BTC, ETH, XRP Rally Boost Global Crypto Market Cap To $2.7trn

BTC, ETH, XRP Rally Boost Global Crypto Market Cap to $2.7trn

Price appreciation of Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple XRP, and other top crypto names bolstered the global crypto market cap by about 5% in 24 hours to $2.71 trillion on Thursday.

The crypto market is up 4.54% to $2.7 trillion in Bitcoinurs, primarily driven by a macro-driven rally in Bitcoin. It shows a strong correlation (91%) with Gold, indicating inflation-hedge positioning.

The market’s rise is led by Bitcoin, whose 59.85% dominance underscores its role as the primary driver. The 24h correlation with Gold reached 91%, while correlation with the S&P 500 (SPY) was 70%, pointing to a broad macro-driven move rather than a crypto-specific catalyst.

Bitcoin is hovering at $80.6K, and Ethereum trades at $2,487 following about a 4.5% gain. Binance Coin is up 4.77% to $720, and XRP has climbed to $1.45, up by 8.5% in 24 hours.

Secondary amplifiers include a sharp 74% drop in Bitcoin liquidation volume over 24 hours, reducing immediate sell pressure. Simultaneously, U.S. spot Bitcoin ETF assets grew by $3.42B over the past month, reflecting steady institutional demand.

The immediate path hinges on Bitcoin’s price action and key technical levels. The total market cap is testing the 23.6% Fibonacci retracement level at $2.58T. A hold above this level, supported by positive ETF flows, could target the next resistance at $2.86T (127.2% extension).