Crypto News- Breaking records, the crypto market cap soared past $2.5 trillion, with meme coins leading the charge. According to Ryan Selkis, CEO of Messari, meme coins now boast a collective market cap exceeding $40 billion, outpacing even the likes of DeFi and exchanges.
“Memecoins ($40B+ in aggregate market cap) are bigger than DeFi, DePIN, Exchange cohorts,” Selkis emphasized.
Memecoin Frenzy Sparks Crypto Market Surge, Crossing 2.5 Trillion Dollars Threshold
Fueling this surge are major crypto tokens experiencing significant price hikes. Notably, meme coins like PEPE saw an astonishing 300% surge in the last week alone. Ethereum marked a 12.51% price increase, while Bitcoin surged by 24.4% over the same period.
Speculative events are also on the horizon, promising further market cap growth. With potential new Bitcoin ETF providers entering the scene, a flood of funds is anticipated to enter the market, potentially propelling market cap even higher.
Recent reports suggest Bank of America’s Merrill Lynch and Wells Fargo & Co are gearing up to offer spot Bitcoin exchange-traded funds (ETFs) to clients. Ethereum’s fate is also under scrutiny, with speculation rife regarding the approval of a spot Ethereum ETF in May.
As prices climb, market capitalization follows suit, calculated by multiplying the current price by the crypto’s circulating supply. Exciting times lie ahead as the crypto market continues its upward trajectory.
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