Memecoins Go Parabolic As Bitcoin Crosses $66,000

PEPE, BONK and WIF lead memecoin rally as ETH surges above $3,500, with Bitcoin trading just 4% away from all-time highs.

By: Pedro Solimano Loading...

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.

BTC Price chart
BTC Price

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.

Weekly Flows By Asset
Weekly Flows By Asset

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.

PEPE Price
PEPE Price

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.