Crypto market cap hits $2.9T; Bitcoin above $65K, Cardano leads

The global cryptocurrency market has added significant value over the past 24 hours, with total market capitalisation climbing to $2.9 trillion. Bitcoin, the largest digital asset, has crossed the $65,000 mark, pulling much of the market higher.

Trading data shows a broad-based rally, though gains are uneven across sectors. While major coins like Ethereum have followed Bitcoin's upward move, some altcoins have surged ahead, and a few have lagged noticeably.

Cardano and privacy coins lead the charge

Cardano (ADA) has emerged as one of the strongest performers in this leg of the rally. The token's price jumped sharply, outpacing most top-20 cryptocurrencies by percentage gain over the reporting period.

Privacy-focused coins — including Monero (XMR) and Zcash (ZEC) — have also seen outsized demand. Traders attribute this to renewed interest in anonymity features, though no single news catalyst has been confirmed.

Analysts note that such coins often move in tandem during risk-on phases, especially when Bitcoin's dominance stabilises. The current trend appears to reflect a rotation into mid-cap and specialised assets.

XRP lags despite market-wide uptick

In contrast, XRP has underperformed, posting a decline even as the broader market climbed. The token's weakness stands out, given the overall bullish sentiment across most major cryptocurrencies.

Market watchers point to ongoing regulatory uncertainty surrounding Ripple as a possible factor, though no fresh legal development has been reported. Trading volumes for XRP remain subdued relative to its recent averages.

The divergence between XRP and the rest of the market underscores how idiosyncratic factors can override broad trends in crypto.

What's driving the rally?

Bitcoin's move above $65,000 has reignited optimism among retail and institutional investors. The milestone comes after weeks of consolidation, and derivatives data suggests increased long positioning.

Some traders attribute the uptick to easing macroeconomic pressures, including expectations of softer monetary policy in major economies. Others point to technical breakout signals that have historically preceded sustained rallies.

However, caution remains. The market has seen sharp reversals in the past, and leverage levels are rising. A sudden shift in sentiment could trigger volatile swings.

Outlook

With the market cap at $2.9 trillion, the next resistance level for Bitcoin is around $67,000. Traders will watch whether Cardano and privacy coins can maintain their momentum, and whether XRP can recover from its lag.

Over the coming sessions, key data releases and regulatory headlines could determine if this rally has legs. For now, the market is leaning bullish, but volatility is never far away.