As Bitcoin exceeded US$65,000, the cryptocurrency market was booming, and Altcoin such as meme coins generally experienced a recovery. The total market value increased by 2.4%, reaching US$2.39 trillion. According to CoinGecko data, the track with the largest increase in the past 24 hours is the cross-chain communication protocol, followed by meme currency and BRC20.
The performance of cross-chain communication protocols is the most eye-catching
In the cross-chain communication protocol track, the tokens with the highest gains in the past 24 hours include the top 200 currencies by market capitalization, as well as many tokens launched this year, including:
- AXL: rose 22.4% in the past 24 hours, the price is now trading at $0.7129, and the market value reaches $566 million
- W: It has risen 19.5% in the past 24 hours. The price is now quoted at US$0.2994, with a market value of US$771 million.
- ZRO: rose 11.9% in the past 24 hours, the price is now trading at $4.99, and the market value reaches $560 million.
$MooDeng leads the way, animal meme coins soar
In the meme currency track, the most well-known animals in the crypto community are dogs, cats, frogs and other animals. Recently, the pygmy hippo baby "Bounce Pig" in Thailand has attracted the attention of the entire Internet. Its meme coin of the same name |_2024111120230_ | In the past 24 hours, it rose again by 77.7% to $0.1762, a surge of more than 52 times compared with the high point of the day previously reported by Dongzhong . The meme currency track is becoming more lively, and the currencies with the largest market capitalization are experiencing outstanding performance:
- DOGE: rose 9% in the past 24 hours, the price is now trading at US$0.118, and the market value reaches US$17.22 billion.
- SHIB: rose 24.2% in the past 24 hours, the price is now quoted at $0.00001883, and the market value reaches $11.07 billion
- PEPE: rose 14% in the past 24 hours, the price is now quoted at 0.0 59492 US dollars, and the market value reaches 3.99 billion US dollars
Bitcoin ecology should not be underestimated
The performance of Bitcoin ecological related assets is also not inferior. Ordinals NFT, BRC20 and Runes have all rebounded strongly. In particular, PUPS has soared by more than 64% in the past 24 hours. The price is now quoted at US$7.45, with a market value of US$57.88 million. Other performances are outstanding. The tokens also include:
- ORDI: up 10.3% in the past 24 hours, the price is now trading at US$38.96, and the market value reaches US$817 million.
- SATS: rose 14% in the past 24 hours, the price is now quoted at 0.0 6 3405 US dollars, the market value reaches 715 million US dollars
- Rune DOG: rose 24.9% in the past 24 hours, the price is now quoted at US$0.003848, and the market value reaches US$385 million.
Market returns to greed
Altcoin have generally recovered, indicating that market sentiment has improved and the panic period is temporarily over. According to Coinglass data , the fear and greed index in the crypto market has risen to 61, hitting a new high in the past two months and returning to the greed zone. However, despite improved sentiment, meme coins remain volatile and investors should carefully assess risks .
In addition, although the Federal Reserve cut interest rates by 2 percentage points at a time last week, starting a new round of easing cycle, the U.S. bond market's concerns about inflation have once again heated up. The market is worried that the Federal Reserve will shift its focus from suppressing inflation to protecting employment, which may trigger Price pressures picked up. Therefore, the risk of another interest rate hike cannot be ruled out in the future, and the overall economic situation still needs to be closely observed.
Further reading: The U.S. bond market predicts that inflation will rise again, will the Federal Reserve's aggressive interest rate cut lay a time bomb?
