The post Crypto market cap hits $1.61T as Memeinator token sale thrives appeared on BitcoinEthereumNews.com.

The cryptocurrency market cap has jumped to $1.61 trillion. Data by CoinMarketCap shows that the valuation sits at $1.59 trillion. 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.…

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Filed under: News - @ December 5, 2023 10:26 pm