The total cryptocurrency market capitalization has rebounded above the $3 trillion threshold. Analysts attribute the recovery to the "Vanguard effect," following the major asset manager's decision to open access to crypto investment products for its 50 million clients. In addition to the institutional tailwinds from Vanguard, rising expectations of a Federal Reserve interest rate cut are bolstering sentiment across risk assets. This combination of factors has driven broad inflows, pushing the aggregate market value back to recent highs.