After yesterday’s push beneath $87,000, it appears that the bears have lost control of the market, as Bitcoin (BTC) has spiked above $88,000 and is now eyeing the $90,000 mark.
In addition, several altcoins have displayed notable gains over the past 24 hours, particularly representatives from the meme coin niche. Conversely, the PI cryptocurrency continues to experience a downward trend.
BTC Stable at $88K
The primary cryptocurrency experienced a brief surge past $87,000 last Thursday morning, following the latest Federal Open Market Committee (FOMC) meeting and the positive announcement from Ripple’s CEO, Brad Garlinghouse. Although BTC failed to decisively breach this level and was subsequently pushed lower in the following days, the overall sentiment in the market remained positive.
The weekend observed relatively little movement, with BTC stabilizing around $84,000. It wasn’t until Sunday evening that the asset began to chart gains again. These gains continued into the following day, propelling Bitcoin to a peak of $88,800 on Bitstamp, although it faced immediate rejection at this point and dropped over $2,000.
Despite the pullback, bullish sentiment remains strong, enabling BTC to recover once more. As it stands, the cryptocurrency is trading above $88,000, with a hefty market capitalization of $1.750 trillion. Furthermore, BTC’s dominance over the altcoin market, which saw a decline of just shy of 1% last week, now sits at 58.3%.
Memes on the Rise
Meme coins, having been hit hardest during the recent market crash, which saw declines of 50-60% from local peaks, are now stirring with renewed excitement. In the last 24 hours, the three largest meme coins have posted significant gains.
DOGE has risen by 11%, trading above $0.20, while SHIB experienced a more robust surge, climbing over 16% to reach $0.000016. PEPE has also seen gains, increasing by 13% with a current price of $0.000009.
Other cryptocurrencies, including ETH, XRP, SOL, ADA, LINK, XLM, AVAX, TRX, and LEO, have shown slight positive movement, albeit BNB and TON recorded minor losses. The PI cryptocurrency has notably dropped again, losing over 10% of its value within a day.
Overall, the total crypto market capitalization has increased by over $30 billion since yesterday, now reaching approximately $3 trillion.
The current state of the cryptocurrency market presents a compelling narrative of resilience and recovery as Bitcoin aims for new heights and meme coins look to capitalize on the renewed enthusiasm within the community.
