Bitcoin reclaims $105,000, while memecoins outperform market average

Bitcoin (BTC) regained the $105,000 price level after climbing 5.1% in the past 24 hours.

As of press time, the flagship crypto was trading at $105,505, followed by a 10% increase registered by the memecoin sector. 

BTC started a steep correction last week following the stronger-than-expected labor market data in the US. From Jan. 7 to 13, it registered a 10% pullback from the $101,000 price zone to the low area of $90,000.

However, the US consumer price index related to December came within estimates of a 0.4% monthly surge. This raised the expectations of interest rate cuts in the US this year, increasing the appetite for risk and prompting a 9% rise in BTC’s price.

Altcoins followed suit, with XRP registering a new all-time high slightly past its previous peak of $3,40 on Jan. 16. Ethereum (ETH) is priced at $3,506.11 after a 4.4% daily increase, Solana (SOL) sits at $218.24 following a 2.2% gain, and BNB grew 1.6% to reach $726.72.

Memecoins surge

In this recovery landscape, memecoins stole the limelight. Among the top 20 crypto by market cap, Dogecoin (DOGE) and Shiba Inu (SHIB) led the daily gains, rising 8.5% and 8.9%, respectively.

The memecoin sector climbed 10%, heavily surpassing the market average daily performance of 5.7%. According to data from Artemis, Popcat (POPCAT) led among the 200 largest memecoins by market cap, with nearly 19% gains in the past 24 hours.

Solana-based Bonk (BONK) and Dogwifhat (WIF) also registered gains of 13% and 5.5%, respectively. Meanwhile, Pepe (PEPE) jumped 12% in the daily timeframe.

Tokens related to decentralized exchanges for derivatives trading had the second-best daily performance, growing 8.1% on average. 

Popular narratives, such as artificial intelligence and decentralized physical infrastructure network (DePIN) tokens, also outperformed the market average, rising 6.4% and 6.8%, respectively.

Tokens related to centralized exchanges and real-world assets (RWA) protocols are among the sectors below the average, with respective price increases of 5.6% and 3.8%.