Bitcoin price surpasses $93k for the first time, while meme coins continue to captivate the cryptocurrency market.
Bitcoin Price Surge
Bitcoin has seen a remarkable price increase, reaching $93,000 for the first time since its inception. In the past two weeks, its price has surged over 24%, hitting $89,622 on Thursday, November 14, during the Asian session. Bitcoin's performance is particularly notable against the backdrop of declining gold prices over the same period.
Meme Coin Boom
Following an impressive rally by Dogecoin (DOGE), meme coins continue to gain traction. The meme coin market cap has exceeded $123 billion, with over $89 billion in daily trading volume. The recent listing of the Pepe (PEPE) meme coin on the Robinhood trading platform led to a price surge of more than 75% in the last 24 hours. As a result, the Pepe token has surpassed the Sui (SUI) network in market capitalization. Solana-based meme coins such as dogwifhat (WIF) and Bonk (BONK) have also seen significant gains.
Trader Warnings
According to Santiment, an on-chain analytics platform, the rise in meme coin value indicates increased trader greed. Analysts caution about the potential for a near-term selloff before the bullish trend resumes. Santiment noted, 'Historically high speculative asset social dominance typically indicates greed and emotional trading. Be cautious while memes are the main cryptocurrency topic of interest on platforms like X, Reddit, Telegram, 4Chan, and BitcoinTalk.' Nevertheless, most layer two (L2) tokens have underperformed during the recent crypto bullish breakout, but the L2 space is expected to gain momentum soon with ongoing cash rotation into the DeFi market.
Despite the impressive rise in bitcoin and meme coin prices, analysts warn traders to exercise caution. While the market shows high volatility, attention should be paid to long-term trends.
