Crypto Market Surpasses $3T as Bitcoin FOMO Hits Two-Year High
The cryptocurrency market capitalization has surpassed $3 trillion, driven by a surge in trading volumes. According to CoinGecko, the total market cap is now at $3.02 trillion, with Bitcoin accounting for roughly 57% of it and trading at around $86,000.
Santiment reported that Bitcoin-related Fear Of Missing Out (FOMO) has reached its highest level since 2024, while social sentiment and derivatives leverage have also risen sharply. This indicates a stronger market participation, but also increases the risk of liquidation.
The sharp increase in trading volume is attributed to a short squeeze, which liquidated around $648 million in bearish crypto positions over 24 hours. Additionally, falling oil prices and easing Treasury yields have contributed to the BTC upside by increasing risk appetite across markets.