Bitcoin (BTC) regained the $105,000 price level after climbing 5.1% in the past 24 hours.
As of press time, the flagship crypto was trading at $105,505, followed by a 10% increase registered by the memecoin sector.
BTC started a steep correction last week following the stronger-than-expected labor market data in the US. From Jan. 7 to 13, it registered a 10% pullback from the $101,000 price zone to the low area of $90,000.
However, the US consumer price index related to December came within estimates of a 0.4% monthly surge. This raised the expectations of interest rate cuts in the US this year, increasing the appetite for risk and prompting a 9% rise in BTC’s price.
Altcoins followed suit, with XRP registering a new all-time high slightly past its previous peak of $3,40 on Jan. 16. Ethereum (ETH) is priced at $3,506.11 after a 4.4% daily increase, Solana (SOL) sits at $218.24 following a 2.2% gain, and BNB grew 1.6% to reach $726.72.
Memecoins surge
In this recovery landscape, memecoins stole the limelight. Among the top 20 crypto by market cap, Dogecoin (DOGE) and Shiba Inu (SHIB) led the daily gains, rising 8.5% and 8.9%, respectively.
The memecoin sector climbed 10%, heavily surpassing the market average daily performance of 5.7%. According to data from Artemis, Popcat (POPCAT) led among the 200 largest memecoins by market cap, with nearly 19% gains in the past 24 hours.
Solana-based Bonk (BONK) and Dogwifhat (WIF) also registered gains of 13% and 5.5%, respectively. Meanwhile, Pepe (PEPE) jumped 12% in the daily timeframe.
Tokens related to decentralized exchanges for derivatives trading had the second-best daily performance, growing 8.1% on average.
Popular narratives, such as artificial intelligence and decentralized physical infrastructure network (DePIN) tokens, also outperformed the market average, rising 6.4% and 6.8%, respectively.
Tokens related to centralized exchanges and real-world assets (RWA) protocols are among the sectors below the average, with respective price increases of 5.6% and 3.8%.
Bitcoin Market Data
At the time of press 9:15 pm UTC on Jan. 17, 2025, Bitcoin is ranked #1 by market cap and the price is up 4.47% over the past 24 hours. Bitcoin has a market capitalization of $2.07 trillion with a 24-hour trading volume of $71.19 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 9:15 pm UTC on Jan. 17, 2025, the total crypto market is valued at at $3.67 trillion with a 24-hour volume of $169.22 billion. Bitcoin dominance is currently at 56.50%. Learn more about the crypto market ›
Mentioned in this article
Credit: Source link
