Bitcoin (BTC) has showcased remarkable resilience, rebounding to around $65,000 after a turbulent week marked by significant dips, including a plunge below $60,000 just before the highly anticipated fourth Bitcoin halving event. Despite these challenges, BTC managed a swift recovery, adding over $5,000 to its value in the aftermath of the halving and stabilizing its price around the $65,000 mark.
However, altcoins have outshone Bitcoin in terms of percentage gains. Ethereum (ETH) and Binance Coin (BNB) have each seen impressive surges of about 4%. Yet, the true standout performer among larger-cap altcoins is Shiba Inu (SHIB), which has captured the spotlight with a staggering 15% jump.
This surge in SHIB’s value is part of a broader rally among meme coins, with others like BONK (37% gain), FLOKI (18% gain), and PEPE (12% gain) also posting substantial gains. Additionally, a variety of altcoins, including Solana, Avalanche, Bitcoin Cash, Dogecoin, Chainlink, Polygon, and Polkadot, have enjoyed increases in the range of 6-8%, contributing to a significant boost in the total crypto market cap, which has expanded by over $50 billion in a single day. Not all memes soared as two newer BRC-20 meme coins dropped significantly. Bitcoins Wizards and PUPS were each down over 30% while
Ether’s performance deserves a special mention, as it has notably outpaced the broader crypto market, climbing by 3% to approximately $3,200. This surge is attributed to a combination of factors, including capital rotation from Bitcoin to Ether following the halving event, signaling a shift in investor focus towards Ethereum. Furthermore, the return of Ethereum whales, who have been accumulating ETH, suggests a growing confidence among large-scale investors. Technical indicators also support Ether’s bullish momentum, with its price rebounding off key support levels, indicating strong buying interest at these lower price points.
