The cryptocurrency market capitalization has approached the $4 trillion mark, putting it almost on par with the world’s largest publicly traded company, Nvidia (NVDA). The rising prices of Ethereum and XRP were the main drivers of this historic achievement.
Record capitalization values
The total cryptocurrency market capitalization is just one step away from reaching $4 trillion.
By comparison, Nvidia’s capitalization is $4.18 trillion—the company surpassed the $4 trillion mark for the first time on July 9 and now remains the largest publicly traded company in the world.
Different platforms show slightly different figures: CoinMarketCap recorded a peak of $3.8 trillion, while TradingView showed $3.9 trillion, both surpassing the previous high of $3.73 trillion recorded in December. Some trackers, like CoinGecko, are already showing that capitalization has crossed the $4 trillion mark.
1-week chart of cryptocurrency market capitalization. Source: CoinCodex
Ethereum and XRP lead the growth
On July 19, Bitcoin once again broke above the $120,000 level after a slight daily increase, but the main drivers of the rise in cryptocurrency capitalization were Ethereum and XRP. The reason for this surge was the U.S. House of Representatives passing three key crypto bills ahead of the August recess.
The price of Ethereum rose 8% and surpassed $3,600 for the first time since early January.
Over the past two weeks, the asset has increased by 40%. XRP showed even more impressive performance, soaring nearly 20% in a single day to reach a yearly high of $3,640 on July 18.
Prospects for continued growth
Traders are seeing digital asset prices rise due to increasing regulatory and institutional support, and many believe this growth will continue as institutions compete to accelerate integration with the cryptocurrency industry.
Bitcoin and other cryptocurrencies are experiencing an uptick as traders embrace more risk in response to positive regulatory and institutional developments. The passage of the GENIUS Act and plans to open the U.S. retirement market to cryptocurrency investments could potentially unlock trillions of dollars in institutional capital.
eToro: Best platform for beginners and social trading
- Trade cryptocurrencies, stocks, ETFs, and commodities on one easy-to-use platform
- Follow and copy top-performing traders with eToro’s unique social trading tools
- Earn passive income with staking on popular coins like ETH, ADA, and TRX
- Fully regulated in multiple jurisdictions with strong security protocols
- 0% commission on real stock trading and competitive spreads on crypto
- 30+ million registered users across 100+ countries
Get Started on eToro
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
Source: https://coincodex.com/article/70323/crypto-market-nears-4-trillion-nvidia-ethereum-xrp/