Crypto Market Cap Swells as Bitcoin Pushes Near $122K, Ethereum Eyes $4.5K

Cryptocurrencies surged on Monday, lifting the total market value nearly 2% to $4.13 trillion, as Bitcoin climbed close to a fresh all-time high and Ethereum’s rally gathered momentum.

Bitcoin rose 3% to $121,900, extending gains from the weekend. Ether added 1.5% to $4,295, capping a week in which it jumped 20% on surging institutional demand. The rally marked one of the strongest altcoin runs in recent months, defying the usual summer slowdown.

“Our tactical altcoin model just triggered its longest bullish streak in over a year, and Ethereum’s breakout has traders eyeing a level not seen since 2021,” 10X Research said in a note.

El Salvador Opens Institutional Access to Bitcoin

Bitcoin’s advance follows El Salvador’s approval of its Investment Banking Law, a measure that could turn the Central American nation into a regional crypto hub.

Passed on Aug. 7, the legislation grants licensed investment banks the power to hold Bitcoin and other digital assets alongside legal tender and foreign currency, provided they deal only with sophisticated investors.

These institutions must maintain at least $50m in capital and serve clients with market knowledge and a minimum of $250,000 in investable assets.

The broader market mood was reinforced by MicroStrategy co-founder Michael Saylor, a prominent Bitcoin advocate, who wrote on X: “If you don’t stop buying Bitcoin, you won’t stop making money.”

ETH Treasuries and ETFs Fuel Strong Institutional Demand

Ethereum’s climb has been underpinned by record flows into ETH-focused treasuries and exchange-traded funds. Data from Coinglass showed $92.25m in ETH long liquidations in the past day, compared with $117.67m for Bitcoin, indicating aggressive repositioning as prices spiked.

Corporate treasuries are playing a growing role in the rally. According to CoinGecko, 17 public companies now hold a combined 1.75m ETH, valued at more than $7.53b. Bitmine Immersion Technologies leads the list with 833,133 ETH worth about $3.59b, followed by SharpLink Gaming with 521,939 ETH and Coinbase with 136,782 ETH.

SharpLink’s recent $200m stock offering to expand its Ethereum holdings has added to bullish sentiment, with analysts projecting it could soon become one of the largest corporate holders of the token.

ETF flows have also surged. BlackRock’s ETHA ETF absorbed over $254m on Friday, pushing its net assets past $12.3b. Grayscale’s main ETH trust now holds $4.5b in assets, while products from Bitwise, VanEck and Franklin have seen steady inflows.

Bullish Hashtags Surge as Retail Traders Pile In

Social sentiment reflects the optimism. Analytics firm Santiment noted a spike in bullish hashtags such as #buying and #bullish, with bearish mentions dropping by half. The firm cautioned, however, that excessive retail FOMO could temporarily stall the rally.

With Bitcoin nearing $122,000 and Ether within striking distance of $4,500, traders are watching whether momentum can push the two largest cryptocurrencies to fresh highs before the quarter’s end.

The post Crypto Market Cap Swells as Bitcoin Pushes Near $122K, Ethereum Eyes $4.5K appeared first on Cryptonews.