The cryptocurrency market has managed to regain its footing at the beginning of this week. Its total capitalization is above $2.3 trillion on the back of gains from the majority of coins.
Bitcoin managed to push above $63K and even test $64,000, while meme coins are exploding left and right. Let’s take a look.
Bitcoin’s Price Soars to $64,000
In what seems to be a very bullish Monday, the BTC price was able to recover almost all of the losses it incurred at the beginning of the month.
At the time of this writing, the cryptocurrency is trading at $63,500, having charted a local high at slightly below $64,000 earlier.
Source: TradingViewAs you can see on the chart, this marks the completion of a recovery from the drop on October 1st, so perhaps there is a chance for ‘Uptober’ after all.
That said, liquidations in the derivatives market increased by almost 150% over the past 24 hours, clocking in at around $130 million for the day. Almost $100 million of these were short positions. Bitcoin leads the way with almost $30M in liquidations.
The market sentiment has also improved. It’s currently neutral, which is better than last week’s fearful conditions.
Meme Coins Skyrocket Across the Board
The market is predominantly painted in red today, and most of the altcoins are charting notable gains.
For instance, ETH, BNB, SOL, AVAX, DOT, BCH, XRP, and LINK have all increased by around 2-3%.
Source: Quantify CryptoMeme coins, on the other hand, took center stage. The entire category is up by around 10%, but some individual performances are even more impressive.
For example, Dogwifhat (WIF) is up by 20% at the time of this writing, more or less the same as POPCAT and MOG.
However, Neiro, a relatively new meme coin that has already skyrocketed to being the 125th largest cryptocurrency, soared by a whopping 50% on the day.