Crypto Market Adds $430 Billion in Six Days as XRP Surges 48%

The global cryptocurrency market added more than $430 billion in less than a week, with buying spreading beyond Bitcoin to major tokens including Ether, Solana and XRP. The advance was the steepest in months after Bitcoin climbed back toward the $80,000 mark.

CoinGecko data showed the global cryptocurrency market's value reached $2.68 trillion on Aug. 24, up about 19% from roughly $2.25 trillion a week earlier. Some profit-taking emerged afterward, but the total market capitalization still held at about $2.7 trillion on Aug. 28.

Bitcoin rose 23% over seven days to $78,995. It briefly traded back above $80,000 for the first time since May. Ether gained 30% over the same period to $2,481, while Solana rose 28% to $96.82. XRP jumped 48% to $1.48, the biggest increase among major cryptocurrencies.

Expectations for greater U.S. liquidity and progress on crypto legislation helped fuel the rally. Optimism grew that upward pressure on market interest rates could ease after the U.S. Treasury outlined plans to expand buybacks of long-term Treasuries. Investor sentiment also improved after President Donald Trump urged Congress to pass cryptocurrency-related legislation. U.S. spot Bitcoin exchange-traded funds recorded about $1.92 billion of net inflows in the week through Aug. 21.

Still, the increase in market capitalization does not mean $430 billion of new money flowed into the market. QCP Capital, a Singapore-based digital-asset investment firm, said falling derivatives open interest indicated the rally was driven not only by fresh buying but also by forced liquidations of short positions. Concerns about a September rate increase have risen after hawkish remarks from Federal Reserve Chair Kevin Warsh, leaving future ETF flows and U.S. interest rates as key factors in whether the advance can continue.