Bitcoin reclaims $105,000, while memecoins outperform market average

Bitcoin (BTC) regained the $105,000 price level after climbing 5.1% in the past 24 hours.

As of press time, the flagship crypto was trading at $105,505, followed by a 10% increase registered by the memecoin sector. 

BTC started a steep correction last week following the stronger-than-expected labor market data in the US. From Jan. 7 to 13, it registered a 10% pullback from the $101,000 price zone to the low area of $90,000.

However, the US consumer price index related to December came within estimates of a 0.4% monthly surge. This raised the expectations of interest rate cuts in the US this year, increasing the appetite for risk and prompting a 9% rise in BTC’s price.

Altcoins followed suit, with XRP registering a new all-time high slightly past its previous peak of $3,40 on Jan. 16. Ethereum (ETH) is priced at $3,506.11 after a 4.4% daily increase, Solana (SOL) sits at $218.24 following a 2.2% gain, and BNB grew 1.6% to reach $726.72.

Memecoins surge

In this recovery landscape, memecoins stole the limelight. Among the top 20 crypto by market cap, Dogecoin (DOGE) and Shiba Inu (SHIB) led the daily gains, rising 8.5% and 8.9%, respectively.

The memecoin sector climbed 10%, heavily surpassing the market average daily performance of 5.7%. According to data from Artemis, Popcat (POPCAT) led among the 200 largest memecoins by market cap, with nearly 19% gains in the past 24 hours.

Solana-based Bonk (BONK) and Dogwifhat (WIF) also registered gains of 13% and 5.5%, respectively. Meanwhile, Pepe (PEPE) jumped 12% in the daily timeframe.

Tokens related to decentralized exchanges for derivatives trading had the second-best daily performance, growing 8.1% on average. 

Popular narratives, such as artificial intelligence and decentralized physical infrastructure network (DePIN) tokens, also outperformed the market average, rising 6.4% and 6.8%, respectively.

Tokens related to centralized exchanges and real-world assets (RWA) protocols are among the sectors below the average, with respective price increases of 5.6% and 3.8%.

The post Bitcoin reclaims $105,000, while memecoins outperform market average appeared first on CryptoSlate.

  • Related Posts

    Retail investor demand for Bitcoin is recovering after January low

    In late November, retail investor demand for Bitcoin surged significantly, reaching a peak on Nov. 27 that seemed to cap off a period of heightened enthusiasm among small Bitcoin holders.…

    Continue reading
    Robinhood’s crypto revenue skyrockets 700% amid Bitcoin boom

    Robinhood reported a staggering 400% surge in crypto trading volume in the fourth quarter, reaching $70 billion, as retail investors flocked back to digital assets amid Bitcoin’s (BTC) rally past…

    Continue reading

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Retail investor demand for Bitcoin is recovering after January low

    Retail investor demand for Bitcoin is recovering after January low

    Robinhood’s crypto revenue skyrockets 700% amid Bitcoin boom

    Robinhood’s crypto revenue skyrockets 700% amid Bitcoin boom

    Franklin Templeton FOBXX tokenized money fund goes live on Solana

    Franklin Templeton FOBXX tokenized money fund goes live on Solana

    CME Group hits record crypto trading volumes in Q4 amid rising institutional demand

    CME Group hits record crypto trading volumes in Q4 amid rising institutional demand

    JPMorgan increases crypto holdings via ETFs, but stays cautious at $1 million

    JPMorgan increases crypto holdings via ETFs, but stays cautious at $1 million

    Bad retail sentiment in crypto presents opportunity – Bitwise CIO

    Bad retail sentiment in crypto presents opportunity – Bitwise CIO