In a significant market rally, altcoins SATS, Dogwifhat, FET, and Bonk experienced notable gains, each surging over 10% within the past 24 hours. This rise in altcoin prices occurred alongside Bitcoin’s ascent, as the leading cryptocurrency surpassed $64,000, boosting market optimism.
SATS Leads the Charge
SATS (SATS), a token built on the Bitcoin network using the Ordinal protocol and adhering to the BRC-20 token standard, led the altcoin surge on August 24. The token’s price soared by 29%, reaching $0.0000004. With a daily trading volume of approximately $171.3 million, SATS now boasts a market cap of $847.5 million. Despite this recent rally, the token remains 56.6% below its all-time high of $0.00000092, achieved in December 2023. The token’s name, ‘SATS,’ is a nod to ‘Satoshi,’ the smallest unit of Bitcoin, emphasizing its connection to the renowned cryptocurrency.
Dogwifhat Gains Momentum
Dogwifhat (WIF), a Solana-based meme coin featuring a Shiba Inu dog wearing a pink knitted cap, also saw a 19% surge in the last 24 hours, trading at $1.91. The token’s daily trading volume reached $908 million, and its market cap climbed to $1.9 billion. However, WIF is still 60% below its peak price of $4.83, which it attained in March of this year.
Artificial Superintelligence Alliance (FET) Jumps
The Artificial Superintelligence Alliance token (FET) also experienced a significant increase, with its value jumping by 20.6% to $1.28. This AI-focused token, part of a collaboration between Fetch.ai, SingularityNET, and Ocean Protocol, saw its market cap rise to over $3.2 billion, supported by a daily trading volume of $485 million. Despite this upward momentum, FET remains 63% below its all-time high of $3.45, reached in March 2024.
Bonk Sees Strong Growth
Bonk (BONK), another Solana-based meme coin, gained 12.4% in the last 24 hours, trading at $0.000021. Its market cap surpassed $1.48 billion, overtaking rival meme coin Floki (FLOKI). Bonk’s daily trading volume surged by 118%, reaching $217 million. However, like its counterparts, Bonk is still down 54.7% from its all-time high of $0.000047, achieved in March 2024.
Bitcoin’s Surge Fuels Market Optimism
The surge in these altcoins comes as Bitcoin hit a new high of $64,828 per unit on August 24, driven by comments from U.S. Federal Reserve Chair Jerome Powell. Powell’s remarks during the Jackson Hole speech suggested possible interest rate cuts in September, which contributed to a 5.5% rise in Bitcoin’s value over the past day. This increase also pushed the total cryptocurrency market value up by 3.3%, reaching $2.36 trillion.
Leena ElDeeb, an analyst at 21Shares, linked Bitcoin’s recent price movement to shifts in the M2 money supply, a measure of global currency circulation. She noted that historically, Bitcoin’s price tends to bottom out just before a trough in the M2 money supply, followed by a rapid price increase. This pattern, often resulting in a “mid-cycle correction,” has been further influenced by the introduction of Bitcoin ETFs, which have driven price increases during these liquidity cycles.
Caution for Altcoin Investors
Despite the recent rally in altcoins, analysts have warned that the gains may be short-lived. On August 23, experts on platform X noted that Bitcoin’s dominance is encountering resistance at a crucial level, suggesting that the current altcoin surge might be a temporary relief rally. They advised caution, indicating that Bitcoin’s upward trend could continue, potentially overshadowing the recent gains in altcoins.
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