Crypto Market Reclaims $3T Cap as Bitcoin Holds Near $86K

The crypto market has regained its $3 trillion cap, breaking above the threshold after a brief downturn. This milestone comes as Bitcoin (BTC) holds near $86,000 and altcoins see significant gains.

XRP was one of the standout performers, reclaiming the $1.50 resistance level with a 4% gain over the past 24 hours. Ethereum (ETH) also moved higher, touching $2,800 before easing back to around $2,750. BNB and Dogecoin saw similar increases.

The synchronized gains suggest that the rally is becoming more distributed across the market, rather than remaining concentrated in Bitcoin. Glassnode's Altcoin Cycle Signal climbed to 81.25 out of 100, indicating improving market breadth.

Bitcoin's pause near $86,000 followed a rapid move of over $7,000 on Monday, supported by heavy ETF inflows and short covering. Derivatives data still point to forced short covering as an important driver of the rally.