As a seasoned crypto investor with a penchant for meme coins and a knack for spotting trends, yesterday’s market action was a rollercoaster ride that I’ve come to expect but never tire of. The Bitcoin bulls reappeared, pushing the price above $62K, which is always a thrilling sight. However, the volatility in the derivatives market took its toll, as it often does, with more than $110 million worth of leveraged positions getting wiped off.
Over the past day, the crypto market experienced significant fluctuations, with Bitcoin leading the charge and surpassing $62,000.
The uptick has also given leeway to smaller-cap altcoins to recover, with one viral meme coin exploding by as much as 25% on the day. Let’s dig in.
Bitcoin Bulls Reappear, Push Price Above $62K
Over the past day or so, Bitcoin’s value hovered near $61,000, but the bears were able to slightly lower it to approximately $60,800 at one point.
However, buyers stepped up and conquered $61K. Today, the positive sentiment seems to continue, as BTC is currently trading at around $62,250.
Over the last few days, the price movements of BTC hold significant value. How it behaves within this current range can provide insights into where its trend might head next.
Consequently, the unpredictability significantly impacted the derivatives market. In the last 24 hours alone, over $110 million in high-leverage trades were liquidated, with approximately $64 million being short positions.
Today’s market feels more balanced, showing progress as yesterday was marked by widespread anxiety.
POPCAT Explodes 25%, Leads Meme Coin Gains
As a researcher, I’m observing that the vast majority of altcoins are experiencing positive trading movements, although the gains are generally modest. Notably, significant players like XRP, ADA, AVAX, SOL, BNB, ETH, and others, are seeing growth within the range of 0.5% to 1.5%.
In the last 24 hours, meme coins have been thriving exceptionally well. On an average, memes have risen by 9%, yet it appears that cat-themed coins are outperforming in this context.
POPCAT, for example, is up 25%, while larger meme coins like DOGE and SHIB are up by about 1%.
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2024-10-05 15:58