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The decline in Ethereum's relative value is also reflected in a broader trend of rising Bitcoin dominance at 53%, amidst infrastructure attempts to diversify assets and investor preferences. Federal regulatory decisions, such as potential ETF rejections, further cast doubt on Ethereum's prospects and its inflationary trajectory.
Market Cap Composition and Meme Coin Surge
The total market cap of cryptocurrencies is roughly equal to one company’s valuation—Nvidia—highlighting the sector’s infancy. Meanwhile, meme coins like Pepe, Floki, and others have surged in popularity, drawing liquidity and trading volume, sometimes at the expense of more established assets.