Meme Coins Making a Comeback Amid Ongoing Bitcoin (BTC) Consolidation (Weekend Update)
The recent price fluctuations of Bitcoin have remained quite subdued, yet the cryptocurrency has seen a recovery from yesterday’s decline, currently trading at $104,000.
In contrast, several alternative coins have exhibited more significant gains in the last day, primarily within the highly volatile meme coin market.
Continued BTC Consolidation
The week began with increased volatility for Bitcoin following the trade agreement between the US and China. Initially, the price surged to nearly $106,000 before a brief downturn saw it drop below $101,000 within hours.
Despite this, a predominantly optimistic market sentiment allowed Bitcoin to hold onto its six-figure price range. It later bounced back, peaking at $105,000 a day later, only to face another rejection. While similar price fluctuations occurred at a smaller scale, Bitcoin mostly stayed above $103,000.
It dipped below this threshold yesterday, but that proved to be temporary, and it is now stabilizing around $104,000. This shift has increased its market cap to over $2.060 trillion, while its dominance over alternative coins has slightly decreased since yesterday, still resting above 60%. Nevertheless, many analysts are suggesting that an altcoin season may be underway.
Meme Coins See Recovery
Many alternative coins have rebounded following a sharp decline the previous day. Ethereum has regained the $2,500 mark after a 2% increase, while XRP is approaching $2.4 after a similar uptick. Notable daily gains were also recorded by SOL, TRX, AVAX, and LINK.
However, meme coins have taken the lead in terms of percentage gains. The largest of these has jumped by 5% to $0.22, and SHIB has risen by 5.5%, currently trading above $0.000015. Even more impressive gains came from tokens like WIF (11%), Fartcoin (9%), BONK (8%), and FLOKI (8%).
PI has found its place roughly among these tokens with a 9% daily rise, although it has fallen by 19% since last Sunday.
The total cryptocurrency market cap has maintained the $3.4 trillion mark, reflecting a $30 billion increase since yesterday.
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Disclaimer: This information reflects the views of the writers quoted and does not necessarily represent a recommendation to buy, sell, or hold any assets. Conduct your own research before making investment decisions. Use the information at your own risk.
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