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ZEC Zcash led the gains, and the market value of the global crypto market exceeded US$2.82 trillion.
On September 3, Zcash (ZEC) rose by as much as 16.5%, becoming the best performer among the top 50 cryptocurrencies by market capitalisation. Cardano (ADA) gained 13%, while Dogecoin (DOGE) and XRP also climbed about 10%. Bitcoin (BTC) traded at close to $81,460 that day, an increase of 5.4%.
The above gains pushed the total market value of the global crypto market to US$2.82 trillion, the highest level in more than seven months. The data marks a recovery from the mid-term sell-off at the beginning of the year. In mid-January this year, due to the spread of market panic, the total market value of the global crypto market fell from approximately US$3.4 trillion to approximately US$2.3 trillion in early February.
ETF capital inflows and over-the-counter trading helped Bitcoin break the US$80,000 mark.
Paul Howard, senior director of Wincent, said that Bitcoin broke the US$80,000 mark was driven by exchange-traded fund (ETF) capital inflows and over-the-counter trading activities. "Ahead of the upcoming release of U.S. macroeconomic data, Bitcoin, driven by $100 million ETF inflows and over-the-counter trading activity, broke the $80,000 barrier, enough for bears to retreat." Howard said. He added that the recovery of memin trading has also accumulated momentum for the market and expects Bitcoin to gradually climb to $100,000 by the end of the year.
Stocks related to cryptocurrencies also rose in line with digital assets. Circle shares rose 16.46%, Strategy rose 15%, and Coinbase rose about 10%. Strategy's STRC preferred stock fell to a low of $69 five weeks ago before recovering to near its par value of $100.
Richard Green, head of institutional business at RootstockLabs, pointed out that the parallel rise in Bitcoin and gold reflects what he calls a "currency devaluation transaction," which stems from concerns about government debt and expectations about the prospects of loose monetary policy. "When these conditions approach crisis levels, investors will allocate more capital to assets, especially hard assets." He said, at the same time reminding the market that there is still the possibility of further correction.
Traders divided on September interest rate decision
Markets were divided on the eve of the Federal Reserve's September 16 Federal Open Market Committee meeting. Traders have a 50.4% chance of betting on a 25 basis point rate hike, while the probability of interest rates remaining unchanged is 49.6%.
Adam Haeems, head of asset management at Tesseract Group, pointed out that the price of Bitcoin put options in September ranged from $68,000 to $75,000, with a total size of approximately $1.4 billion. He noted that the number of open interest on overall put options was about half of that on call options, and that a large number of call positions were concentrated in the $82,000 to $100,000 range. Haeems describes this market structure as a "hedging long" in which investors maintain exposure while guarding against possible correction risks.
Green is also cautious, arguing that while the current environment is conducive to hard assets, the market has not ruled out further declines. Differences among Fed observers mean that the direction of the next major rally is likely to depend on how policymakers respond to inflation and jobs data in the coming days.
