Analysis: Total Cryptocurrency Market Cap Breaks 4 trillion Dollar Mark, Stablecoin Bill Passed to Boost Rise

The total market capitalization of cryptocurrencies broke through the $4 trillion milestone for the first time on Friday, driven by the general rise in tokens and the legislative process of comprehensive crypto regulation in the United States. Tokens other than Bitcoin led the rally, with Ethereum surging 22% in the past five days, while the industry benchmark asset Bitcoin fell to a record high of $123,205 this week. In addition, the Uniswap token surged 24% at one point, and Solana also recorded a 6.5% increase. The US House of Representatives also passed a more comprehensive crypto market structure bill on Thursday local time, which is currently pending consideration by the Senate. Investors continue to flock to US-listed crypto ETFs. In July alone, the Bitcoin ETF attracted $5.50 billion in inflows, and the Ethereum ETF also received $2.90 billion in subscriptions.