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Haider Jamal

May 05, 2024

Meme Coins Continue To Flourish As Bitcoin Looks To Regain Momentum

Bitcoin (BTC) is experiencing a continued resurgence as it reached over $63,000 earlier this week. Meanwhile, the leading meme coin, DOGE, has seen a surge of over 12% in the last 24 hours. Most alternative coins (altcoins), including the famously volatile meme coin category, have similarly experienced significant gains.

 

BTC Seeks $64K

Bitcoin endured a challenging trading week with multiple price drops. Despite initially reaching nearly $65,000 on Monday, it faced bearish pressure, sliding to $62,000. The downtrend persisted, dipping below $60,000 and hitting a two-month low of $56,500 by Wednesday, before the US Federal Open Market Committee (FOMC) meeting.

Following the meeting, where the Fed signaled no imminent interest rate hikes, BTC saw a $2,000 fluctuation before returning to its starting point. It gradually recovered, approaching $60,000 yesterday. Initially halted, it later surpassed this psychological barrier, reaching a multi-day peak of $63,500. Despite some retracement, the flagship crypto currently hovers around $63,000, marking a 6% daily increase. Its market cap now stands at $1.240 trillion, with a dominance of 50.5% over altcoins.

 

Meme Coins Show Gains

Leading altcoin gainers, particularly within the volatile meme coin sector, include Dogecoin, up over 12% to trade at $0.15, and PEPE, with an 11.7% increase. SHIB has also gained 8%, exceeding $0.000025. STX stands out with a 14% surge to $2.4. Ethereum (ETH) and Binance Coin (BNB) have similarly risen by around 3.5%, with ETH surpassing $3,100 and BNB at $585.

Other notable gainers among larger-cap altcoins include TON, BC, AVAX, NEAR, and HBAR. The total crypto market cap has rebounded by over $200 billion since the lows seen on Wednesday, reaching $2.460 trillion on CoinMarketCap.

 

Other Markets

Mexican retailer BBB exceeded its initial public offering goal, raising a substantial $589 million. In the market sphere, there is growing concern as profit outlooks sour. Meanwhile, Warren Buffett weighed in on the corporate tax landscape, foreseeing a likely rise to address the deficit. Attention turns to the future direction of Berkshire Hathaway post-Buffett and the passing of Munger, with ISS advising Boeing investors to reject CEO compensation packages.  Elsewhere, discussions abound on the taxation of capital gains and potential reforms.

In other recent developments, Western sanctions are squeezing Putin and his Arctic gas aspirations, while Treasury Secretary Yellen advises caution post-yen surge. Amidst these market dynamics, BlackRock confronts various challenges, emphasizing the complexity of contemporary financial landscapes and subsequent regulatory policies.

 

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