The total crypto market cap is rapidly approaching the $4 trillion mark, propelled by strong gains in Bitcoin, Ether, XRP, and other major cryptocurrencies.
Key Takeaways:
- The total crypto market cap has surged past $4 trillion, driven by gains in Bitcoin, Ether, and XRP.
- The US House passed three key crypto bills, boosting investor confidence and fueling the market rally.
- Trump’s family’s extensive crypto holdings raise concerns over conflicts of interest.
The surge follows the US House of Representatives passing three significant crypto-related bills just before the August recess.
According to CoinMarketCap, the crypto market cap peaked around $3.8 trillion, while TradingView put the figure closer to $3.9 trillion, both surpassing the previous record of $3.73 trillion set in December.
Crypto Market Cap Surpasses $4 Trillion Milestone
Meanwhile, CoinGecko has already reported that the market cap has crossed the $4 trillion milestone.
Bitcoin regained its footing above $120,000 on Thursday, experiencing modest daily gains.
Ether surged 8%, topping $3,600 for the first time since January, marking a 40% increase over the last two weeks.
Meanwhile, XRP experienced a dramatic spike of nearly 20%, reaching a year-to-date high of $3.64 early Friday.
Reaching a $4 trillion market cap would place cryptocurrencies just behind Nvidia, the world’s largest publicly listed company, which recently surpassed the same valuation.
The recent legislative momentum in the US has boosted investor confidence, sparking fresh enthusiasm for digital assets across the board.
On Thursday, the US House of Representatives passed three cryptocurrency-related bills, sending one directly to President Donald Trump and the other two to the Senate.
These moves are part of the Trump administration’s broader effort to establish the US as the “crypto capital of the world” during what the president calls “crypto week.”
The key bill heading to Trump, the GENIUS Act, introduces initial regulations and consumer protections for stablecoins, cryptocurrencies pegged to stable assets like the US dollar.
It passed the House with bipartisan support and aims to balance innovation with safeguarding consumers in the evolving payments landscape.
Another bill, which passed by a narrower margin, seeks to clarify how different types of digital assets are regulated, distinguishing commodities, overseen by the Commodity Futures Trading Commission, from securities, regulated by the Securities and Exchange Commission.
The legislation now moves to the Senate for further consideration.
A third bill, passed narrowly, would prohibit the US from issuing a central bank digital currency (CBDC), essentially banning government-backed digital cash. This bill also awaits Senate review.
Trump Family’s Crypto Holdings Spark Conflict of Interest Concerns
Trump’s family holds significant interests in crypto ventures, including World Liberty Financial, raising concerns over conflicts of interest and potential corruption.
According to financial disclosures released last Friday, the former president pulled in $58 million from crypto ventures in 2024, primarily through WLFI token sales.
That total trailed only his hospitality income and is expected to climb further in 2025 with an anticipated $390 million token sale and gains from his meme coin, launched in January.
His involvement in Bitcoin mining, tokenized assets, and digital ETFs is raising concerns about potential conflicts of interest.
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