Pepe Rally continues as crypto market cap hits $3T

The total cryptocurrency market capitalisation crossed $3 trillion on September 22, 2026, briefly touching a level last seen in January before settling just under that threshold. It marks the first time the milestone has been hit in eight months, capping a broad-based rally that has swept across large-caps and speculative assets alike.

$PEPE Leads the Charge

$PEPE is the standout performer of the move. The memecoin is up over 15% in the past 24 hours and has surged nearly 50% over the past week. Wider market data corroborates the momentum: Pepe surged 27.49% to $0.000005, leading the gainers chart on September 22. The move came without a specific news catalyst, though its market cap has climbed to $2.14 billion.

$PEPE is not alone. @NearProtocol's $NEAR, $TAO (Bittensor), and @pudgypenguins' Solana-based token are all posting notable gains. $TAO jumped 21.21% to $316.83, with the decentralised machine learning network continuing to draw attention despite no specific catalyst being identified.

Broader Market Context

The rally is not happening in isolation. Bitcoin traded around $86,000, up about 4.5% over the past 24 hours, according to CoinGecko. Ether gained about 2.3% to $2,745, while XRP rose 5.7% to $1.53 and Solana advanced 3.6% to $117. The single-day gain of roughly 4.3% translated into a market that had added over $740 billion in total value since late August, partly traced back to a U.S. Treasury Department announcement that it would expand buybacks of long-dated bonds, loosening financial conditions broadly and sending investors toward risk assets.

Leverage is also building. Open interest in perpetual futures rose to $160 billion, while U.S. spot Bitcoin ETFs saw $1 billion in net inflows. Bloomberg reported that open interest had climbed to its highest level since late October 2025, with more than $920 million in bearish positions liquidated as prices surged.

Sentiment gauges reflect the euphoria. With the Fear and Greed Index sitting close to 80 on CoinMarketCap, the market is firmly in greed territory, a level that historically signals strong momentum but also warrants caution about near-term reversals as leveraged positioning accumulates.

Sources:
Crypto Briefing: Crypto market cap reclaims $3T as Bitcoin nears $87K
FXStreet: Crypto market cap reclaims $3 trillion as Bitcoin, altcoins rally
The Currency Analytics: Pepe Jumps 27.49% in Volatile Trading