As a seasoned researcher with over a decade of experience in the ever-evolving world of cryptocurrencies, I find myself constantly amazed by the volatility and resilience of this market. This week has been particularly intriguing, with Bitcoin touching $66,500 for the first time since August 1, only to retreat slightly. The meme coin realm, however, has truly stolen the show, with Shiba Inu and PEPE leading the charge.
On Friday, Bitcoin responded positively to the U.S. inflation data, reaching a height of approximately $66,500 – a level not seen in about two months. However, it briefly pulled back slightly afterward.
Over the last day, numerous alternative cryptocurrencies have also seen significant growth, with the meme coin sector taking the lead in these positive developments.
BTC Touched $66.5K
To begin the work week, Bitcoin saw a promising start as it had previously made strides following the US Federal Reserve’s interest rate reduction on September 18th. By the weekend, Bitcoin was valued at approximately $63,000, and on Monday, it surpassed $64,500.
Initially, it struggled to hold its ground, but managed to reach the same height later. Nevertheless, on Thursday, the bears regained dominance and drove the price down to approximately $62,700 on Bitstamp.
Contrary to expectations, the bullish trend didn’t hold and the cryptocurrency changed direction yet again. The peak was reached last night at a record high of $66,500, a level not seen since August, following encouraging inflation data from the U.S.
Despite experiencing a dip in popularity, currently hovering just under $66,000, it still maintains a market value of more than $1.3 trillion on the crypto exchange. Moreover, its control over other digital currencies, or altcoins, has grown slightly to approximately 53.8%.
SHIB, PEPE Jump Again
This week has been particularly significant for meme coins, with the last few days standing out. Shiba Inu often took the lead and saw an additional 6% increase within the past day. Additionally, the second-largest meme coin came close to reaching $0.000022 earlier today, marking the first time in over three months it had reached such a level. Over the course of the week, Shiba Inu has risen by 42%.
PEPE, like other noteworthy contenders, has experienced a significant boost, rising by approximately 6.5% over the past day and an impressive 36% since last Saturday. In the meme coin sector, coins such as WIF, BONK, and FLOKI have also shown substantial growth.
On a daily basis, Ripple and Toncoin, along with Binance Coin (BNB), Ethereum (ETH), Dogecoin (DOGE), and Tron (TRX) are displaying positive trends among the larger alternative cryptocurrencies. However, BNB, ETH, DOGE, and TRX are showing more subtle gains compared to Ripple and Toncoin.
The total value of all cryptocurrencies has experienced a small rise compared to yesterday, currently standing at over $2.420 trillion.
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2024-09-28 11:04