The post Bitcoin Explodes to $44K, Ordinals and BRC20 Tokens Surge, Meme Coin Madness Accelerates: This Week’s Recap appeared on BitcoinEthereumNews.com.

The past week was particularly explosive in the crypto markets, the capitalization of which increased by close to $200 billion. Currently standing at $1.7 trillion, the industry shows little signs of slowing down. Starting with Bitcoin, its price exploded by some 14.3% over the past seven days and it’s currently trading around the $44K mark. The bulls have tried to push it above that level but have so far been unsuccessful. It’s worth noting, however, that the bears also attempted to initiate a correction with little success. What’s interesting this time around, compared to previous market cycles, is that there’s an entire ecosystem built around Bitcoin. This was made possible earlier in March when the BRC-20 token standard was introduced. Cryptocurrencies based on it, such as ORDI, also exploded in value alongside Bitcoin. ORDI’s price is up a whopping 140% in the past seven days, making all sorts of headlines along the way. Meme coins are also having their way, but not the most conventional ones. DOGE and SHIB increased by 18% and 20%, respectively, but it was BONK that stole the show. What’s currently the biggest meme coin on the Solana network, BONK skyrocketed by over 200% in the last week. Other meme coins are also surging on various chains. SNEK, for instance, is one built on Cardano, and it’s also up more than 220% during the same period. That said, the market seems very heated at the moment, and it’s interesting to see if there’s a correction looming around the corner. Many industry experts are of the opinion that the ongoing rally still has steam in it before a potential pull-back, so it’s curious to see how the market will develop in the next week. Market Data Market Cap: $1.7T | 24H Vol: $159B | BTC Dominance: 50.3%…

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Filed under: News - @ December 9, 2023 3:20 am