Crypto Market Surge: $500B Added as Market Cap Hits $2.74T

The cryptocurrency market rallied strongly in the third week of August, driven by macro‑level catalysts and a 22% weekly gain in Bitcoin. The total market capitalization rose by roughly $500 billion, reaching near $2.74 trillion, the highest level since early May.

Bitcoin leads the rally

Bitcoin recovered from a brief dip below $76,000 on Sunday, quickly moving back above $77,000 and finishing the week up 22%. The price approached $80,000 on August 21, and Bitcoin’s market cap rose to about $1.55 trillion, cutting its year‑to‑date loss to roughly 12% after a near‑30% drawdown earlier in the month.

Altcoins post strong gains

Zcash posted the week’s biggest gain, jumping nearly 70% to just above $873 and pushing its market cap past $14.5 billion, almost double that of Monero. XRP recovered from a dip below $1, surged to around $1.70, and logged a 51% weekly increase, making it the top‑performing major altcoin after Zcash.

HYPE, boosted by comments from President Donald Trump supporting its U.S. expansion, reached a record high of $82.43, with its market cap climbing toward $18 billion.

Most high‑cap altcoins, including TRX, BNB, RAIN, XMR and LEO, posted weekly gains above 20%, while only a few tokens ended the week in negative territory. WLFI fell 5%, and BEAT and H recorded the deepest declines at 63% and 50% respectively.

Market outlook

Analysts at Grayscale noted that Bitcoin’s sharp weekly rally could signal a turning point after a relatively shallow bear market, suggesting a more durable bottom may be forming.