Bitcoin (BTC) rose 5.1% in the past 24 hours, regaining the $105,000 price level.
At the time of writing, the flagship cryptocurrency was trading at $105,505, continuing a 10% gain in the memecoin sector.
Bitcoin began a significant correction last week after better-than-expected US labor market data. From January 7th to January 13th, it recorded a 10% decline from a price range of $101,000 to a low of $90,000.
However, the US consumer price index in December fell within expectations of a 0.4% increase from the previous month. This raised expectations for an interest rate cut in the US this year, increasing risk appetite and causing a 9% rise in BTC prices.
Altcoins followed suit, with XRP hitting a new all-time high on January 16, just above its previous peak of $3.40. Ethereum (ETH) price increased by 4.4% daily to $3,506.11, while Solana (SOL) price remained at $218.24. Up 2.2%, BNB rose 1.6% to $726.72.
Meme coins soar
In this recovery situation, meme coins came into the limelight. Among the top 20 cryptocurrencies by market capitalization, Dogecoin (DOGE) and Shiba Inu (SHIB) led the daily gains, rising 8.5% and 8.9%, respectively.
The meme coin sector rose 10%, significantly outperforming the market's average daily performance of 5.7%. According to Artemis data, Popcat (POPCAT) ranks first among the top 200 meme coins by market capitalization, gaining nearly 19% in the past 24 hours.
Solana-based companies Bonk (BONK) and Dogwifat (WIF) also posted gains of 13% and 5.5%, respectively. Meanwhile, PEPE rose 12% on a daily basis.
Tokens related to decentralized exchanges for derivatives trading had the second best daily performance, growing by an average of 8.1%.
Popular stories such as artificial intelligence and decentralized physical infrastructure network (DePIN) tokens also outperformed the market average, rising 6.4% and 6.8% respectively.
Tokens related to centralized exchanges and Real World Assets (RWA) protocols are among the below-average sectors, increasing in price by 5.6% and 3.8%, respectively.
Bitcoin market data
At the time of press January 17, 2025, 9:15 PM (UTC)Bitcoin ranks first in market capitalization, and the price is above 4.47% Over the past 24 hours. Bitcoin market capitalization is $2.07 trillion The trading volume for 24 hours is $71.19 billion. Learn more about Bitcoin ›
Overview of the virtual currency market
At the time of press January 17, 2025, 9:15 PM (UTC)the value of the entire cryptocurrency market is $3.67 trillion in 24 hour volume $169.22 billion. Bitcoin's dominant status is currently 56.50%. Learn more about the cryptocurrency market ›
