Crypto market cap hits $2.82 trillion as Zcash and Cardano lead gains
The global crypto market capitalization rose to $2.82 trillion on Thursday, its highest level in over seven months. The surge came as bitcoin climbed above $81,000 and major alternative cryptocurrencies, or altcoins, posted strong gains.
The increase marks a recovery from a sharp sell-off in January, when the total market cap dropped from around $3.4 trillion in mid-January to about $2.3 trillion in early February.
Biggest gainers and stock market reaction
Zcash led the gains among the top 50 cryptocurrencies, jumping 16.5%. Cardano rose by 13%, while Dogecoin and XRP each climbed roughly 10%. Bitcoin traded around $81,460 at publication time, up 5.4%.
The rally extended to crypto-related stocks. Bitcoin treasury company Strategy and stablecoin issuer Circle each gained about 15%, while crypto exchange Coinbase rose around 10%. Strategy’s preferred shares also recovered, nearing their $100 intended value after dropping as low as $69 five weeks earlier.
Federal Reserve rate decision uncertainty
Traders are nearly evenly split on whether the U.S. Federal Reserve will raise interest rates or hold them steady at its September 16 meeting. Current market pricing shows a 50.4% chance of a 25-basis-point rate hike and a 49.6% chance of no change.
Analysts noted that bitcoin’s rise alongside gold reflects a so-called “debasement trade,” where investors seek hard assets amid concerns over government debt and potential monetary support. However, some caution that further market drawdowns remain possible.
Market positioning and outlook
Options market data shows roughly $1.4 billion in September bitcoin puts—bets that the price will fall—between $68,000 and $75,000. Overall put open interest is about half that of calls, with heavy call positioning between $82,000 and $100,000. This setup suggests a “hedged long” strategy, where investors maintain exposure while insuring against potential declines.
One analyst cited $100 million in ETF inflows and over-the-counter trading activity as key drivers behind bitcoin’s push above $80,000, along with a revival in memecoin trading.
Sources
Related Posts
