Bitcoin Price Surge Drives Crypto Market Cap Above $3 Trillion

The cryptocurrency market capitalization has regained the $3 trillion level due to Bitcoin's price gain. According to CoinGecko, the total market cap rose approximately 4% in a day, with Bitcoin accounting for over half of it at around 57%. The asset gained about 5% in 24 hours and traded near $86,000 on September 22.

The surge was accompanied by significant inflows into U.S. spot Bitcoin exchange-traded funds (ETFs). Farside Investors recorded $999 million in daily inflows, while BlackRock's IBIT and Fidelity's FBTC attracted $381.4 million and $238.8 million respectively. ARK 21Shares Bitcoin ETF added $289.1 million to its assets.

Analysts are watching the asset's performance closely as it tests several long-term technical reference points. PlanB noted that BTC has moved above several realized-price measures, including the broad realized price near $53,000 and the 155-day measure near $72,000. The two-year realized price is around $86,000, close to the current spot price.