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The cryptocurrency market cap has jumped to $1.61 trillion.
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Data by CoinMarketCap shows that the valuation sits at $1.59 trillion.
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Memeinator has raised over $1.7 million in the past few months.
Cryptocurrencies have become the best-performing assets this year with Bitcoin and other altcoins surging. Bitcoin is slowly nearing the psychological level of $45,000, a few months after it tumbled to $15,000. Ethereum, on the other hand, is comfortably above $2,300 while coins like ORDI, Aurora, and TokenFi have surged.
Crypto market cap is soaring
The surge in crypto prices has led to a big increase in the total market capitalization. Data compiled by CoinGecko shows that the total market cap has jumped to over $1.67 trillion. CoinMarketCap has a different figure, putting it at $1.59 trillion.
Bitcoin has led the surge in this market capitalization since it stands at over $858 billion. If it was a company, Bitcoin would be the sixth biggest company in the world after Apple, Microsoft, Saudi Aramco, Alphabet, Amazon, and Nvidia. Bitcoin dominates over 53% of all digital currencies.
Ethereum is the second-biggest cryptocurrency with a market cap of over $272 billion. Other big coins that have driven the total market cap are Tether, BNB, XRP, and Solana.
There are a few reasons why the crypto market cap has surged. First, it has rallied because of the rising hopes that the Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF. If it does this, there is growing optimism that companies will file for ETFs of cryptocurrencies like Ethereum, Ripple, and Solana.
Second, from a monetary policy stance, investors believe that the Federal Reserve has an opportunity to cut interest rates. If this happens, the view is that Bitcoin can survive in all market conditions since the initial surge happened in a low-interest rate environment. In a statement, an analyst told Bloomberg:
“What we’re seeing is a combination of the crypto cycle entering the bullish phase, the macroeconomic environment turning more favorable towards risk assets, and increasingly positive news about the incoming Bitcoin and Ethereum ETFs.”
Memeinator is thriving
The surge in cryptocurrencies has also led to demand for unlisted tokens. Memeinator, a new meme coin that seeks to become the next big thing, has scooped over $1.7 million from investors. They hope that the token will become as successful as other meme coins like Memecoin (MEME), Dogelon Mars, Pepe, and Bonk.
Most of these meme coins have surged this year and created many millionaires along the way. Bonk is the 128th biggest cryptocurrency in the world with a market cap of over $422 million. Pepe is valued at over $672 million, which are huge figures.
Memeinator hopes to create value by incorporating both meme coin capabilities and artificial intelligence, two of the hottest themes in the industry. Therefore, there is a likelihood that the token will surge after its listing in the coming weeks. You can buy the MMTR token here.
Still, like all assets, investing in Memeinator carries some risks. The biggest risk is if the price crashes hard shortly after listing. If this happens, it is possible to have some losses. Therefore, the solution is to engage proper risk management strategies, including only allocating funds that you can afford to lose.
The post Crypto market cap hits $1.61T as Memeinator token sale thrives appeared first on CoinJournal.
