🔥🔥🔥 #memecoin Sector Shines as Total Crypto Market Cap Moves Above $2.5T

Amidst the crypto market's staggering surge to surpass $2.5 trillion in market cap, a notable trend is emerging: the rise of memecoins as prominent winners. This sector, characterized by its meme-inspired tokens, has not only flourished but has also outpaced the market capitalization of non-fungible tokens (#NFTs ).

The surge in market cap has been underscored by data from CoinGecko, showcasing the crypto market's monumental growth. Messari CEO Ryan Selkis pointed out that the memecoin market alone has reached a staggering $40 billion, eclipsing several emerging sectors, including decentralized finance (DeFi).

Amidst this bullish backdrop, major #cryptocurrencies have also witnessed significant price surges. Memecoins like #PEPE🔥🔥 , for instance, have experienced an astounding 300% surge in value over the past seven days. Meanwhile, leading cryptocurrencies such as Ethereum and Bitcoin have demonstrated notable price spikes, with Ethereum registering a 12.51% increase and Bitcoin surging by 24.4% during the same period.

The anticipation of additional #BitcoinETF providers entering the market has heightened speculation and excitement. Reports indicate that Bank of America's Merrill Lynch and Wells Fargo & Co have begun offering spot Bitcoin exchange-traded funds (ETFs) to their clients. This development is expected to facilitate a substantial influx of funds into the crypto market, potentially driving market cap even higher.

Moreover, attention is focused on Ethereum's price trajectory amidst ongoing speculation regarding the potential approval of a spot Ethereum ETF in May. As crypto prices typically correlate with market capitalization, any significant price increases are likely to further bolster overall market cap. This metric is determined by multiplying the current price of a cryptocurrency by its circulating supply.

Source - beincrypto.com