Crypto Market Value Pushes Past $3 Trillion as Bitcoin FOMO Climbs to a 2024 Peak

The global crypto market extended its September rebound on Sept. 22, with total capitalization climbing back above $3 trillion as trading activity accelerated across Bitcoin and major altcoins. CoinGecko data put total market value near $3.02 trillion. Bitcoin traded around $86,000 and accounted for about 57% of the overall market. Blockchain analytics firm Santiment said the upswing coincided with the strongest combined weekly trading volume for Bitcoin and large-cap altcoins since the opening week of March. Tokens cited included ETH, XRP, SOL, and DOGE. Santiment analysts said the jump in volume points to renewed participation, with traders positioning for breakouts, rotating into altcoins, and reopening leveraged bets. Derivatives activity also intensified. A short squeeze helped fuel the move, with roughly $648 million in bearish crypto positions liquidated as Bitcoin approached $85,000. Total crypto trading volume rose 39%, with forced buying adding to upward pressure. Santiment also flagged a sharp rise in Bitcoin-related fear of missing out (FOMO), reaching its highest level since 2024 as bullish commentary increased alongside BTC's push toward $87,000. The firm cautioned that one-sided optimism can make new entries less attractive, noting the risk-reward backdrop is not as favorable as it was during last week's more fearful sentiment. Open interest climbed in parallel with prices as traders increased derivatives exposure. Sanbase data showed Bitcoin open interest at $25.84 billion, Ethereum at $16.97 billion, and Solana at $2.97 billion. Across the broader crypto market, open interest rose 7.6% during the latest rally following a wave of short liquidations. Ethereum stood out, with open interest topping $17 billion on Tuesday for the first time since January. Santiment said rising open interest alone does not signal direction, but combined with higher prices it reflects greater participation and leverage. The firm added that elevated open interest could support further gains if spot demand stays firm, while a price stall alongside continued leverage build-up could raise liquidation risk. Macro conditions also provided support, with lower oil prices and easing Treasury yields boosting risk appetite. This content is for informational purposes only and does not constitute financial or investment advice. Crypto derivatives involve leverage and can result in substantial losses.