CoinSpotMarket Update
Bitcoin At 10-Week Highs As Memecoin Mania Ramps
3 minutes
a month ago
3 minutes
a month ago
After trading in the $90,000s for most of the past month, BTC returned above $100,000 for the first time since August 2 during the week. It was also the first time since early August that BTC’s price closed above its 200-day moving average (MA) on consecutive days. The 200-day MA is widely considered an important long-term trend indicator.
This recent push higher comes at a time when all-time highs are being recorded outside of the crypto market. For example, gold has continued printing record highs this week, as has Australia’s largest stock index—the ASX 200—and the three major U.S. stock indices—the S&P 500, the Dow Jones and the Nasdaq Composite.
Bitcoin dominance—which measures BTC’s market cap as a percentage of the combined market cap of all cryptocurrencies—hit 58.7% this week, its highest level since March 2021. To be sure, there remain no signs of an imminent ‘altcoin season’, a period where altcoins outperform BTC over an extended period, causing BTC dominance to decline.
While altcoins overall have continued to trail BTC, as indicated by rising BTC dominance, a select few have managed to post a strong couple of weeks. As per the below chart, Worldcoin (WLD), Aptos (APT) and Celestia (TIA) have stood out since October 2, increasing by 41.3%, 30.8% and 20.6%, respectively.
Despite this current bull market feeling unique for various reasons (e.g. relatively high interest rates, the sheer number of available altcoins), BTC’s price action has been rather similar to the two most recent bull markets.
As per the chart below from _checkonchain, it has been 694 days since BTC’s cycle low of approximately $23,700 ($15,800 USD) on November 23, 2022. Since then, BTC has increased by approximately 320%, a similar percentage gain compared to the previous two market cycles at this stage since cycle lows.
Never before have so many memecoins—19 in total—occupied the list of the top 200 cryptocurrencies by market cap, according to CoinGecko. Recent additions to this list include Neiro (NEIRO) and Turbo (TURBO).
The below chart illustrates just how far memecoins have grown in recent times. This time last year, in October 2023, only four memecoins were in the top 200. Can memecoins keep the momentum going?
