"Cryptocurrency Market Capitalization Surpasses $4 Trillion for the First Time… Impact of U.S. Stablecoin Bill Passage"
Summary
- Bloomberg reported that the total cryptocurrency market capitalization has surpassed $4 trillion for the first time ever.
- It was explained that this record was achieved as the strong performance of altcoins coincided with the passage of the U.S. Congress’s stablecoin regulation bill.
- Major altcoins, including Ethereum, Uniswap, and Solana, were said to have led the upward momentum.
The total cryptocurrency market capitalization has surpassed $4 trillion for the first time ever. This surge is attributed to the large-scale rebound in the market, driven by the passage of the U.S. Congress’s stablecoin regulation bill and a strong bull run led by altcoins.
On the 18th, Bloomberg reported, "With an altcoin rally and widespread legislative efforts in the digital asset regulatory space, the total cryptocurrency market capitalization surpassed $4 trillion for the first time." This milestone was reached immediately after the United States Congress passed the GENIUS Act, a bill introducing regulations for stablecoins. The bill was pushed forward by the Republican Party and received the full support of former President Donald Trump.
Altcoins also led the latest rally. Ethereum (ETH) soared 22% over the past five days, Uniswap (UNI) surged 20% in a single day, and Solana (SOL) climbed 5.6%.
Meanwhile, the United States House of Representatives has also passed the Clarity Act, the Digital Asset Market Structure Act, in addition to the stablecoin bill. The bill is currently awaiting Senate review.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.!["Will AI take our jobs?" Fear spreads…market rattled by a plunge in shares [New York Market Briefing]](https://media.bloomingbit.io/PROD/news/874408f1-9479-48bb-a255-59db87b321bd.webp?w=250)
