Crypto market cap climbs 0.9% to $2.7 trillion as altcoins outpace Bitcoin

  • Crypto market capitalization climbed 0.9% to $2.7 trillion as altcoins outperformed Bitcoin.
  • Zcash gained 6.3% in 24 hours to trade at $851.99.
  • US spot Bitcoin ETFs recorded $101 million in net inflows on September 2.

The total crypto market capitalization rose 0.9% in 24 hours to $2.7 trillion, with trading volume reaching $73.5 billion. Bitcoin gained 2%, but altcoins posted stronger advances: Zcash rose 6.3% in 24 hours and 8.2% over seven days to $851.99, XRP climbed 4.8% to $1.39, and BNB advanced 4.5% to $711.78. Ethereum gained 1.9% to $2,426.89 but remained down 3.1% for the week, while Solana rose 3.8% to $101.47. The market move came as gold futures surpassed $4,500 an ounce and added more than $1 trillion in market capitalization in one day. Inflation has remained above the Federal Reserve’s 2% target for 65 consecutive months, while higher oil prices and rising gold have been presented as evidence of pressure on the U.S. dollar’s purchasing power. Labor data also supported rate-cut expectations: jobless claims were 206,000 against a forecast of 205,000, and ADP payrolls increased by 38,000 versus expectations of 47,000. Kobeissi described the figures as a double miss that strengthens the case for a Federal Reserve rate cut, a backdrop historically supportive of risk assets and negative for Treasury yields and the dollar. U.S. spot Bitcoin ETFs recorded $101 million in net inflows on September 2, led by BlackRock’s IBIT with $115 million. Spot Ether ETFs, by contrast, posted $48.08 million in net outflows, although BlackRock’s Staked ETH ETF attracted $52.91 million. Bitcoin has entered September, historically its weakest month, with an average return of -2.92%, while October has averaged a 19.92% gain and produced positive returns in 10 of the past 13 years. Friday’s official jobs report is the next major catalyst and could help determine whether the altcoin rotation continues or Bitcoin resumes market leadership.

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