull markets, with upsides of more than 2,000% in 2017 and 2020, respectively, as a result of protracted golden crosses.

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