Date: Wednesday, August 07, 2024, 07:25 AM GMT
The crypto market, which recently experienced a significant downturn, is showing signs of recovery. The sharp decline that saw Bitcoin plummet from $70,000 to $49,000 in just six days due to global market issues and geopolitical tensions is now stabilizing. Bitcoin has rebounded and is trading at $57,000 after hitting a low of $49,121.
In the past 48 hours, top memecoins have also started to recover from a drop that saw their prices fall by over 40%. Leading the recovery rally is Dogwifhat (WIF), which has outperformed its peers. Dogwifhat’s price surged by 19.02%, reaching $1.67. In contrast, Pepecoin (PEPE) saw a modest gain of 0.82%, and Bonk (BONK) rose by 3.41%.
The overall market cap of memecoins has increased by 1.19%, reaching $38.1 billion.
As Bitcoin continues its recovery with strong momentum, we could see further gains in memecoin prices. The market’s green shoots offer hope for investors looking for a rebound.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high level of risk, and you should conduct your own research and consult with a qualified financial advisor before making any investment decisions.