Total crypto capitalization is at an all-time high $4.14 trillion following big gains by both Bitcoin and Ethereum during early trading in Asia on Monday morning.

The move has eclipsed the previous market capitalization peak on July 23. Total crypto capitalization has gained 22% since the beginning of the year, as around $750 billion has flowed into digital assets.

The inflow is pretty close to the $820 billion that represented the entire market cap during the bear market crash in November 2022.

However, the entire crypto market is still worth less than one US corporation Nvidia, which has a total capitalization of $4.45 trillion.

“Now is the most unclear timeline I’ve seen, the market is at ATH, but no one knows what’s next,” said analyst ‘cyclop’.

Ethereum’s Massive Move

The big move has been driven by Ethereum, which has continued to rally, reaching $4,332 on Monday morning.

This is the highest price ETH has seen since December 2021, more than three and a half years ago. It has gained 46% over the past month as its rally continues, largely driven by institutional ETPs and corporate treasury accumulation. The asset also closed its largest weekly candle since November 2021.

ETH treasury companies have now hoovered up more than 3 million ETH worth around $13 billion in just four months, according to SER.

As a result, ETH market capitalization has surged to $522 billion, which makes it larger than MasterCard and Netflix.

Ethereum just flipped Mastercard by market cap.$ETH $521.9B$MA $519.1B pic.twitter.com/EO60IYiN0u

Bitcoin has also done well today, surging 3.3% to top $122,000 on Monday morning, bringing the asset to within $1,000 of a new all-time high.

BTC has now erased all losses made earlier this month and is heading for new price discovery.

No Altseason Yet

Altcoins are not mirroring the momentum of the top two, with very little daily movement for XRP, Binance Coin (BNB), and Solana (SOL).

Hyperliquid (HYPE) is the top-performing higher-cap altcoin today with a 5.6% gain to top $46. The derivatives DEX token is now just 7% away from its all-time high.

Ethena (ENA) was also having a good run with an 11% gain on the day, but the rest of the altcoins were mostly flat.

Altseason could be close, according to analysts. Bitcoin dominance is down 10% since it peaked, and altcoin market shares are inching higher.