Meme Coins on Fire as Bitcoin Price Flirts With $116K: Weekend Watch

Bitcoin’s recent price ascent continued in the past 24 hours as the asset tapped $116,800 for the first time in roughly three weeks.

Many altcoins have produced a lot more impressive gains, especially those from the meme coin realm. DOGE and PEPE are up by double digits.

BTC Targets $116K Reclaim

The primary cryptocurrency began the business week with a retracement that had driven it to $110,000. However, the asset reacted well and started to recover lost ground almost immediately on Monday and Tuesday. It was stopped initially at $113,200 on Tuesday and pushed down to $110,800, but the bulls turned out to be more persistent and restarted the rally.

Bitcoin climbed in the following days to $114,000 when the US CPI data was announced on Thursday. After an instant volatility that drove it up and down, the bulls went back on the offensive on Friday morning. At the time, BTC jumped to $116,400 for the first time since late August.

After a minor correction during the day, the scenario repeated once again. Bitcoin jumped past $116,000 and reached a new multi-week peak of $116,800. It was stopped there again, and now trades around $116,000.

Its market capitalization has reclaimed the $2.3 trillion level, while its dominance over the alts has taken a major hit and is down to 55.2% on CG.

BTCUSD. Source: TradingView

Meme Coins Soar

The declining BTC dominance in times when bitcoin’s price is holding steady means that the alts are doing a lot better, which has sparked speculations about an ongoing altseason. This is more than evident from the meme coin sphere. DOGE has skyrocketed by over 12% in the past day, and now sits close to $0.3. PEPE has stolen the show with an 18% surge, while SHIB is up by 8.5%.

The recent high flyer M is on it again, as a 7.5% pump has driven it to over $2.25. Additional gains come from the likes of ADA, LINK, AVAX, ETH, XRP, BNB, and SUI.

The total crypto market cap has added over $80 billion overnight and is up to $4.180 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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