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The cryptocurrency market has recorded massive gains today after digital assets, memecoins, and DeFi tokens saw a major uptick in prices. After days of reduced activities and low confidence, memecoins sparked into momentum at the start of the week.
On-chain data shows cryptocurrency traders entering new positions as the market upsurges and gain strength. The memecoin market has been a major beneficiary of renewed investment inflows and confidence in digital assets.
Memecoins Notch Gains
The market capitalization of memecoins is up by 13% to 62.8 billion with a daily trading volume of $8.6 billion. Dogecoin (DOGE) is up 1.5% in the last 24 hours and 27.7% in the past seven days. Shiba Ainu and PEPE recorded larger gains of 5.5% and 8.1% in 24 hours and 11.2% and 21% respectively across last week.
Catfish tops the memecoin leader board in the last 24 hours with a 143% price boost while el gato and Tombili the fat cat follow suit with 104% and 93% respectively.
As momentum builds around memecoins, the community on social media spaces has rallied behind these assets projecting further bullish pressure. Last week, memecoins where witnessed outflows after the wider market traded sideways.
The reduced frenzy Solana memecoins also contributed to the decline in market capitalization with analysts pointing to further lows. Solana memecoins are up 15% with a market capitalization of $6.3 billion. Although lead dogwifhat is down 2.2% BONK and SLERF are up 6% and 13% respectively within the same period. MYRO and POPCAT have soared 5.8% and 26% today.
Bitcoin Powers Past $70k
Bitcoin price has moved up above the $70k point after days of liquidations sparked by reduced investor strength. Last week crypto investment products saw outflows above $900 million from institutional funds.
In a turn of events, Bitcoin has jumped 5.36% temporarily mining above $71,000 before recording a slight correction. Bitcoin price is up for many reasons including anticipation of the upcoming halving event as traders and miners position towards the perceived bullish phase.
Other assets like Ethereum, BNB, and Solana are also up following the wider market rebound. While Ethereum is up 4.96%, BNB and Solana are up 3.3% and 3.6% respectively.
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