Bitcoin’s recovery persists, leaping from under $59,000 to over $63,000, with many altcoins echoing its ascent. Bitcoin’s market cap now stands at $1.240 trillion, asserting dominance over the altcoins at 50.5%. Notably, leading gainers among major altcoins emerge from the volatile meme coin realm, featuring Dogecoin, PEPE, and SHIB.
Bitcoin keeps getting better, reaching a peak over several days, and many other coins, especially meme coins, are doing the same.
Bitcoin’s Rollercoaster Week: From Highs to Lows and Back
Last week proved challenging for Bitcoin, with its price experiencing significant fluctuations. The week began on a positive note as BTC surged to nearly $65,000 on Monday morning. However, bears swiftly gained control, driving the price down to $62,000. The downward trend continued, with BTC slipping below $60,000 and hitting a two-month low of $56,500 by Wednesday, just before the latest US Federal Open Market Committee (FOMC) meeting.
Following the FOMC meeting, where the Federal Reserve announced no immediate plans to raise interest rates, Bitcoin experienced a $2,000 price swing before returning to its initial level. Despite this turbulence, Bitcoin began to regain ground, approaching the $60,000 mark again.
Breaking through psychological resistance barriers, Bitcoin surged to a multi-day peak of $63,500, propelled by bullish momentum. Although it has retraced slightly since then, Bitcoin currently hovers around $63,000, marking a 6% daily increase. This surge has propelled its market cap to $1.240 trillion, with Bitcoin’s dominance over other cryptocurrencies standing at 50.5%.
Altcoin Surge: Meme Coins Lead Gains in Crypto Market
The volatile meme coin sector has seen significant gains among the largest altcoins. Dogecoin, the pioneering meme coin, leads the pack with a remarkable 12% surge, now trading at $0.15. Following closely, PEPE has also experienced substantial growth, jumping by 11.7%. Meanwhile, SHIB has gained 8% and now sits above $0.000025.
STX emerges as another standout performer, skyrocketing by 14% to $2.4. Ethereum and Binance Coin, while not as volatile, have also witnessed notable increases of around 3.5%. As a result, ETH has surpassed the $3,100 mark, while BNB is trading at $585.
The positive momentum extends to other larger-cap altcoins, including TON, BC, AVAX, NEAR, and HBAR, all showing gains.
Overall, the total crypto market cap has rebounded impressively, surging by over $200 billion since Wednesday’s low to reach $2.460 trillion on CoinGecko.
In Summary
Bitcoin is on the mend, reaching its highest point in several days, and many other coins, especially meme coins, are seeing similar gains. Overall, the total value of the cryptocurrency market has bounced back by over $200 billion since its low point on Wednesday, now sitting at $2.460 trillion on CoinGecko. It’s a prime opportunity for investors to stay vigilant and monitor market trends closely.
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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