Bitcoin Touches $63K As Meme Coins Continue To Soar

After several days of disappointing price movements, bulls seem to be making a comeback. The cryptocurrency market experienced an increase of nearly $70 billion in total capitalization over the last 24 hours. This surge coincided with Bitcoin (BTC) showing a significant recovery, rising to $63,000.

Bitcoin Recovers
Just a few days prior, Bitcoin had fallen below $60,000, briefly dipping under $59,000. Fortunately, bulls reacted swiftly, orchestrating an impressive rally that reached about $63,400 earlier today. Although the price has since retraced slightly, BTC still recorded a 3.4% increase over the last day.

It is important to highlight that Bitcoin has outperformed the other top 10 cryptocurrencies by market cap, which also saw around $120 million in liquidated leveraged positions, mostly short positions. Sentiment has significantly improved compared to yesterday, currently sitting at a neutral stance, up 17 points today.

Altcoins on the Rise
Altcoins are thriving, with all trading in the green. Notable cryptocurrencies like ETH, BNB, SOL, XRP, DOGE, TRX, TONCOIN, and ADA are experiencing modest gains ranging between 0.5% to 3%. Bitcoin has managed to surpass all of these.

One of the standout performers today is NEIRO on ETH, a popular meme coin known for its vibrant online community, which experienced a remarkable rise of over 40% in just 24 hours. Overall, WhiteBIT Coin (WBT) ranks as the second-best performer among the top 100, up nearly 30%, followed closely by Ethenea (ENA), which has increased by 25%. Conversely, Uniswap (UN) is down 2% today, although it has gained 17% over the past week.

Other Markets

Chinese economists express a desire for more decisive action to combat deflation, as the finance minister has not specified the expected fiscal stimulus amount. Despite this lack of new measures, efforts are underway to reassure investors. Inflation in China has come in lower than anticipated, and factory prices are decreasing. Key insights emerge as China reveals strategies aimed at revitalizing the economy and addressing the housing crisis.

Meanwhile, the European Central Bank plans to implement an unexpected rate cut, intensifying global easing. SpaceX has secured approval sooner than anticipated to launch its fifth Starship and is starting to feel pressure due to rising competition.

Reports indicate that the U.S. anticipates Israel will target Iranian military and energy facilities. Additionally, Iraq acknowledges it produced below its OPEC+ oil quota last month. In the electric vehicle sector, significant disagreements persist between China and the EU regarding EV tariffs, following eight rounds of discussions in Brussels that have yet to yield an agreement.