Bitcoin (BTC) has recovered to the $105,000 level after rising 5.1% over the past 24 hours.
As of press time, the flagship cryptocurrency is trading at $105,505, with a 10% increase in registered prices in the memecoin segment.
BTC began a sharp correction last week following stronger-than-expected US labor market data. From January 7 to 13, it recorded a 10% decline from the $101,000 price range to the low of $90,000.
However, the US consumer price index in December is estimated to have increased by 0.4% compared to the previous month. This has raised expectations of an interest rate cut in the US this year, increasing risk appetite and pushing BTC prices up 9%.
Altcoins also followed suit, with XRP hitting a new all-time high of just over $3.40, its previous high on January 16th. Ethereum (ETH) was priced at $3,506.11 after rising 4.4% daily, while Solana (SOL) was next at $218.24. It rose 2.2%, and BNB grew 1.6% to reach $726.72.
Memecoin surge
In this recovery environment, Memecoin was in the spotlight. Among the top 20 cryptocurrencies by market capitalization, Dogecoin (DOGE) and Shiba Inu (SHIB) led the daily rise, rising 8.5% and 8.9%, respectively.
The memecoin sector rose 10%, significantly exceeding the market’s average daily return of 5.7%. According to data from Artemis, Popcat (POPCAT) is leading among the 200 largest memecoins by market capitalization, with a gain of nearly 19% over the past 24 hours.
Solana-based BONK and Dogwepot (WIF) also recorded gains of 13% and 5.5%, respectively. Meanwhile, Pepe (PEPE) rose 12% on the daily session.
Tokens associated with decentralized exchanges for derivatives trading recorded the second-best daily performance, growing an average of 8.1%.
Popular narratives such as artificial intelligence and DePIN (Decentralized Physical Infrastructure Network) tokens also outperformed the market average, rising 6.4% and 6.8%, respectively.
Tokens associated with centralized exchanges and real-world asset (RWA) protocols fall into the below-average sector with price increases of 5.6% and 3.8%, respectively.
bitcoin market data
At press time January 17, 2025, 9:15 PM (UTC)Bitcoin ranks first in market capitalization and price consolation 4.47% In the last 24 hours. Bitcoin’s market capitalization is $2.7 trillion With 24-hour trading volume 71.19 billion dollars. Learn more about Bitcoin ›
Cryptocurrency Market Summary
At press time January 17, 2025, 9:15 PM (UTC)The overall cryptocurrency market is worth: $3.67 trillion with 24 hour volume $169.22 billion. Current Bitcoin dominance is 56.50%. Learn more about cryptocurrency markets ›