Global Cryptocurrency Market Cap Edges Up 1.86% to Reach US$3.04 Trillion

Bitcoin, the world's largest cryptocurrency by market cap, is trading at US$98616.56, up 2.19% on the day as it inches closer to the psychological US$100000 mark.

The global cryptocurrency market is showing signs of renewed strength, edging up 1.86% in the last 24 hours to reach a total market capitalisation of US$3.04 trillion.

This uptick is buoyed by steady gains in Bitcoin (BTC) and strong rallies among select altcoins, which are heating up the market.

Bitcoin, the world’s largest cryptocurrency by market cap, is currently trading at US$98,616.56, showing an increase of 2.19% in the past hour.

As the benchmark cryptocurrency edges closer to the psychological US$100,000 mark, market participants are closely monitoring this key milestone.

Meanwhile, Ethereum (ETH) has also shown modest gains, moving up 1.07% to reach US$1,843.30.

ETH price action shows bitcoin is heating up at crucial levels.

Image Credit: Benzinga

This is likely aided by by positive sentiment from the live launch of Ethereum’s Pectra upgrade, which is set to significantly boost network scalability and usability.

Among the standout performers in the altcoin space, MOG has seen the most significant rally, surging 38.09% to reach US$0.068965.

Close behind is EOS, which has climbed 17.92% to trade at US$0.8213. In the mid-caps segment, KAITO is also showing strong gains, rallying 25.93% to hit US$1.42.

On decentralised exchanges, the KMNO/USDC pair is leading gains with a 13.96% increase, while gork/SOL shows consistent activity, with two trading pairs showcasing moves of over 10%.

Despite the upward momentum, the Crypto Fear & Greed Index remains at 53, signalling a neutral level of sentiment among market participants.

Analysts are closely watching the upcoming Federal Reserve rate decision, which may influence risk asset flows, especially in the crypto sector.

Bitcoin currently holds a dominant position with a market cap of nearly US$1.96 trillion, compared to Ethereum’s market cap of US$222 billion.

Stablecoin Tether (USDT) remains pegged at US$1.00 without any significant price changes.

As several altcoins show signs of breakout potential and Bitcoin approaches a major resistance level, the crypto market is poised for increased volatility in the coming days.