MEME COINS SURGE AS BITCOIN’S RECOVERY GAINS MOMENTUM

Today, FLOKI stands out as the top gainer among the top 100 altcoins.

Following a period of hitting new local lows, Bitcoin reversed its downward trend post the latest Federal Open Market Committee (FOMC) meeting, witnessing a significant rise of over $7,000 at one point.

Several altcoins outperformed on a daily basis, with notable increases seen among the meme coin category.

Bitcoin’s Upturn

Since last Thursday, when it reached its most recent all-time high of nearly $74,000 after a substantial increase of over $10,000 in the preceding week or so, Bitcoin had been on a decline.

The next day saw a downturn of about $8,000, and although there was a brief attempt at recovery over the weekend, Monday saw a continuation of the decline. The drop reached a peak on Tuesday morning amid anticipations of the US Federal Reserve’s actions in its upcoming meeting, causing Bitcoin to fall to a 2-week low of just under $61,000.

However, the decision by the US Federal Reserve to maintain its current monetary policy spurred a rally in Bitcoin, leading to a more than $7,000 increase within hours and a spike to over $68,000 by the evening.

Despite a loss of over $1,000 thereafter, Bitcoin remains in positive territory on a daily comparison, with an approximately 6% increase. Its market capitalization is back over the $1.3 trillion threshold, though its dominance has seen a slight decrease to 49.5%.

Alts See Upswing

Like Bitcoin, altcoins had taken a downturn but mirrored Bitcoin’s recovery. Ethereum, for instance, has seen over a 9% daily increase, now priced above $3,500 after a drop below $3,200 the previous day.

Solana is approaching $190 again, thanks to a similar daily uplift. Other cryptocurrencies like BNB, XRP, ADA, AVAX, SHIB, and TRX have also experienced gains, albeit to a lesser extent.

Among the biggest daily winners are FLOKI with a 38% surge, KAS at 22%, AXL at 21%, and Bitcoin Cash with an 18% increase. Meme coins such as Pepe and Dogecoin have recorded significant double-digit gains as well.

The overall crypto market capitalization has rebounded by more than $150 billion from its recent low, reaching $2.650 trillion as per CoinGecko.

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