Bitcoin Breaks Above $64K, Trending Meme Coins Also Surge (Market Watch)

The cryptocurrency market’s total capitalization increased by over $50 billion in the past 24 hours and is currently at around $2.35 trillion.

This comes on the back of increases in the price of Bitcoin and most altcoins. Some popular meme coins are also exploding, so let’s take a quick look.

Bitcoin Tests $64,000, How High Can it Go?

Bitcoin’s price soared above $64,000 today, and it is currently testing its next important level, at $65K.

As you can see on the chart, the surge was sudden, taking the price from below $63,000 to above $64,000 in one hourly candle. The bears attempted to push it back down but were unable to do so, and the bulls are currently in control.

This can also be seen in the derivatives market, which marked over $180 million worth of leveraged positions in the past 24 hours. Almost $120 million of these were short traders, highlighting the strength of the buyers at the present time.

Altcoins Pop, Meme Coins Surge

As it’s evident in the heatmap below, the majority of the altcoins are charting gains as well.

Some are performing better than others, of course. For instance, from the large-cap cryptocurrencies, SOL is up by more than 4%, while ETH and XRP are struggling to increase by more than 1%.

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Things are getting more interesting in the meme coins category, where trending coins such as BRETT and MOG are skyrocketing. Both are up significantly, with the former exploding by around 20% daily and the latter by about 12%.

Meme coins on the Base chain, however, are performing the best out of all categories in the crypto market. In general, they have increased by more than 12% in the past 24 hours.