Will Bitcoin rise above $60,000? Meme coins on TRON rise in popularity – weekend watch

Markets remained relatively quiet today and even advanced slightly. Total market capitalization approaches $2.2 trillion as most coins post marginal gains.

Bitcoin price tests $60,000

The price of Bitcoin is consolidating around $60,000, and many analysts believe it is about to shoot up again.

In the last 24 hours, BTC attempted to break above this pivotal level, but buyers were unable to sustain the price above it. The cryptocurrency hit an intraday high of around $60,200 before pulling back to $59,600.

Source: TradingView

With this, BTC was able to register gains of 0.7% over the past 24 hours, but remains around 2.7% over the past week.

The drop in overall trading volume during the day (which is to be expected, given that it is a Sunday), also led to a relatively low number of settlements in the derivatives market. A total of $50 million in long and short positions were wiped out, with short traders getting the worst of it.

Meme Coins on TRON soars in popularity

Just a few days ago, the founder of TRON revealed the launch of a launch pad called SunPump designed to easily develop and boost meme coins.

Since then, on-chain meme coins have been increasing in popularity and value. The launch platform has started to generate considerable volume and trading commissions, respectively, wondering if it will lead to a revival of the meme coin craze we saw in Solana.

The szn coin meme is moving $THRON?

Launched just a few days ago, @justinsuntron SunPump already raised over $1.5 million as of August 17th. pic.twitter.com/f8IVoSFku6

— CryptoPotato Official (@Crypto_Potato) August 18, 2024

Elsewhere, the altcoin market is painted predominantly green over the past 24 hours, with most coins making marginal gains.

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