Meme Coins Dominate 2024’s Crypto Market Surge

Market performance has been better for meme coins such as WIF and PEPE than for mainstream cryptocurrencies, including Bitcoin and Ethereum. 

According to a recent Forbes report, WIF has experienced a staggering growth of 1,306%, pushing its market cap to $2.1 billion. Close on its heels, PEPE has seen an 815% increase, reaching a $5 billion market cap.

Stellar performance of meme coins

Following the impressive surge of WIF and PEPE, other meme coins have also seen substantial gains. Fetch.ai (FET) reported a 545% increase, achieving a $3.6 billion market cap. Similarly, Floki’s value rose by 392%, totaling a market cap of $1.6 billion. 

JASMY and AR have also made significant strides, increasing 343% and 188%, respectively. Other notable performances included Core and Toncoin, which rose by 152% and 135%, reaching market caps of $1.2 billion and $18.8 billion.

Bitcoin maintains dominance despite competition

Despite the surge in meme coins, Bitcoin retains its throne with an increased dominance, the highest since 2021. Data from CoinMarketCap highlights that Bitcoin now commands over 55% of the global crypto market’s total value, a notable rise from 40% at the close of 2022. 

The total market value of all cryptocurrencies rose by $661 billion in the first half of the year, with Bitcoin contributing $409 billion. Institutional interest has propelled Bitcoin’s 48% increase this year despite being overshadowed by the dramatic rise in meme coins.

Ethereum and other Cryptocurrencies show resilience

Ethereum has outperformed Bitcoin with a 51% increase year-to-date and is on the verge of potentially being approved for spot ETFs, which could further elevate its market position. Binance Coin also showcased a robust increase of 81%, a resilient performance amidst controversies surrounding Binance and its founder. 

Moreover, Bitcoin’s stability is evident as it reclaimed a critical price level of $60,000 following a tumultuous event involving a failed assassination of a U.S. presidential candidate. Currently, Bitcoin stands at $63,382, with a 24-hour increase of 6%, and Ethereum at $3,501, marking a 7% rise.

This year marks a significant shift in the cryptocurrency landscape, with meme coins leading the charge in market performance. This demonstrates the unpredictable yet dynamic nature of digital currencies.

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