Bitcoin (BTC) Reclaims $67K, Meme Coins DOGE, SHIB Surge as Market Vies for Dominance

Bitcoin (BTC) reclaimed the $67,000 price level and reached a daily 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% in the past 24 hours.

Bitcoin (BTC) price surged past the $67,000 level on Wednesday and reached a daily high of $67,800. At the time of writing, the world’s largest cryptocurrency by market capitalization is trading at $67,295.47, up 3.10% in the past 24 hours.

On the other hand, meme coins are competing for the top spot in the digital asset space, with Dogecoin (DOGE) and Shiba Inu (SHIB) surging 2.6% and 1.07%, respectively, while other meme coins remained in the red.

According to an X (formerly Twitter) post by blockchain analysis platform Santiment, there are increased mentions of Bitcoin finding a bottom somewhere between $50,000-$59,000 with a top around the $70,000-$79,000 price levels. Currently, the Fear and Greed Index reads 58, indicating neutral sentiment.

To confirm an uptrend, Bitcoin needs to break above the resistance in the $70K-$79K price level. The current all-time high for the leading digital asset is $73,750, reached in March.

Santiment also highlighted in its X post that Bitcoin and the broader crypto market mostly move “the opposite direction of the way the majority of the crowd is predicting,” and it advised investors to “think independently, and avoid the ‘crowd think’ traps.” This is known as inverse correlation and is a key factor contributing to the unpredictable nature of the digital asset market.

Meme Coins: What’s Next?

Leading meme coins SHIB and DOGE are trading at $0.00001828 and $0.1188, respectively. In the past seven days, DOGE surged 8.62% and SHIB rose 2.32%. However, investors are still not satisfied with the performance of these cryptocurrencies because other meme coins like Pepe (PEPE) have seen stronger gains.

Read also: Memecoin Rally: BOME, MEW, BONK, FLOKI, POPCAT Gain Value

Santiment data shows that the number of Dogecoin holders has been steadily declining. Since October 8th, there has been a net drop of -106.6K non-empty DOGE wallets. The blockchain analysis platform explained how traders have expressed frustration with the largest meme coin’s performance “and have been increasingly looking elsewhere for quick pumps.”

Moreover, PEPE crashed 2.77% in 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 seems that the demand for the altcoin is declining.

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