Bitcoin (BTC) has reclaimed the $67,000 price point and hit an intraday high of $67,800. As of this writing, the world’s largest cryptocurrency by market capitalization is trading at $67,295.47, up 3.10% over the past 24 hours.
Meanwhile, meme coins are competing for dominance in the digital asset space, with Dogecoin (DOGE) and Shiba Inu (SHIB) up 2.6% and 1.07% respectively, while other meme coins remain in the red.
According to a post on X (formerly Twitter) by blockchain analytics platform Santiment, there are more mentions of Bitcoin bottoming somewhere between $50,000-$59,000 with a peak at $70,000-$79,000. Currently, the Fear and Greed Index is at 58, indicating neutral sentiment.
To confirm the uptrend, Bitcoin needs to break above the resistance at $70,000-79,000. The leading digital asset's current all-time high is $73,750, reached in March.
Santiment also emphasized in the X post that Bitcoin and the cryptocurrency market in general mostly move “in the opposite direction to what the majority of the crowd predicts” and advised investors to “think independently and avoid the trap of ‘crowd thinking.’” This is known as inverse correlation and is a major factor contributing to the unpredictable nature of the digital asset market.
Meme Coin: What's Next?
Top meme coins SHIB and DOGE are trading at $0.00001828 and $0.1188. Over the past seven days, DOGE is up 8.62% and SHIB is up 2.32%. However, investors are not satisfied with the performance of these cryptocurrencies as other meme coins like Pepe (PEPE) have seen stronger gains.
Santiment data shows that the number of Dogecoin holders has been steadily declining. There has been a net decrease of -106.6k empty DOGE wallets since October 8. The blockchain analytics platform explained how traders are expressing frustration with the performance of the largest meme coin “and increasingly looking elsewhere for faster pump.”
Meanwhile, PEPE is down 2.77% over the past 24 hours and is trading at $0.00001031. The meme coin is trading at a 39.79% discount to its all-time high and it appears that demand for the altcoin is waning.