Following a U.S. Treasury bond buyback announcement and supportive White House discussions under the Trump administration, the global crypto market cap surged by $500 billion to peak near $2.74 trillion, its highest level since May.
Key Takeaways
• Macro catalysts and a 22% bitcoin jump pushed the total crypto market cap past $2.74 trillion in mid-August.Zcash surged 70% and XRP gained 51% as broad demand drove most major altcoin valuations up by over 20%.Donald Trump’s backing sent HYPE to an $82.43 peak, setting up strong momentum for crypto expansion in the U.S.Meanwhile, after dipping below $1 for the first time since mid-November 2024, XRP joined the broader market recovery before surging near $1.70 early Aug. 22. Despite easing back to trade above $1.50, the token maintained a 51% weekly gain, making it the top-performing major altcoin behind ZEC.
Outside of a few exceptions—including TRX, BNB, RAIN, XMR, and LEO—most high-cap altcoins notched weekly gains above 20%, underscoring how the U.S. Treasury’s announcement reignited investor appetite. Broadly, only a small subset of tokens ended the week in negative territory. WLFI led the minor decliners with a 5% drop, while BEAT and H suffered the market’s deepest sell-offs overall, plunging 63% and 50%, respectively.
