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Global crypto market capitalization climbed to $2.82 trillion on Thursday, the highest in more than seven months, after Bitcoin pushed past $81,000 on roughly $100 million in spot ETF inflows and OTC desk activity. Zcash led the day's winners with a 16.5% jump, while Cardano added 13% and both Dogecoin and XRP rose around 10%. Crypto-linked equities rode the same wave: Strategy (MSTR) and Circle (CRCL) each gained about 15%, and Coinbase (COIN) added roughly 10%.
Why it matters
Bitcoin's break of the $81,000 level marks a decisive turn from the sharp January sell-off that wiped roughly $1.1 trillion off total market cap between mid-January and early February. Wincent Senior Director Paul Howard framed the move as a function of ETF flows and OTC activity that "banished the bears" ahead of US economic data, with a revival in memecoin trading laying the groundwork for what could be a steady climb toward $100,000 by year-end. The breadth of the rally, spanning large caps, a privacy token, and crypto equities, suggests the bid is broader than a single-name trade.
Market impact
Strategy's STRC preferred shares climbed back toward their $100 par value after falling as low as $69 five weeks ago, a read-through on how bullish institutional positioning has turned. Traders are nearly split on the Fed's Sept. 16 FOMC decision, pricing a 50.4% chance of a 25-basis-point hike and 49.6% for a hold, leaving rate-path volatility as the dominant near-term swing factor. Tesseract's Adam Haeems flagged roughly $1.4 billion in September Bitcoin put open interest between $68,000 and $75,000 against heavy call positioning from $82,000 to $100,000, describing the setup as a "hedged long." RootstockLabs' Richard Green tied the move to the "debasement trade," with bitcoin rising alongside gold on government-debt concerns.
Frequently asked questions
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What drove Bitcoin past $81,000?
Roughly $100 million in spot ETF inflows and OTC desk activity pushed BTC above $81,000, according to Wincent Senior Director Paul Howard, who called the move enough to "banish the bears" ahead of US economic data.
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Why is total crypto market cap at a seven-month high?
Global crypto market cap reached $2.82 trillion on Thursday, the highest since January. The cap had fallen from about $3.4 trillion in mid-January to roughly $2.3 trillion in early February before this recovery.
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Which altcoins led the rally?
Zcash (ZEC) jumped 16.5% to lead the top 50. Cardano (ADA) added 13%, while Dogecoin (DOGE) and XRP each climbed around 10%.
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How did crypto-related stocks perform?
Strategy (MSTR) and Circle (CRCL) each gained about 15%, while Coinbase (COIN) rose around 10%. Strategy's STRC preferred shares recovered toward $100 par after dropping as low as $69 five weeks ago.
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What is the Fed outlook for this rally?
Traders price a 50.4% chance of a 25-basis-point hike at the Sept. 16 FOMC meeting and 49.6% for a hold. Tesseract's Adam Haeems described heavy call positioning between $82,000 and $100,000 alongside $1.4 billion in September puts between $68,000 and $75,000 as a "hedged long."
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