Bitcoin Fails to Get $65,000 Support, Hurting Meme Coins
Bitcoin suffered in recent weeks owing to concern from the German Government Sell-off and Mt. Gox repayments. After the recent rise that drove Bitcoin (BTC) above $66,000 this week, the crypto market seems to be cooling.
The Bitcoin Effect
Bitcoin soared beyond $62,000 after rebounding from $54,000. Buyers raged when Bitcoin reached $65,000. BTC fell to $63,500 when the market steadied and has stayed there since.
BTC Chart BTC/USDT 1-day chart
This hurt meme currencies the most, with Mog Coin (MOG), Shiba Inu (SHIB), and Brett (BRETT) doing worst. MOG fell 10.5%, SHIB 10.7%, and BRETT 12%, leading the meme coin downturn.
It seems gloomy for meme-inspired coins, but this downturn was predicted. The rally's demand prompted this.
Additionally, meme currencies are likely to drive the highly anticipated altcoin season. PEPE, BRETT, and MOG have all rallied over 100% in the last 90 days, with MOG up 231%. FLOKI and BONK were among the top 15 performers over the last three months despite their modest improvements.
As the saying goes, larger things fall harder. However, the industry is still ripe for expansion, and meme currencies' increase is likely because to their strong association with Bitcoin.
BRETT has a 0.65 association with Bitcoin, MOG 0.87, SHIB 0.85, BONK 0.67, and PEPE 0.95.
This might help meme currencies climb alongside Bitcoin if $65,000 is supported, but it could also hurt them. If profit-taking occurs, BTC might decline to $63,000 or $60,000. Meme currencies' market valuation dropped from $49 trillion to $47 trillion or below.
