Altcoins Surge as Crypto Market Nears $3 Trillion Milestone

The total crypto market capitalization increased by 4% over the week to $2.99 trillion, despite a mid-week pullback from $87,000 to $84,000 in Bitcoin's price.

Capital rotation into altcoins sparked major gains, with Bitcoin Cash leading the charge at a 34% weekly increase after CME announced plans to launch a BCH perpetual futures contract in October.

The surge was not limited to BCH, as Near Protocol rose from $4.16 to a peak of $5.48, driven by reports that Bitwise's spot NEAR exchange-traded fund cleared key regulatory hurdles.