In the midst of Bitcoin’s slight retracement below $62,000, meme coins have taken the spotlight this week with astonishing gains. One of the standout performers has been Dogwifhat (WIF), making massive waves in the cryptocurrency market. While the total crypto market cap has decreased slightly on a day-to-day basis, it has seen an increase of over $100 billion in the past seven days.
The resurgence of the bull market is evident as assets that were previously overlooked have surged in popularity, resulting in significant gains. Meme coins, in particular, have experienced a surge in interest and value. Dogecoin, known as the original meme coin, saw a 70% increase this week, reclaiming its position in the top 10 digital assets by market cap with a price nearly reaching $0.14.
Surpassing Dogecoin, its main rival Shiba Inu saw a remarkable 130% increase in value over the week, showcasing the growing popularity of meme coins. Other meme coins such as BONK, PEPE, FLOKI, and WIF have also seen substantial gains. WIF, in particular, has skyrocketed by almost 400% in the past seven days, trading close to $1.7 and setting frequent all-time highs.
Bitcoin’s Journey
Despite the impressive gains seen across the cryptocurrency market, Bitcoin has faced some challenges in recent days. While it surged from $51,000 to $64,000 in a week, it has struggled to surpass the $62,000 mark and has experienced a minor retracement. Bitcoin’s market cap remains above $1.2 trillion, solidifying its position among the top 10 largest financial assets. However, its dominance over altcoins has declined slightly, falling below 50% on CoinGecko.
The overall crypto market has witnessed significant gains over the past seven days, with almost every asset experiencing a surge in value. The total market cap has seen an impressive increase of $120 billion since the previous week, indicating a positive trend in the market. Bitcoin’s performance in February was noteworthy, with its largest monthly gain in history, reaching close to its previous all-time high.
The rise of meme coins and the stall of Bitcoin paint a dynamic picture of the cryptocurrency market. While meme coins have captured the spotlight with staggering gains, Bitcoin has faced challenges in maintaining its upward momentum. The market’s overall movement indicates a positive trend, with assets across the board experiencing significant growth. As the cryptocurrency market continues to evolve, the interplay between established assets like Bitcoin and newer entrants like meme coins will be a key factor to watch.