The cryptocurrency market surged to a record-breaking milestone earlier today, with the total market capitalization reaching nearly $4.1 trillion for the first time, according to CoinGecko data.
This rally beats the previous record set in July, when the market briefly topped $4 trillion. Since then, the market has continued to rise, climbing an additional 2.5%.
Source: CoinGecko
After a shaky start to the year, the latest surge marks a remarkable comeback for crypto. The market began 2025 valued at about $3.8 trillion but plunged to $2.8 trillion by the end of March, a steep 18.6% drop in just three months.
But from that low point, the market has bounced back sharply, gaining more than 43% and reclaiming levels it hadn’t seen since late 2024, when it hovered near $3.9 trillion.
The week’s crypto rally was sparked by two key executive orders signed by President Donald Trump.
Ethereum, Trump Orders Lift Crypto Market
This record-breaking crypto rally didn’t happen in a vacuum. It was set in motion by a pair of executive orders signed by President Donald Trump last Thursday, August 7.
In the first order, President Trump signed an executive order permitting 401(k) retirement plans to invest in cryptocurrencies alongside private equity and real estate, an order expected to open the door to as much as $9 trillion in U.S. retirement assets entering the sector.
The second order struck at a complaint within the digital asset industry, known as “debanking.” Trump directed financial institutions to stop closing accounts of customers based on politics, religious beliefs, or business activities.
The crypto industry has long complained of this practice, with some alleging it to be a deliberate plot called “Operation Chokepoint 2.0,” aimed at cutting off crypto businesses from traditional financial services.
The market reacted swiftly to these two policy shifts. Ethereum emerged as the outstanding performer, surged past the $4,000 mark for the first time since December, and climbed as high as $4,300. That gain, more than 2% in 24 hours, extended its lead over Bitcoin in percentage terms.
As per TradingView data, Ethereum has broken past the $4,500 mark, reaching approximately $4,634.
Source: TradingView
BitMine Immersion Technologies, the largest corporate holder of Ethereum, now holds over 1.15 million ETH valued at nearly $5 billion. In a new report, the company, led by Fundstrat’s Thomas Lee, is doubling down on its stock sale to raise up to $20 billion to buy more ETH.
Bitcoin, however, still rose nearly 2% to break through $117,300 in initial trading after the news, later crossing the $120,000 threshold before consolidating. Bitcoin is currently trading at approximately $119,019, a slight decline of 0.28% from the last close.
Source: TradingView
Recently, Bitcoin surpassed Amazon in market capitalization, ranking as the world’s sixth-largest asset.
Additionally, a recent report reveals that Michael Saylor’s Strategy added another $18 million in Bitcoin last week to mark the fifth anniversary of its BTC buying strategy, bringing its total holdings to 628,946 BTC.
With a market dominance of 58.7%, Bitcoin continues to anchor the sector’s value, while Ethereum’s 12.8% share underlines its growing influence, according to CoinGecko.
Source: CoinGecko
Investment banks and independent analysts alike are revising their forecasts upward. Ted Pillows, a popular market analyst, predicts that the crypto market could hit a $4.5 trillion valuation before the end of Q3 2025.
