Amid news of the Bitcoin futures ETF approval, the total crypto market capitalization has reached a new all-time record of just over $2.5 trillion.
The total market capitalization reached $2.55 trillion today
The market capitalization of all cryptocurrencies surpassed $2.5 trillion, according to data from crypto monitoring resources such as Tradingview. The total market capitalization reached $2.55 trillion today and currently sitting at $2.5 trillion. It managed to surpass its previous all-time high of May 12, which was just under $2.5 trillion. The total crypto market cap is currently higher than Apple, which currently has a market cap of $2.39 trillion.
Bitcoin is up 4.3% today at a price of $62.071. Ethereum is not climbing as fast as Bitcoin but is still up 1% and is currently at $3.860. The best performing cryptocurrency in the top 10 by market cap is Polkadot, up 5.7% and sitting at $43.29. While these price increases are quite low for crypto, the main reason the overall crypto market cap has reached an all-time high is that after the correction we saw in May, many cryptocurrencies such as Solana, Luna, and Avalanche have managed to reach new highs in recent months.
SEC gave the green light to Bitcoin futures ETFs
The reason for the new all-time high is likely because the SEC gave the green light to Bitcoin futures ETFs for the first time in history on Friday. The Bitcoin Strategy ETF of Proshares is expected to launch on Monday, October 18. The ticker symbol for the offering will be “BITO”. Other Bitcoin futures ETFs that could begin trading on U.S. exchanges this month include Invesco, VanEck, and Valkyrie. Meanwhile, dozens of cryptocurrency exchange-traded products have come to market in Canada and Europe, and investors are speculating that The SEC will approve a physically-backed bitcoin ETF in 2022.
Since Cameron and Tyler Winklevoss first applied for a bitcoin fund in 2013, advocates have sought approval as an endorsement of mainstream acceptance of cryptocurrencies.