PEPE, BONK, and WIF Lead Memecoin Surge as ETH Climbs Above $3,500, Bitcoin Inches Closer to All-Time Highs
The crypto frenzy shows no signs of slowing down, with Bitcoin smashing past $66,000 shortly after U.S. markets opened. The leading digital asset is now trading at $66,400.
Today’s surge marks a 6.5% jump for the day and an impressive 27% rise over the past two weeks. Bitcoin’s market cap has soared to $1.3 trillion, surpassing its previous peak of $1.27 trillion in November 2021.
While Bitcoin has exceeded its previous highs in Euros and British pounds, it’s now aiming to break its dollar record, sitting just 4% shy of it.
Fueled by strong demand for spot Bitcoin ETFs, the momentum has spilled over into other parts of the crypto market, with certain sectors benefiting more.
With its Dencun upgrade just around the corner, Ethereum has surged past $3,500, marking a 3.8% gain today. A $500 billion market cap seems imminent as Ethereum’s network value hits $427 billion.
According to CoinShares, Ethereum has attracted significant interest from institutional investors, recording over $85 million in weekly inflows, the highest since July 2022.
Memecoins Take Flight Despite claims that retail investors aren’t active, the data suggests otherwise.
Memecoins are seeing massive gains, with BONK skyrocketing by 60% today and boasting a $2.5 billion market cap, up 211% in the past week.
Meanwhile, PEPE has nearly quadrupled in the last seven days and surged by almost 50% in the past 24 hours alone.
The relatively new sensation on Solana, dogwifhat (WIF), has experienced a fresh surge, more than tripling in value over the past week.
Shiba Inu is trading at $0.00002869, marking a 33% gain for the day and claiming the 11th spot on Coingecko with a remarkable $16.2 billion market cap.
The memecoin sector’s market cap has surged by 23% today to reach $56 billion.
Other notable movers include Fantom, up 28% for the day, Dogecoin with a 20% gain, and BitTorrent, surging by 25% today.
Among the top 100 cryptocurrencies, the biggest losers are Axelar, dropping by 10%, and Arweave, down by 7% today.
