As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve witnessed numerous bull runs and bear markets. Today, the altcoins SATS, DOGWIFHAT, FET, and Bonk have caught my attention as they’ve surged over 10%, making them the top gainers in the crypto market. While Bitcoin, the leading cryptocurrency by market cap, has also jumped over $64,000, it seems these altcoins are stealing the show.
In the last 24 hours, the altcoins Sats, Dogecoin, Fetch.ai, and Bonk have experienced a rise of more than 10%, making them the top performers within the cryptocurrency market. Meanwhile, Bitcoin, the most valuable cryptocurrency in terms of market capitalization, has climbed above $64,000 during the same period.
SATS
SATS (SATS) led the charge among the top gainers on Aug. 24.
Currently, the cryptocurrency is currently experiencing a 29% increase over the past 24 hours, with each unit trading at approximately 0.0000004 dollars. The daily trading volume of SATS has also increased significantly, averaging around $171.3 million. At present, its market capitalization is approximately $847.5 million. Despite this growth, the token’s value remains 56.6% below its peak all-time high of $0.00000092, which was reached on December 15, 2023.
SATS is a digital token operating under the Ordinal protocol and following the BRC-20 standard on the Bitcoin network. Its name ‘SATS‘ comes from ‘Satoshi,’ the smallest unit of Bitcoin. As per information from crypto.news, it has seen a 19% increase in the past 24 hours, trading at approximately $1.91. The daily trading volume for this cryptocurrency was around $908 million.
The digital currency modeled after an image of a Shiba Inu in a pink beanie has seen its market value exceed 1.9 billion dollars. Yet, it’s worth noting that WIF is currently trading about 60% lower than its peak price of $4.83 achieved on March 31st.
Artificial Superintelligence Alliance
The Artificial Superintelligence Alliance’s FET increased by 20.6% and was valued at $1.28 per unit during the press time check. In a single day, the AI token saw trading volume of approximately $485 million, with its market capitalization surpassing $3.2 billion.
Recently, the value of FET has spiked to heights not witnessed since July 29. Despite this, it’s still 63% lower than its peak price of $3.45, which was reached on March 28 and currently stands as its all-time high.
The Artificial Superintelligence Collaborative Group unites three artificial intelligence initiatives: Fetch.ai, SingularityNET, and Ocean Protocol. Their objective is to hasten the progress of decentralized Artificial General Intelligence and ultimately, Artificial Superintelligence.
Bonk
As a crypto investor, I’ve noticed an impressive surge in the value of Bonk (BONK), a Solana-backed canine-themed meme coin. Over the past 24 hours, it has soared by 12.4%, currently trading at $0.000021. Notably, its market capitalization has outpaced that of Floki (FLOKI), another Solana-based dog-themed competitor, which stands at approximately $1.43 billion. This shift places Bonk’s market cap at an impressive $1.48 billion.
Yesterday, the daily trading volume for the meme coin increased by a significant 118%, reaching approximately $217 million. Yet, despite this rise, BONK is currently 54.7% lower than its peak price of $0.000047, which it achieved on March 4.
Bitcoin leads market recovery with 5.5% jump
The recent spike in these alternative cryptocurrencies is occurring following Bitcoin’s (BTC) peak at $64,828 per unit on Saturday, fueled by remarks made by the Chairman of the U.S. Federal Reserve, Jerome Powell.
In his Jackson Hole address, Powell hinted at possible interest rate reductions in September. As a result, Bitcoin’s worth surged by approximately 5.5%, and the overall cryptocurrency market value rose by 3.3%. The current market value of all cryptocurrencies now amounts to $2.36 trillion.
21Shares analyst Leena ElDeeb suggests that fluctuations in the M2 money supply (a measure of worldwide cash flow) could influence the value of Bitcoin.
As a seasoned crypto investor, I’ve noticed an interesting pattern in Bitcoin’s price movements. Historically, Bitcoin’s price seems to reach its lowest point a few months before the M2 money supply bottoms out, followed by a swift surge. This unexpected surge in price frequently surpasses the growth in liquidity, which I refer to as a “mid-cycle correction.”
Additionally, she emphasized that Bitcoin Exchange-Traded Funds (ETFs) have significantly contributed to price surges during periods when the M2 money supply expanded.
Furthermore, analysts from platform X pointed out on August 23rd that the current surge in altcoin prices could be a brief rally due to resistance faced by Bitcoin’s dominance at a critical level. They cautioned that Bitcoin’s dominance seems to continue growing, suggesting that the gains in altcoins may only be temporary.
$BTCI hate that memes are pumping and other $ALTS are not, but I’ll forgive it for now.The positive development is many $ALTS are reclaiming their H4 trendsI think we could be setting up for a move higher then ugly down move.If that happens and it’s just a wick on a daily… — Trader Koala (@trader_koala) August 23, 2024
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2024-08-24 18:18