PEPE, BONK, and WIF lead the memecoin surge as Ethereum surpasses $3,800, while Bitcoin hovers just 4% below its all-time highs.
The cryptocurrency market is experiencing a surge, with Bitcoin surpassing $68,000 shortly after U.S. markets opened. The leading digital asset is now trading at $68,058.
Today’s rise marks a 6.5% increase within the day and an impressive 27% jump over the past two weeks. Bitcoin’s market capitalization has reached $1.3 trillion, exceeding its previous all-time high of $1.27 trillion on November 8, 2021.
While Bitcoin has surpassed its previous all-time highs in Euros and British pounds, it is now approaching its historic peak in dollar terms, just 4% away.
Fueled by the increasing demand for spot Bitcoin ETFs, momentum has spilled over into the broader crypto market, with certain sectors benefiting more than others.
With Ethereum’s Dencun upgrade just a week away, the cryptocurrency has surged past $3,800, marking a 7.3% gain today. The network’s market cap is nearing $500 billion, currently standing at $455 billion.
Institutional investors have shown significant interest in Ethereum, with weekly inflows surpassing $85 million last week, the highest since July 2022, according to CoinShares.
Despite some pundits suggesting that retail investors aren’t actively participating, data suggests otherwise.
Memecoins are experiencing significant gains, with BONK surging 60% today and reaching a market cap of $2.5 billion. Over the past week, it has increased by 211%.
PEPE has seen a nearly four-fold increase in the past seven days and is up nearly 225% in the past 7 days.
The relatively newer memecoin, dogwifhat (WIF) on Solana, has gained momentum, more than tripling in value over the past week.
Shiba Inu is trading at $0.00003951, with a 37.3% gain today, ranking 11th on Coingecko with a market cap of $23.3 billion.
The overall market cap of memecoins has increased by 26.2% today, reaching $61 billion.
Other significant movers include Dogecoin with a 8.3% gain, and BitTorrent surging by 8.2% today.
Among the top 100 cryptocurrencies, the biggest losers are Axelar, experiencing a 3.2% drop, and Arweave, down by 3% today.
