As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I’ve seen my fair share of market swings and trends. The recent surge of Bitcoin to nearly $68,500 was indeed an exciting development, reminding me of the unpredictable nature of this digital gold rush. However, the subsequent correction to over $67,000 serves as a stark reminder that in crypto, no gain is permanent until it becomes a profit.
Yesterday, I witnessed Bitcoin reaching a fresh multi-month high, nearly touching $68,500. However, its momentum slowed down, and at present, it’s hovering slightly above $67,000.
Today, many alternative cryptocurrencies (altcoins) seem lethargic, but XRP is an exception, registering a 2.5% increase. Among them, two meme-based coins have experienced the highest growth rates.
BTC’s Way Up
Over the past week, it’s clear that Bitcoin had a favorable run. A week ago, it appeared as if the bears were dominating the market, pushing prices down forcefully to a level not seen for several weeks, below $59,000.
Initially, the bulls struggled, but they intensified their efforts from that point forward, preventing any further losses. On the contrary, Bitcoin picked up speed and hovered around $63,000 over the weekend. The business week began with even more optimism, as it surged toward $68,000 on Tuesday.
Following an abrupt drop of approximately $3,000, bitcoin rebounded aggressively and climbed up to $68,450 on Bitstamp the day before, marking its peak price point since late July.
Despite the significant investments into Bitcoin spot ETFs, it didn’t sustain its upward trend and has dropped by over a thousand dollars now. However, its market capitalization stands firm at $1.330 trillion, while its control over alternative cryptocurrencies is currently at record highs of 55% on CoinGecko and 59% across other tracking platforms.
Memes in the Zone
On a day-to-day basis, the majority of bigger alternative cryptocurrencies have shown little activity. Specifically, Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), Tron (TRX), and TON have experienced either minimal increases or negligible decreases. Ripple‘s XRP has experienced the most growth – a 2.4% increase, currently trading above $0.55.
The most successful digital assets from the leading 100 alternatives are known as meme coins. Currently, BONK has experienced a boost of 7% and is approaching $0.000024, whereas NEIRO has increased by 5.5%, with a value of $0.00199. Additionally, SUI, POPCAT, and XLM have also seen growth in their values.
Today, the overall value of the cryptocurrency market has held fairly steady compared to yesterday, hovering near the $2.420 trillion mark on CoinMarketCap.
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2024-10-17 11:56