The cryptocurrency market has shown signs of recovery following the holiday season, as reflected in the increased global capitalization.
What Does Bitcoin’s Recovery Indicate?
In the wake of the holidays, Bitcoin (BTC) stabilized above $98,000 with a brief peak at $99,000. This price action supports positive momentum in the market. Ethereum (ETH) also saw a 3% increase, reaching $3,490, catching investor attention. Other major altcoins like XRP and Solana (SOL) showed recovery signs, hinting at a potential upward trend as profit-taking concludes.
Are Meme Coins Gaining Popularity Again?
Yes, meme coins have also benefited from this positive sentiment. Dogecoin (DOGE) rose by 3% over the last 24 hours, while Shiba Inu (SHIB) increased by 4% as traders look to exploit the volatility inherent in these currencies.
Key Market Insights
Key market insights include: FARTCOIN saw a staggering 72% increase in value, while Pudgy Penguins (PENGU) and Movement (MOVE) rose by 28% and 18%, respectively. Bitcoin ETFs faced significant outflows totaling $338.4 million, with BlackRock’s Bitcoin ETF responsible for the largest outflow of $188.7 million. In contrast, Ethereum ETFs experienced net inflows, highlighting divergent investor behavior.
As the market anticipates a post-holiday rally, traders are looking forward to potential new highs for Bitcoin, Ethereum, and leading altcoins.
