The meme coins are making a comeback, showing remarkable daily gains. Bitcoin stayed steady over the weekend, hovering around $62,000. However, the bulls took charge on Monday, propelling its price to a new high of over $65,000.
Meanwhile, Dogecoin and Shiba Inu also saw significant increases. Among them, Pepe, another meme coin, stood out with an impressive surge, outperforming even the larger-cap altcoins.
Bitcoin’s Rollercoaster Ride
Last Monday kicked off similarly to this week, witnessing Bitcoin’s surge from around $51,000 to $55,000, which continued into the late US trading hours. Tuesday and Wednesday followed with even more gains, culminating in a peak of $64,000, the highest since late 2021.
February closed with Bitcoin experiencing its largest monthly gain in history, despite a brief retracement during the week. The following days, including the weekend, were relatively stable, with Bitcoin hovering around $62,000.
However, the bulls returned with vigor on Monday. Within hours, they drove Bitcoin to a new multi-year high of over $65,000, just $4,000 shy of its 2021 all-time high of $69,000.
BTCUSD. Source: TradingView
Currently, the asset is just above that line once more, with its market cap approaching $1.3 trillion. Its dominance over other cryptocurrencies has risen by 0.5% in a single day and now sits above 50% on CoinGecko.
Meme Coins Dominate the Crypto Scene
The recent days have been all about meme coins, and this trend continues. Pepe steals the spotlight again with a whopping 65% surge, pushing it into the top 50 largest cryptocurrencies and hitting a new all-time high.
BONK follows closely with a 50% increase, reaching a price of $0.000035. Among the big players, Dogecoin and Shiba Inu have seen gains of 25% and 30% respectively, bringing SHIB closer to potentially surpassing DOGE as the leading meme coin.
Not to be left behind, Cardano and Polkadot have recorded impressive gains of around 8-10% overnight. While other larger-cap altcoins are also in the green, their increases are more modest.
Cryptocurrency Market Overview. Source: Quantify Crypto
The total crypto market cap has surged by over $100 billion overnight, reaching $2.550 trillion on CMC.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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