However, due to Bitcoin’s early surge to an all-time high and the sudden craze for meme coins, various analysts are labeling this as the “weirdest” bull market of all time.“The market skipped a couple steps that we have seen with previous cycles, BTC -> straight to memecoins is a bit unusual.”This craze pushed the memecoin total capitalization to $70 billion on the 1st of April.
“I feel like cheap blockspace on Solana and Base has incentivized memecoin trading, but the memecoin narrative can flip on a dime.”This highlights that the memecoin market is highly volatile and susceptible to sudden shifts in sentiment and market conditions. “I won’t really believe that “retail” is here in any meaningful way until we see the entire market going up together – not these isolated “sector specific” pumps that are very obviously pushed by crypto natives and just involve a hot ball of money rotating around.”The current cryptocurrency market presents a unique landscape, characterized by the early surge of Bitcoin to an all-time high and the unprecedented popularity of meme coins.
Thus, as we come closer to the Bitcoin halving, it would be interesting to watch BTC and meme coins leap from the traditional price momenta.Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
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Source: CryptoAmb - 🏆 22. / 68 Read more »