Crypto Weekly: BCH and NEAR Surge 34% as Altcoins Outpace Bitcoin

Market Cap Nears $3 Trillion Milestone

The crypto economy closed the week in the green, with total market capitalization jumping from $2.87 trillion on Sept. 20 to $2.99 trillion—a 4% increase. In fact, the market breached $3 trillion on Tuesday as bitcoin and several altcoins reached multi-month highs.

By Thursday, total market capitalization fell back below the $3 trillion threshold as bitcoin dropped from over $87,000 to $84,000, pulling its market cap below $1.7 trillion. Despite the pull-back, the top cryptocurrency still ended the week up 4%. With just three days left in September, the price action increases the likelihood of a double-digit monthly gain.

While bitcoin posted modest gains, moving closer to breakeven for the year, several high-cap altcoins jumped 10% or more as investors rotated capital across the sector. Bitcoin cash led the charge, surging nearly 30% after CME announced plans to launch a $BCH perpetual futures contract in October. After topping out at $360 on Sept. 23, $BCH consolidated above $330 to seal a 34% weekly gain.

Matching $BCH’s weekly performance, near protocol ($NEAR) rose from $4.16 at the start of the week to a peak of $5.48. The gain coincided with reports that Bitwise’s spot $NEAR exchange-traded fund (ETF) cleared key regulatory hurdles, potentially opening the asset to brokerage-account and institutional buyers. The ETF is expected to launch around Sept. 29. Together with forced buybacks, the news pushed $NEAR’s weekly and year-to-date gains past 31% and 250%, respectively.