Crypto surges: Cryptocurrency mcap reaches record high at $4 trillion; What's driving the rally?
This fresh milestone comes amid renewed investor optimism, increased institutional inflows, and clearer regulatory signals from major economies.
Notably, the US House of Representatives on Thursday passed a landmark bill establishing a regulatory framework for stablecoins, cryptocurrencies pegged to the US dollar, sending it to President Donald Trump, who signed it into law.
"The arrival of the Trump legislation signaled an about-turn in attitudes towards the crypto industry, but legislators are still exercising some caution," Derren Nathan, head of equity research at Hargreaves Lansdown told Reuters.
In addition to the stablecoin bill, the House also approved two more crypto-related proposals. One seeks to introduce a comprehensive regulatory regime for digital assets, while the other aims to prohibit the issuance of a central bank digital currency (CBDC) in the US Both bills are now headed to the Senate for further debate.
The $4 trillion figure highlights how far the crypto sector has come since its early days as a speculative, niche market.
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Today, digital assets are attracting growing interest from asset managers, corporate treasuries, and everyday investors. The launch of new exchange-traded products and increasing adoption by both retail and institutional players is placing cryptocurrencies at the heart of mainstream financial conversations.
Stablecoins, designed to maintain a fixed value, typically tied 1:1 to the US dollar, have become a cornerstone of crypto trading, enabling users to seamlessly move funds across tokens.
Their rapid growth has fuelled calls for structured oversight, with advocates suggesting they could revolutionise instant payment systems.
'The Genius Act will go down in history as a law that served as a foundational step in mainstreaming of crypto as an asset class,' said Chris Perkins, president of crypto investment firm CoinFund.
Institutional enthusiasm continues to build, with a rising number of public companies allocating bitcoin to their treasuries as a long-term store of value.
Bitcoin, the largest cryptocurrency by market cap, recently crossed the $120,000 mark, its highest level ever, before retreating 1.8% on Friday to help bring the sector's valuation slightly down to $3.92 trillion.
Analysts at brokerage Bernstein have forecast bitcoin could reach $200,000 by the end of 2025.
Meanwhile, ether, the second-largest crypto token, climbed 4.5% and has more than doubled in value over the past three months.
The ongoing rally has also lifted crypto-linked equities, as per a Reuters report.
Shares of Coinbase and Robinhood, both of which facilitate cryptocurrency trading, hit all-time highs on Friday. Coinbase was last up 1%, while Robinhood rose 3%. Ether-centric stocks likewise posted broad-based gains, riding the wave of digital market enthusiasm.
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