Story Highlights
BTC hits new all-time high: Bitcoin surpasses $93,000, setting a record high price, with institutional investors actively accumulating Bitcoin and driving the price discovery phase.
Memecoins surge: Memecoins such as DOGE, PEPE, WIF and BONK have seen weekly gains of up to 97%, fueling the memecoin frenzy in the cryptocurrency market.
With the price of Bitcoin (BTC) breaking above $93,000 for the first time since its inception, it’s now clear that cryptocurrency bulls are on the move. While gold prices have been falling over the past two weeks, Bitcoin prices have surged by more than 24% over the same period, trading around $89,622 during early Asian trading on Thursday, November 14.
The rotation out of cash has been positive for the cryptocurrency market in the near term, and this trend is expected to continue in the coming months. In addition, Bitcoin price has entered the much-anticipated price discovery phase, with institutional investors actively accumulating more Bitcoin.
Meme Coin Mania Begins
Following Dogecoin’s (DOGE) strong gains over the past few weeks, which saw its valuation surpass $55 billion, the memecoin space is also gaining momentum. According to the latest market data, the memecoin space has grown to a valuation of over $123 billion, with daily trading volumes exceeding $89 billion.
The popularity of the frog-themed meme coin Pepe (PEPE) has surged after it was listed on the Robinhood trading platform. According to the latest market data, the price of Pepe has surged by more than 75% in the past 24 hours and is trading at around $0.000022 as of this writing.
As a result, the Pepe token managed to surpass the Sui (SUI) network in market capitalization.
Solana-based meme coins have also seen notable growth over the past 24 hours, led by dogwifhat (WIF) and Bonk (BONK).
According to data from on-chain analytics platform Santiment, the sharp rise in the top meme coin indicates that greed is high among traders. As a result, analysts at Santiment warned crypto traders that a short-term sell-off is likely before the bullish trend continues.
"High social dominance of speculative assets historically often indicates greed and emotional trading. Memes are the main cryptocurrency topic on X, Reddit, Telegram, 4Chan, and BitcoinTalk, so proceed with caution."
Santiment pointed out.
Nonetheless, Santiment stressed that most second-layer (L2) tokens have underperformed in the recent crypto bull run. As crypto cash continues to rotate into the DeFi market, the L2 space will soon gain bullish momentum.
