Crypto Market Cap Hits $3.40T After 1.31% Surge

The cryptocurrency market continues to gain momentum, with investors searching for the next major opportunity. The price of Bitcoin ($BTC) exceeded $98,000 to reinforce investor trust in this space. Sonic ($S) has observed an 18% growth as per CryptoRank.io data while token $IP displayed a 53% meteoric rise which captured great interest from both traders and analysts.

The cryptocurrency market capitalization increased by 1.31% to reach $3.40 trillion on Wednesday, continuing its upward trend.

The price of Bitcoin ($BTC) rose to over $98,000, while several small-cap tokens, including $S and $IP, experienced significant gains.

Here is a closer look at the latest market overview:

* **Total crypto market cap:** $3.40 trillion (+1.31%)

* **Bitcoin dominance:** 57.38% (+0.02%)

* **Fear & Greed Index:** 55 (Greed)

The market capitalization of Bitcoin increased slightly to reach over $98,000, continuing its impressive rally.

At the same time, ether’s price rose to over $3,300, showing a 0.63% decrease.

However, some small-cap tokens experienced massive gains. According to data from CryptoRank.io, token $S observed an 18% growth, while token $IP displayed a 53% meteoric rise, capturing great interest from both traders and analysts.

Several small-cap tokens have soared in value recently, outperforming the broader market.

For example, $NS token recorded a sensational 153% price increase to maintain its leadership in the market.

The price action of $GOOGLZ has been impressive with a 109% increase while $WAGMI token recorded a 93.6% rise.

The price of $ALVA has climbed by 65%, and $JELLYJELLY has experienced a 64.9% increase, attracting the attention of investors.

The crypto industry was also impacted by several new developments in the space.

The Ethereum Foundation released an open intents framework that will accelerate blockchain technological advancements throughout the system.

EigenLayer collaborated with Polymarket and UMA Protocol to develop an improved oracle solution dedicated to maximizing data trustworthiness of decentralized applications.

Grayscale made further progress with its $XRP exchange-traded fund (ETF) when its filing received federal authority registration.

The regulatory process advances to a crucial phase that increases prospects for approval which would drive institutional adoption of cryptocurrency.