While Bitcoin has stalled and even retreated slightly below $62,000, meme coins have been making headlines this week with eye-popping gains, led by Dogwifhat (WIF).
The total cryptocurrency market capitalization has decreased slightly on a daily basis, but has increased by more than $100 billion in the last seven days.
The world of coins Meme
The bull market seems to be back on track as assets that were less popular last year have gained a lot of traction with massive gains now. Such is the case with the largest meme coins. Dogecoin โ the OG representative of that cohort โ shot by 70% this week and re-entered the top 10 digital assets by market capitalization as its price rose to almost $0.14.
However, DOGE's main rival, Shiba Inu, has surpassed it with a notable weekly increase of 130%. You can check some of the possible reasons behind this rise here.
BONK is up 100% in the same time period, but these three meme coins have been overshadowed by PEPE, FLOKI, and especially WIF.
PEPE is up 240% and is at a multi-month peak, FLOKI has returned to the alternative top 100 with a weekly increase of 270%, while WIF continues to post frequent ATHs. In fact, WIF has soared almost 400% in the last seven days and is now trading near $1.7.
Almost the entire cryptocurrency market has recorded impressive gains in the last seven days, as can be seen in the chart below. As such, it is no surprise that the total market capitalization has increased by $120 billion since last Sunday.
Bitcoin falls below $62,000
The main cryptocurrency closed February with its higher monthly profit in history as it skyrocketed from $42,000 to $64,000 before retreating to $62,000.
As such, the asset rose just $5,000 from its previous all-time high during its intra-month peak. Just last week saw a massive surge that took it from $51,000 to that aforementioned high.
However, Bitcoin has stagnated slightly in recent days and has not been able to surpass the $62,000 mark. The last 24 hours brought a minor pullback, and BTC now sits inches below that level.
After a 19% weekly rise, Bitcoin's market cap sits well above $1.2 trillion, placing it among the Top 10 largest financial assets by that metric. However, its dominance over alts has decreased by more than 1% lately and is now below 50% on CoinGecko.
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Cryptocurrency charts by TradingView.
