As a seasoned crypto investor with battle-scarred fingers and a portfolio that’s seen more ups and downs than a rollercoaster, I can confidently say that today’s market surge is a sight for sore eyes. The $50 billion increase in total capitalization within 24 hours is nothing short of breathtaking, especially when Bitcoin tests its next level at $65K and altcoins follow suit.
In just the last day, the overall value of the cryptocurrency market has surged beyond $50 billion, now standing approximately at $2.35 trillion.
Following recent surges in the cost of Bitcoin and many other alternative cryptocurrencies, as well as some well-known meme coins, it’s worth checking them out briefly.
Bitcoin Tests $64,000, How High Can it Go?
Today, the value of Bitcoin surpassed $64,000 and is now attempting to break through a significant milestone at around $65,000.
On the graph before you, a swift spike is noticeable. This spike caused the price to leap from under $63,000 to over $64,000 within a single hourly period. The bears made an effort to reverse this trend, but they failed, and now the bulls are holding the reins.
In the derivatives market, there were more than $180 million in leveraged trades over the last day. Approximately $120 million of these positions were taken by short sellers, indicating that currently, the power lies with the buyers due to their strong presence.
Altcoins Pop, Meme Coins Surge
As it’s evident in the heatmap below, the majority of the altcoins are charting gains as well.
As an analyst, I’ve noticed some significant variations in performance among the large-cap cryptocurrencies. For example, Solana (SOL) has seen a growth of over 4%, whereas Ethereum (ETH) and Ripple (XRP) are finding it challenging to surpass a 1% increase.
As an analyst, I’m finding the meme coin sector increasingly captivating. Notably, coins like BRETT and MOG are experiencing a remarkable surge. Daily, BRETT is soaring by approximately 20%, while MOG is climbing around 12%.
As a crypto investor, I’ve noticed that meme coins on the Base chain are leading the pack in terms of performance across all categories in the crypto market. Over the last 24 hours, these coins have seen a surge of more than 12%, which is quite impressive.
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2024-10-14 12:46