In the past seven days, the cryptocurrency market has seen significant growth, with the total capitalization reaching $2.55 trillion, an increase of over $150 billion. One of the frontrunners in this surge is Bitcoin, which experienced an 11% increase in value. Although Bitcoin did not claim the top spot in terms of performance, its upward trajectory since July 14th has been notable. The price of BTC attempted to surpass the $68K level recently but faced resistance from the bears, leading to an intraday correction with the price now below $67K.
Interestingly, meme coins have dominated the list of best performers in the last week. Leading the pack is POPCAT, a cat-themed meme coin that saw a 60% increase in value. Following closely behind are other meme tokens like dogwifhat (WIF) with a 53% increase, PEPE with 33.6%, and FLOKI with 33.4%. Arweave (AR) and Core (CORE) also saw significant gains of 40% and 37% respectively. Additionally, coins like INJ, BONK, JUP, RUNE, TAO, and Mantra’s OM experienced around a 30% increase in value.
The impressive performance of Bitcoin and meme coins has contributed to a positive market sentiment, currently characterized by Greed with a score of 74. This marks a significant turnaround from the previous week when the sentiment was Fear with a score of 33. However, not all cryptocurrencies saw growth during this period. Altcoins like UNI, AAVE, TRX, TON, ADA, and EGLD were in the red, with UNI being the worst performer at a 5% decrease in value.
The cryptocurrency market has experienced a bullish trend in the past week, driven by the strong performance of Bitcoin and meme coins. While some altcoins faced minor losses, the overall market sentiment remains optimistic. Investors and traders are closely monitoring these trends to capitalize on potential opportunities in this dynamic market.
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