Crypto Market Hits $2.14 Trillion, Bitcoin Surges 5.1%, Outpacing Nvidia

The cryptocurrency market has recently achieved a significant milestone by reaching a valuation of over $2 trillion for the first time since April 2022, with Bitcoin (BTC) rising as much as 5.1% and now accounting for approximately 52% of the entire market. This surge in valuation is attributed to notable increases in both BTC and Ethereum (ETH) prices. The rise in the crypto market cap is also fueled by the growing interest in Bitcoin ETFs, which are increasingly drawing assets under management (AUM) away from Gold ETFs. The total market cap now stands at $2.14 trillion, surpassing the market capitalization of tech giant Nvidia. This resurgence in the crypto market's valuation is seen amidst a backdrop of changing Federal Reserve swap pricing, which now anticipates only 75 basis points of cuts, a reduction from the approximately 150 basis points expected earlier in the year.