Meme Coins Return With Double-Digit Gains as Bitcoin (BTC) Taps $88K (Market Watch)

After yesterday’s push beneath $87,000, the bears seem to have lost control of the market, as BTC has spiked above $88,000 and is eyeing $90,000.

Several altcoins are with notable gains over the past 24 hours, led by reps of the meme coin niche. In contrast, PI keeps dumping.

BTC Stable at $88K

The primary cryptocurrency experienced a brief surge past $87,000 last Thursday morning, after the latest FOMC meeting and the triumphant announcement by Ripple’s CEO, Brad Garlinghouse. Although it failed to breach that level decisively and was pushed south in the following days, the predominantly positive sentiment remained.

The weekend was quiet, with BTC standing still at $84,000. It wasn’t until Sunday evening that the asset started to chart gains. They continued on the following day, and bitcoin peaked at $88,800 (on Bitstamp), where it faced an immediate rejection that pushed it south by over two grand.

Nevertheless, the bulls remain adamant and helped BTC recover. As of now, the cryptocurrency stands at above $88,000, and its market capitalization sits tall at $1.750 trillion on CG. Its dominance over the alts, which lost just shy of 1% last week, is now at 58.3%.

Memes on the Rise

Meme coins were hit the hardest during the latest crash that transpired in the past few months, with massive 50-60% declines since their local peaks. The past 24 hours have brought some excitement in their niche, as the three largest have posted substantial gains.

DOGE has risen by 11% and sits above $0.2, SHIB has spiked by over 16% to trade at $0.000016, and PEPE is up by 13% and has a price tag of $0.000009.

ETH, XRP, SOL, ADA, LINK, XLM, AVAX, TRX, and LEO are also slightly in the green, while BNB and TON have marked minor losses. PI has dumped the most yet again, losing over 10% of value on a daily scale.

The total crypto market cap has risen by over $30 billion since yesterday and is up to $3 trillion on CG.