While Bitcoin has stalled and even fallen back slightly below $62,000, meme coins have been in the news this week with stunning gains, led by Dogwifhat (WIF).
The total crypto market capitalization has decreased slightly on a daily scale, but it has increased by over $100 billion over the past seven days.
The World of Coins Meme
The bull market appears to be back on track as assets that were less popular last year have gained popularity and are now seeing massive gains. This is the case even for larger pieces. Dogecoin – the OG representative of this cohort – soared 70% this week and re-entered the top 10 largest digital assets by market capitalization as its price rose to near $0.14.
However, DOGE’s main rival – Shiba Inu – outperformed it with a remarkable 130% weekly rise. You can check some of the possible reasons for this increase here.
BONK surged 100% during the same period, but these three meme coins were overshadowed by PEPE, FLOKI and especially WIF.
PEPE is up 240% and at a multi-month high, FLOKI has returned to the top 100 with a 270% weekly increase, while WIF continues to record frequent ATHs. In fact, WIF has soared almost 400% over the past seven days and is now trading near $1.7.
Almost the entire crypto market has seen impressive gains over the past seven days, as shown in the chart below. It is therefore no wonder that the total market capitalization has increased by $120 billion since last Sunday.
Bitcoin slips below $62,000
The leading cryptocurrency closed February with its biggest monthly gain in history, rising from $42,000 to $64,000 before returning to $62,000.
As such, the asset is only up $5,000 from its previous all-time high during its intramonth peak. Just last week there was a massive increase that took it from $51,000 to the aforementioned high.
However, Bitcoin has stagnated slightly in recent days and failed to surpass the $62,000 mark. The last 24 hours have resulted in a slight retracement, and BTC is now a few centimeters below this level.
After a 19% weekly rise, Bitcoin's market capitalization stands well above $1.2 trillion, placing it among the 10 largest financial assets by this measure. However, its alt dominance has declined by more than 1% in recent times and is now below 50% on CoinGecko.
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