The Top 10 cryptocurrencies had a mixed performance this Wednesday (09), but the appreciations stood out. On the negative side, Bitcoin (BTC) registered losses of 0.6% and is still far from seeking new highs. According to CoinGecko, one BTC opened the day worth US$ 62,047.
On the other hand, Bitcoin has come out of the negative field within the weekly period and has now accumulated gains of 1.4% in the last seven days. Ethereum (ETH) remains stable at US$ 2,430, with a slight increase of 0.1%, while the seven-day result continues with a drop of 0.6%.
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In the top 10, Tron (TRX) consolidated further and posted a 2.5% gain, leading the day’s gains. The top 100 saw mostly losses, with SEI and WLD posting gains of 6.9% and 6.4%, respectively. Performances were quite modest among the largest cryptocurrencies, but CATS stood out and posted a triple-digit gain.
Bitcoin retreats and CATS price soars 690%
CATS has seen a massive rally in price, rising 690% in the last 24 hours. This surge has disrupted the market’s stability, which has seen movements of less than 10% in the top 10. CATS is one of the most popular cat-themed memecoins on the market.
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However, this price rally did not sustain throughout the day and slowed down on the charts, but the meme coin’s previous gains are still relevant. According to CoinGecko, the memecoin is up 118% at the time of writing.
In addition to the strong rally, CATS’ trading volume increased 13 times in just a few hours and is still high. This surge was the result of many popular cryptocurrency exchanges starting to list the memecoin, such as Bybit and KuCoin.
Read also: Memecoin soars 2,000% in 7 days; see pre-sales that may have similar performance
Is the bullish rally sustainable?
While Bitcoin was pulling back, CATS’s price peak occurred about 11 hours ago, when the memecoin went from $0.00014141 to a high of $0.0007238 within a few hours. However, that rally is long gone, as the price has since fallen 84%.
Furthermore, at the time of reporting, CATS is trading at $0.0000814 and is continuously moving downwards following heavy selling pressure on the token. Even though it is up over 100%, the intensity of this movement has diminished.
At the time of writing, CATS is at its lowest point of the day, having lost all of its gains following the volatility surrounding the token. This drop comes after holders of the memecoin began withdrawing their Season 1 airdrop tokens.
This sudden drop after the big gains has frustrated the expectations of many traders. Therefore, everything indicates that CATS may give back a good part of the gains.