In the last 24 hours, the biggest meme coin, DOGE, has surged by over 12%. Meanwhile, Bitcoin has extended its recovery, rising from under $59,000 yesterday to a multi-day high of over $63,000 today.
This positive trend has also lifted most altcoins, including the famously unpredictable meme coin sector, which has seen impressive gains once again.
Bitcoin Faces Volatility Amidst Adverse Trading Week
Bitcoin encountered a turbulent trading week, characterized by significant price fluctuations. The week commenced positively as BTC surged to nearly $65,000 on Monday morning. However, bears swiftly took control, driving the price southward to $62,000.
The downward trend persisted as the asset plummeted to and below $60,000, reaching a two-month low of $56,500 by Wednesday, just before the latest US Federal Open Market Committee (FOMC) meeting.
Following the conclusion of the meeting and the Fed’s announcement of no imminent interest rate hikes, BTC experienced a $2,000 pump and dump, returning to its initial position. However, it began regaining ground in the subsequent hours, approaching $60,000 again.
Although initially halted, BTC eventually broke through the psychological resistance level and climbed to a multi-day peak of $63,500. Despite some retracement since then, bitcoin is currently trading around $63,000.
With a 6% daily increase, its market capitalization has reached $1.240 trillion, while its dominance over altcoins stands at 50.5%.
Bitcoin Price Chart by 04 May 24. Source: TradingView
Altcoin Surge Led by Meme Coins and Impressive Gainers
Amidst the volatile meme coin sector, the top gainers among the largest altcoins have emerged. Dogecoin, the pioneer of the meme coins, has surged by over 12% and is currently trading at $0.15. Following suit, PEPE has recorded an 11.7% increase, while SHIB has gained 8% and surpassed $0.000025. Additionally, STX has seen an impressive surge of 14%, reaching $2.4.
Ethereum (ETH) and Binance Coin (BNB) have also experienced 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 such as TON, BC, AVAX, NEAR, and HBAR, all of which are trading in the green.
Since hitting a low on Wednesday, the total crypto market cap has rebounded by over $200 billion, reaching $2.460 trillion on CG (CoinGecko).
Cryptocurrency Market Overview. Source: QuantifyCrypto
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.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
