Memecoins Go Parabolic As Bitcoin Crosses $66,000

The crypto rally continues in full swing, with Bitcoin surging past $66,000 just minutes after U.S. markets opened. The world’s most valuable digital asset is changing hands for $66,400.

Today’s move represents a 6.5% increase on the day and a whopping 27% jump in the past two weeks. Bitcoin’s market capitalization hit $1.3 trillion, topping its all-time high of $1.27 trillion on Nov. 8, 2021.

And while Bitcoin has surpassed its previous all-time highs in Euros and British pounds, the asset is now eyeing its historic maximum in dollar terms, a mere 4% away.

Fuelled by the voracious investor demand for spot Bitcoin ETFs, the momentum has been spilling over into the rest of the crypto market, although certain sectors are benefiting more.

Just a week away from its Dencun upgrade, Ethereum has soared past $3,500, notching up a 3.8% gain today. A $500 billion market cap now looms on the horizon, as the network stands at $427 billion.

According to CoinShares, Ethereum has received much interest from institutional investors. Last week, it topped $85 million in weekly inflows, the highest since July 2022.

Memecoins Soar

Most pundits think retail isn’t here, but the data indicates otherwise.

Memecoins are popping off, with BONK gaining 60% on the day and now commanding a $2.5 billion market cap. It has gained 211% in the past week.

Meanwhile, PEPE has spiked nearly four-fold in the past seven days and is up almost 50% in the past 24 hours.

The more recent Solana sensation dogwifhat (WIF) has caught a renewed burst of momentum to more than triple in the past week.

Shiba Inu trades for $0.00002869, showcasing a 33% gain on the day. According to market cap, it lands in 11th place on Coingecko with an astounding $16.2 billion.

The market cap of the memecoin sector is up 23% today to $56 billion.

Other big movers include Fantom, which is up 28% on the day, Dogecoin, with a 20% gain, and BitTorrent with a 25% surge today.

The biggest losers in the top 100 are Axelar with a 10% drop, and Arweave, which is down 7% today.