Bitcoin Price Explodes to $64,000, Dogwifhat (WIF) Up 20% Daily (Market Watch)

The cryptocurrency market managed to regain its balance earlier this week. Its total capitalization exceeds $2.3 trillion thanks to gains in most currencies.

Bitcoin managed to break above $63,000 and even test $64,000, while meme coins are exploding left and right. Let’s take a look.

Bitcoin price rises to $64,000

In what looks to be a very bullish Monday, the price of BTC was able to recoup almost all of the losses it suffered earlier in the month.

At the time of writing, the cryptocurrency was trading at $63,500, having hit a local high just below $64,000 previously.

Source: TradingView

As you can see from the chart, this marks the end of a recovery from the October 1st dip, so maybe there is an opportunity for ‘Uptober’ after all.

That said, settlements in the derivatives market surged nearly 150% over the past 24 hours to around $130 million a day. Almost $100 million of these were short positions. Bitcoin leads the way with almost $30 million in settlements.

Market sentiment has also improved. It’s currently neutral, which is better than last week’s terrible conditions.

Meme coins are shot all over the board

The market is predominantly painted red today, and most altcoins are posting notable gains.

For example, ETH, BNB, SOL, AVAX, DOT, BCH, XRP and LINK are up around 2-3%.

Source: Quantify Crypto

The meme coins, on the other hand, took center stage. The entire category is up around 10%, but some individual performances are even more impressive.

For example, Dogwifhat (WIF) is up 20% at the time of writing, about the same as POPCAT and MOG.

However, Neiro, a relatively new meme coin that has already skyrocketed to being the 125th largest cryptocurrency, soared 50% on the day.

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