DOGE- SHIB- PEPE Lead Daily Winners; BTC Hits $63K (Weekend Update)

Bitcoin Recovers, Meme Coins Surge

In the past 24 hours, the leading meme coin, DOGE, has experienced a significant surge of over 12%. Concurrently, Bitcoin has extended its recovery, rising from below $59,000 yesterday to a multi-day high of over $63,000 today.

This positive trend has also buoyed most altcoins, including the highly volatile meme coin sector, which has once again witnessed impressive gains.

Bitcoin Navigates Volatility Amidst Challenging Trading Week

Bitcoin endured a turbulent trading week marked by substantial price fluctuations. The week commenced positively, with BTC reaching close to $65,000 on Monday morning. However, bears quickly seized control, driving the price down to $62,000.

The downward momentum continued, with the asset plummeting to and below $60,000, hitting a two-month low of $56,500 on Wednesday, just prior to the latest US Federal Open Market Committee (FOMC) meeting.

Following the meeting's conclusion and the Fed's announcement of no imminent interest rate hikes, BTC experienced a volatile pump and dump of $2,000, returning to its initial position. However, it gradually regained ground in the subsequent hours, approaching $60,000 again.

Despite initial resistance, BTC eventually broke through the psychological barrier and soared to a multi-day peak of $63,500. Despite some retracement since then, bitcoin is currently trading around $63,000.

With a daily increase of 6%, its market capitalization has reached $1.240 trillion, while its dominance over altcoins stands at 50.5%.

Altcoin Surge Led by Meme Coins and Notable Gainers

Within the volatile meme coin sector, the top gainers have emerged among the largest altcoins. Dogecoin, the progenitor of meme coins, has surged by over 12% and is currently trading at $0.15. Following suit, PEPE has recorded an 11.7% increase, while SHIB has gained 8% and surpassed $0.000025. Additionally, STX has seen an impressive surge of 14%, reaching $2.4.

Ethereum (ETH) and Binance Coin (BNB) have also experienced notable increases of around 3.5%. As a result, ETH has surpassed the $3,100 mark, while BNB is trading at $585.

The positive momentum extends to other larger-cap altcoins such as TON, BC, AVAX, NEAR, and HBAR, all of which are trading in the green.

Since hitting a low on Wednesday, the total crypto market cap has rebounded by over $200 billion, reaching $2.460 trillion on CG (CoinGecko).

Important Notice: This article is solely intended for informational purposes and should not be construed as legal, tax, investment, financial, or any other type of advice.