Cryptos are Heading to The Moon, The Market Regains US$1T Capitalization

Cryptos near a bullish market as the market regain the $1 trillion level

The golden days of cryptos are finally back and they are heading straight to the moon! Bitcoin reclaimed the meme-worthy target of $420 billion in market cap, while Ethereum is sitting pretty at a total market cap of $180 billion, having added more than $20 billion in the past 24 hours. As per the below graph, the last time that the crypto market crossed the $1 trillion level was on June 13. A price pump for Bitcoin (BTC) brought the world's most decentralized cryptocurrency into the $22,500 range, while Ethereum (ETH) enjoyed a double-digit "Giga pump" to kiss the $1,500 mark. Their combined efforts have culminated in a 4.8% pump to the entire crypto market, lifting it to a recent high of $1.02 trillion. The crypto advocates around the world rejoiced over this bullish trend in the crypto market.

Commenting on the sharp rise in the crypto market, especially about Ether, a CoinDesk report explained that the negative turn indicates that the premium paid by call buyers in return for protection against upside moves over six months is now greater than the cost paid by put buyers for insurance against bearish moves. The one-week, one- and three-month put-call skews have seen a similar drop below zero, also their first since early January, in a sign of renewed relatively stronger demand for short-term and medium-term bullish bets. The change in sentiment validates ether's ongoing rally, supposedly triggered by developers recently announcing Sept. 19 as a tentative date for the completion of Ethereum's long-awaited transition from the proof-of-work consensus mechanism to the proof-of-stake mechanism.