Bitcoin (BTC) has regained the $105,000 price level after climbing 5.1% over the past 24 hours.
At press time, the flagship crypto was trading at $105,505, followed by a 10% increase recorded by the memecoin sector.
BTC began a sharp correction last week following stronger-than-expected labor market data in the United States. From January 7 to 13, it recorded a 10% pullback from the $101,000 price zone to the low $90,000 zone.
However, the U.S. Consumer Price Index for December fell within estimates of a monthly increase of 0.4%. This has increased expectations that interest rates will fall in the United States this year, increasing risk appetite and causing a 9% rise in the price of BTC.
Altcoins followed suit, with XRP recording a new all-time high slightly above its previous high of $3.40 on January 16. Ethereum (ETH) is priced at $3,506.11 after a 4.4% daily increase, Solana (SOL) is at $218.24 after a 2.2% gain and BNB is up 1, 6% to reach $726.72.
Memecoins are skyrocketing
In this recovery landscape, memecoins have stolen the spotlight. Among the top 20 cryptocurrencies by market capitalization, Dogecoin (DOGE) and Shiba Inu (SHIB) led the daily gains, up 8.5% and 8.9%, respectively.
The memecoin sector soared 10%, far outpacing the market’s average daily performance of 5.7%. According to Artemis data, Popcat (POPCAT) leads the 200 largest memecoins in terms of market capitalization, with gains of almost 19% over the past 24 hours.
Solana-based Bonk (BONK) and Dogwifhat (WIF) also saw gains of 13% and 5.5%, respectively. Meanwhile, Pepe (PEPE) jumped 12% on the daily time frame.
Tokens linked to decentralized exchanges for derivatives trading recorded the second best daily performance, averaging 8.1% growth.
Popular narratives, such as artificial intelligence and decentralized physical infrastructure network (DePIN) tokens, also outperformed the market average, up 6.4% and 6.8%, respectively.
Tokens linked to centralized exchanges and real-world asset (RWA) protocols are among the below-average sectors, with price increases of 5.6% and 3.8%, respectively.
Bitcoin Market Data
At the time of going to press 9:15 p.m. UTC January 17, 2025Bitcoin is ranked #1 in terms of market capitalization and the price is up 4.47% in the last 24 hours. Bitcoin has a market capitalization of $2.07 trillion with a 24-hour trading volume of $71.19 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of going to press 9:15 p.m. UTC January 17, 2025the total crypto market is valued at $3.67 trillion with a 24 hour volume of $169.22 billion. Bitcoin dominance is currently at 56.50%. Learn more about the cryptocurrency market ›
