Global Crypto Market Cap Surges to $2.71 Trillion on Bitcoin Rally

The global crypto market capitalization has surged by about 5% in 24 hours to $2.71 trillion, primarily driven by a rally in Bitcoin and its positive correlation with Gold.

The market's rise is led by Bitcoin, which is trading at $80.6K and holds a dominance of 59.85%. Its 24-hour correlation with Gold stands at 91%, while the correlation with the S&P 500 (SPY) is 70%.

Ethereum trades at $2,487 after gaining about 4.5% in the past day, followed by Binance Coin and XRP which have climbed to $720 and $1.45 respectively.

The rally has been amplified by a sharp drop of 74% in Bitcoin liquidation volume over 24 hours, reducing immediate sell pressure. Additionally, U.S. spot Bitcoin ETF assets have grown by $3.42B over the past month, indicating steady institutional demand.