Cryptocurrency markets recorded significant gains today as the prices of digital assets, meme coins, and DeFi tokens rose significantly. After several days of declining activity and low confidence, meme coins gained momentum at the beginning of the week.
On-chain data shows that crypto traders are entering new positions as the market surges and gains momentum. The meme coin market has benefited greatly from new investment inflows and confidence in digital assets.
Meme Coin Notch Gain
Memecoin's market capitalization increased by 13% to $62.8 billion, with daily trading volume of $8.6 billion. Dogecoin (DOGE) is up 1.5% in the past 24 hours and 27.7% in the past 7 days. Shiba Ainu and PEPE recorded larger increases of 5.5% and 8.1%, respectively, in 24 hours, and 11.2% and 21% over the last week overall.
Catfish topped the memecoin leaderboard with a price increase of 143% in the past 24 hours, followed by el gato and Tombili the Fat Cat with 104% and 93% respectively.
As momentum builds around meme coins, communities across the social media space are rallying behind these assets and predicting further bullish pressure. Last week, meme coins witnessed an outflow after the entire market traded sideways.
Declining enthusiasm for the Solana memecoin also contributed to the decline in market capitalization, with analysts pointing to further lows. Solana memecoin rose 15%, with a market cap of $6.3 billion. Lead Dogwifat fell 2.2%, while BONK and SLERF rose 6% and 13%, respectively, during the same period. Today, MYRO and POPCAT soared 5.8% and 26%.
Bitcoin surpasses $70,000
After several days of liquidation due to investor weakness, Bitcoin price rose above $70,000. Last week, crypto investment products saw more than $900 million in capital outflows from institutional investors.
With the turn of events, Bitcoin briefly rose 5.36% above $71,000 before registering a slight correction. Bitcoin prices are rising for a number of reasons, including expectations for the upcoming halving event, as traders and miners position themselves for a bullish phase.
Other assets such as Ethereum, BNB, and Solana are also rising following the broader market rally. BNB and Solana rose 3.3% and 3.6%, respectively, while Ethereum rose 4.96%.
Also read: Crypto markets ignite bullish momentum today: Here's why
