Meme Coins on the Rebound as Bitcoin (BTC) Consolidation Continues (Weekend Watch)

Bitcoin’s relatively dull price movements as of late continued in the past 24 hours, but the asset has managed to recover from yesterday’s dip and is back to $104,000.

Many altcoins have marked more substantial gains in the past day, but most of them are reps of the ever-volatile meme coin niche.

BTC Consolidation Phase Endures

Bitcoin began the business week with some enhanced volatility following the trade deal struck between the US and China. At first, the cryptocurrency shot up to a multi-month peak of almost $106,000 before the bears took brief control of the market and drove it south to under $101,000 hours later.

Nevertheless, the predominantly bullish sentiment prevailed and bitcoin remained within six-digit price territory. Moreover, it bounced off and spiked to $105,000 a day later where it found another rejection. The price moves repeated in a smaller extent but BTC overall managed to remain above $103,000.

It slipped below that lower boundary yesterday, but that was also short-lived and now sits around $104,000. This has pushed its market capitalization to over $2.060 trillion on CG, while its dominance over the alts has retraced slightly since yesterday, but is still above 60%. Yet, this hasn’t stopped many analysts from speculating that the altseason has started.

Memes Rebound

Most altcoins have bounced off after yesterday’s nosedive. Ethereum has reclaimed the $2,500 level after a 2% daily increase, while XRP has neared $2.4 following a similar jump. More impressive daily pumps come from SOL, TRX, AVAX, and LINK.

However, the meme coins lead in terms of daily gains. The largest of the bunch has soared by 5% to $0.22 while SHIB is up by 5.5% and sits above $0.000015. Even bigger gains come from the likes of WIF (11%), Fartcoin (9%), BONK (8%), and FLOKI (8%).

PI has found a place somewhere between them with a 9% daily increase. However, Pi Network’s token is down by 19% since this time last Sunday.

The total crypto market cap has defended the $3.4 trillion line and is up by $30 billion since yesterday.