The surge in Bitcoin‘s price back up to $70,000 has led to a boom in the value of meme coins, making them currently the most profitable investment option amongst alternative cryptocurrencies.
In recent days, the meme coin category has seen significant expansion, surprising many in the cryptocurrency world despite skepticism about their practical uses and the crypto community’s disapproval. (Paraphrased version)
Meme Coins Dominate Altcoin Sector
In the year 2024, Santiment pointed out that there has been a significant trend in the crypto market towards the growth of speculative assets, such as meme coins, which challenges the notion that hype surrounding projects with little development is cause for concern.
These significant price increases in Dogecoin (DOGE), Maga (TRUMP), ArbDoge AI (AIDOGE), SPX6900 (SPX), and other meme coins with rapidly growing market caps are seen as potential indicators that they might be approaching their peak by some observers. However, according to Santiment’s analysis, the timing of these rallies may not signal their imminent end. This is because the upcoming Bitcoin halving event, which is scheduled for approximately eight days from now, could potentially influence the markets in unexpected ways.
Historically speaking, the Bitcoin halving has been a bullish occasion for Bitcoin (BTC), causing its value to rise and pulling up the broader crypto market with it. The reason for this is that the halving event reduces the inflation rate of Bitcoin by decreasing the number of new Bitcoins mined each day. This reduction is achieved by cutting in half the rewards given to miners for each block they mine.
In recent weeks, Bitcoin (BTC) has experienced volatility with a new record-breaking price followed by a decline as investors prepared for the upcoming halving. However, since yesterday, BTC has rebounded, increasing around 2% from under $68,000 to above $70,000 and approximately 6% in the last seven days. Data from CoinMarketCap reveals that Dogecoin (DOGE), Trumpcoin (TRUMP), Aidrocoin (AIDOGE), and S&P 500 Index (SPX) have all experienced significant gains – increasing by 9%, 36%, 31%, and 70% respectively, over the past week.
Large Cap Altcoins Trail Behind
Instead of that, let me rephrase it this way: While small-cap cryptocurrencies have been surging forward with significant gains in the recent days, large-cap altcoins such as Ether (ETH), Solana (SOL), Cardano (ADA), and Avalanche (AVAX) are lagging behind. Over the past week, ETH has only managed a 6% increase, along with a meager 1.7% rise in the last 24 hours. Solana has experienced a downward trend, losing over 7% of its value during this period. Cardano has mostly stayed put, gaining just 2% since yesterday, while Avalanche has neither gained nor lost any value.
Large-cap altcoins might regain prominence in the upcoming months based on analyst predictions, suggesting an imminent surge in the altcoin market following Bitcoin’s halving event.
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2024-04-11 19:38