Markets
Bitcoin Price Solidifies at $61,000 on Meme Coin Trend (Weekend Watch)
It was a relatively quiet 24 hours in the cryptocurrency market with the majority of coins failing to gain traction. The opposite is also true: most altcoins trade in a state of equilibrium.
While this can often prove to be a precursor to a significant move in one direction or the other, let’s take a closer look at price action over the past day.
Bitcoin Price Stabilizes at $61,000
BTC price consolidated around $60,000 yesterday, but the bulls managed to gain a foothold and pushed it above $61,000, where it is currently trading at around $61,400.
With this, Bitcoin manages to register an increase of about 0.8% on the day. The volume remains low, but this is within the expected norms for the weekend.
Bitcoin’s dominance – the metric that assesses its share relative to that of the rest of the market – is currently at 50.8%, while ETH represents around 17% of the total market.
Altcoins are calming down, some Meme Coins are trending
The majority of large-cap altcoins have been moving at a stable rate over the past 24 hours. TON is seeing gains of around 2%, fueled by a considerable increase in the total value locked in the protocol.
Elsewhere, and perhaps where it gets a little more interesting, cat-themed coins surged today. The entire category was up more than 6%, according to data from CoinGecko.
Additionally, these specific meme coins are up 43% over the past week. Notable mentions include Mog Coin (MOG) and Popcat (POPCAT).
Overall, the market remains in a neutral state, with sentiment having improved significantly since yesterday, according to the popular Crypto Fear and Greed Index.
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