The total market capitalization of all cryptocurrencies rose to new all-time highs on Wednesday, capping off a dramatic months-long recovery that reaffirmed the bullish narrative for Bitcoin (BTC) and Ether (ETH).

The crypto market cap — an important barometer for the overall health of the digital nugget economy — reached a high above $2.63 trillion on Wednesday, co-ordinate to Cointelegraph Markets Pro. That represents a gain of 5.9% over the previous 24 hours.

A ownership frenzy in the marketplace lifted Bitcoin to new tape highs, every bit the flagship cryptocurrency touched an intraday elevation of $67,016.fifty. Ether, meanwhile, crossed the $iv,000 marker for but the second time since May. With the exception of stablecoins, every cryptocurrency in the pinnacle-ten marketplace cap rankings printed gains.

The new market cap pinnacle marks an of import milestone for digital assets afterward a months-long correction during the summer threatened the bullish narrative. During the low point of the summer correction, the crypto market place cap plunged below $1.2 trillion.

A pair of Bitcoin ETF approvals in the United States appears to have sparked the latest rally for BTC and the broader crypto market, though bullish momentum has been building for months. A favorable macro environment, strong on-concatenation fundamentals and technical confirmation of a July bottom helped to secure Bitcoin's relief rally over the past three months.

Related: Bitcoin futures ETF debuts with highest-e'er first day 'natural' book of $1B

That Bitcoin has been the major catalyst for the relief rally is further reflected in the BTC dominance alphabetize, which has increased to 47.7%. Bitcoin dominance bottomed near 39% in May during the height of the altcoin rally. Cointelegraph's Altseason Indicator, which tracks the extent to which altcoins outperform Bitcoin, is only at 15%. (In crypto, "altseason" refers to a period where altcoins outperform Bitcoin.)