Crypto Assets Mid-Week: Can Bulls Ignite Uptick?

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In the past 24 hours, crypto assets have experienced modest gains as investors anticipate a price increase following Bitcoin‘s halving event. Institutional involvement has resurfaced in decentralized finance (DeFi) and associated markets, according to on-chain information.

Despite the market remaining flat with no clear direction, Bitcoin, altcoins, and memecoins have experienced an uptick in investments today. The total market capitalization now stands at $2.5 trillion, representing a 0.6% rise over the past day. Memecoins have shown particularly strong growth of approximately 5% during this period, with an increased inflow of funds into Solana-supported cryptocurrencies.

Crypto Assets Positive Outlook 

The number one cryptocurrency, Bitcoin, has increased by 0.21% today and is currently priced at $66,398. This small rise builds on the upward trend caused by the halving event that occurred two days ago, which helped Bitcoin recover from earlier losses. Over the past week, Bitcoin has seen a gain of 5%, despite significant coin liquidations last week.

The cost of that asset peaked at $73,000 recently, yet optimistic investors continue to believe in the influence of favorable economic conditions. In the past day, Ethereum (ETH) has risen by 2.65%, and over the last week, it has increased by a substantial 6.71%. Although Ethereum outperformed Bitcoin in these timeframes, it still experienced a 3.3% decrease in value during the month.

Crypto Assets Mid-Week: Can Bulls Ignite Uptick?

Crypto asset enthusiasts aim to profit from heightened DeFi protocol action, as institutional investors eye staking’s potential. Ethereum ETF listings are a major focus for many in the community. Solana (SOL) has seen a 1.5% increase in the last day and a weekly gain of 15.24%.

Institutional preferred assets in the community have surpassed most crypto assets in weekly growth thanks to heightened on-chain activity and a meme coin craze. For instance, Solana’s memecoins have soared by 18% today, outpacing other meme tokens following the Bitcoin halving event.

Memecoins Drives North 

Meme coins, such as Dogecoin and Shiba Inu, are experiencing a surge in popularity as more cryptocurrency assets flow into the market. Today, Dogecoin has gained 1.4%, and over the past week, it has risen by 3%. Shiba Inu has seen a smaller daily increase of 1%, but its weekly growth is impressive at 22%. Solana’s meme coin, dogwifhat, also saw a 3% bump today as other cryptocurrencies within the Solana ecosystem continue to climb.

Memecoin dub duck tops highest gainers with a 399% rise. Similarly, pepcat and Linda recorded 111.8 and 126% gains respectively. 

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2024-04-24 17:19