Bitcoin With a Monster Monthly Candle, Solana Explodes, Memes Soar: This Week’s Recap

9 months ago 3

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What a week! Better yet, what a month! Did you know that Bitcoin has never had a month as good as February 2024? That’s right, the cryptocurrency closed its best-yet candle, and we haven’t even gone through the halving yet.

The pre-halving anticipation of higher prices is palpable as spot Bitcoin ETFs continue to see outrageous inflows. The total cryptocurrency market capitalization exploded to $2.4 trillion (per CoinGecko) as BTC charted a 21.3% increase in the past seven days alone.

The rest of the market followed suit, and even Ripple’s XRP, which was lagging throughout most of the year, increased by 10%. The rest of the altcoins in the top 10 also performed really well, with Solana taking the main stage and surging by 30%.

Meme coins also took center stage, with perhaps the best and most unexpected performer being Dogwifhat (WIF). The astonishing story behind WIF is that it started only a few months ago, and it managed to increase to an incredible $1 billion market cap in less than half a year.

BONK, PEPE, DOGE, SHIB, and many other meme coins also soared as the entire market flourished.

In general, this week saw it all. Bitcoin is soaring, ETH is soaring, SOL is soaring – as well as pretty much any ecosystem out there. Artificial intelligence, DeFi, GameFi, memes – you name it – everything is going up.

This has obviously caused certain levels of euphoria, but the majority of experts and analysts seem to agree that the excitement and retail interest is nowhere to be seen compared to the last time the market was trading at these rates.

In any case, it’s very interesting to see if there will be a flushout in the coming days or if the market will continue going up only.

Market Data

Market Cap: $2.413T | 24H Vol: $142B | BTC Dominance: 50.3%

BTC: $61,785 (+21%) | ETH: $3,414 (+16%) | BNB: $406 (+8%)

God Candle? Bitcoin Records Largest Monthly Surge in History. Bitcoin is no stranger when it comes to charting massive green candles. In fact, it witnessed similar experiences in February, March, and October of 2021. However, in February 2024, BTC charted its largest monthly candle in history.

MicroStrategy’s Bitcoin Bet Is Paying Off Big, Delivering 2x Returns. MicroStrategy, the company spearheaded by one of Bitcoin’s most vocal proponents, Michael Saylor, is now more or less 100% up on its BTC investment. The company also shows no signs of slowing down with its BTC purchases, having acquired $155.4M worth of it in the last few weeks alone.

Bitcoin Enters Top 10 Assets by Market Cap, Surpasses Buffett’s Berkshire. This past week saw a tremendously strong performance by Bitcoin. The cryptocurrency is now one of the top 10 assets by means of total market capitalization, surpassing Warren Buffett’s Berkshire Hathaway.

AI Coins Chart Massive Returns in 2024, How Do Meme Coins Compare? Coins centered around artificial intelligence (AI) performed extremely well so far in 2024. The question now is if popular meme coins will be able to outperform them in the coming months.

Elon Musk Sues OpenAI and its CEO, Worldcoin (WLD) Dips 5%. Elon Musk, the man behind Tesla and SpaceX, is now pursuing a lawsuit against OpenAI and its CEO – Sam Altman. As a result, the crypto project led by Sam Altman – Worldcoin (WLD) plunged by about 5% following the news.

Reversal: Merrill Lynch, Wells Fargo Begin Offering Bitcoin ETFs To Clients. Some of the leading US-based investment platforms – Meryll Lynch and Wells Fargo – are now offering clients access to spot Bitcoin exchange-traded funds. They had initially hesitated to do so but the great performance of the products seems to have skewed their decision the other way.