Crypto market cap tops $4 trillion for first time, solidifying major asset class position

The global cryptocurrency market capitalization rose above the $4 trillion line for the first time on Thursday. According to Coingecko data, the entire crypto market cap stood at around $4.003 trillion, with over $260.2 billion worth of crypto traded in the past 24 hours. Bitcoin currently dominates 59.91% of the total crypto market, having a capitalization of $2.39 trillion."Crossing the $4 trillion mark isn't just symbolic; it signals a structural re-rating of crypto in the global financial system," said Kronos Research CIO Vincent Liu. "Bitcoin's breakout, persistent ETF inflows, and accelerating policy clarity have aligned to draw serious capital back into the space." The $4 trillion milestone comes amid a wider rally across the crypto market. Bitcoin rose 1.71% in the past 24 hours leading up to 11:15 p.m. on Thursday to $120,134, inching closer to its all-time high of around $123,000.More notably, altcoins saw stronger gains, signaling a potential shift from bitcoin-led momentum toward an emerging altcoin season.XRP soared 20% to overwrite its previous all-time high of $3.4, currently trading at $3.62. Ether rose 7.8% above $3,600, reaching its highest level since the beginning of this year. Solana gained 6.16% to $180.6, Dogecoin added 10.52% to $0.23 and Cardano surged 14.76% to $0.86, according to The Block's price dashboard."[Altcoins] posted strong gains, as traders rotate capital from bitcoin into higher-beta assets, a pattern typical of late-cycle rallies, but this time underpinned by improved technology and fundamentals," said BTC Markets Crypto Analyst Rachael Lucas.The altcoin rally is also being fueled by developments out of Washington during "Crypto Week," as the House of Representatives passed three key crypto bills, including the GENIUS stablecoin bill and the Clarity Act. The passage effectively sends the GENIUS Act to President Donald Trump's desk for his sign-off, likely by the end of the week."What's changed this cycle is the maturity of the ecosystem," Lucas said. "The rally is being supported by institutional infrastructure, regulated products, and increasing corporate adoption. Bitcoin is now appearing on balance sheets, ETFs are acting as credible on-ramps, and stablecoins are growing as a parallel payment system."The BTC Markets analyst said the next technical resistance lies near $4.5 trillion, with remaining downside risks in case spot crypto ETF flows slow down or macroeconomic conditions worsen.Kronos CIO Liu noted that the $4 trillion milestone also adds complexity to the asset class. "As liquidity deepens and flows fragment across chains and venues, infrastructure and execution become increasingly crucial. Sustaining this growth will depend not just on momentum but on resilient systems and smarter risk frameworks that can adapt as the market matures," said Liu.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.