The global cryptocurrency market cap breached the $4 trillion mark for the very first time. The cryptocurrency market is experiencing one of its most significant bullish phases in recent times. Most major crypto assets are trading in the green zone. Many are hitting new peaks, and others are inching closer to new all-time highs.

What’s Pushing The Cryptocurrency Market?

The latest market cap-peak milestone comes on the heels of Bitcoin (BTC) hitting a new all-time high of $122,834 on July 14. BTC’s rally was likely due to large inflows into ETF products. Crypto ETFs have seen consistent inflows over the last few months. The inflows did not stop even during distressing times, such as the Israel-Iran conflict.

The latest upswing could be due to the Clarity Act passing the US House of Representatives. The act makes substantial changes to the way cryptocurrencies will be regulated in the US. According to the act, the Commodity Futures Trading Commission (CFTC) will be the primary overseer of the digital asset sector.

Also Read: US House Officially Passes GENIUS, Clarity And Anti-CBDC Acts

The cryptocurrency market is seeing some of the most substantial inflows over the last few years. Apart from Bitcoin (BTC), Ripple’s XRP token has also hit a new all-time high of $3.59. XRP has registered a new peak after more than seven years. The feat is truly commendable. Binance’s BNB token is also inching closer to a new all-time high. The asset is down by just 6.8% from a new peak.

There is a possibility that the cryptocurrency market will see its current rally continue over the next few days. However, we could see increased profit taking as assets continue to climb. The Federal Reserve has yet to announce an interest rate cut. Increased profit taking and high rates could lead to a market correction. How things pan out is yet to be seen.