In the dynamic world of cryptocurrencies, the market has recently witnessed some significant movements, particularly after a period of decline. Bitcoin, the leading cryptocurrency, experienced a notable turnaround following the latest Federal Open Market Committee (FOMC) meeting. After a series of losses that saw Bitcoin drop to a two-week low of under $61,000, it rebounded impressively, soaring by over $7,000 at one point and briefly surpassing the $68,000 mark. This recovery has helped Bitcoin’s market capitalization to cross back over the $1.3 trillion threshold, although its dominance in the market has seen a slight decrease to 49.5%.
Altcoins, which had followed Bitcoin’s downward trend, also bounced back with vigor. Ethereum, for instance, saw a more than 9% increase, climbing above $3,500 after previously falling below $3,200. Solana is another notable performer, nearing the $190 mark again with a similar daily increase. Other cryptocurrencies such as BNB, XRP, ADA, AVAX, SHIB, and TRX have also seen gains, albeit more modest ones.
Among the standout performers were several meme coins, with FLOKI leading the pack with a staggering 38% gain, making it the top gainer among the top 100 altcoins. Other significant gainers included KAS and AXL, with 22% and 21% increases respectively, and Bitcoin Cash, which saw an 18% rise.
The meme-inspired cryptocurrency Dogecoin (DOGE) experienced a significant price surge of 18% after a filing from the prominent crypto exchange Coinbase gained widespread attention on the social media platform X (formerly Twitter). The filing, dated March 7, revealed Coinbase’s intentions to introduce futures trading for DOGE, litecoin (LTC), and bitcoin cash (BCH) as early as April 1.
This development sparked speculation among traders that Coinbase’s move could potentially pave the way for an eventual spot exchange-traded fund (ETF) based on Dogecoin. Coinbase, renowned for its stringent listing criteria and regulatory compliance, acknowledged in the filing that Dogecoin had transcended its initial perception as a mere “joke” token in the current investing landscape.
The total cryptocurrency market capitalization has made a robust recovery, regaining more than $150 billion since the recent low and reaching up to $2.650 trillion according to CoinGecko. This resurgence underscores the volatile yet resilient nature of the crypto market, with both leading and alternative cryptocurrencies demonstrating their capacity for rapid recoveries and substantial gains.
