Altcoins SATS, Dogwifhat, FET, and Bonk have surged over 10% over the past day to rank among the top gainers in the crypto market, as Bitcoin, the leading cryptocurrency by market cap, jumped above $64,000 in the same time frame.
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Aptitude testsSATS) led the charge among the biggest gainers on August 24.
At last check, the crypto asset was still up 29% in the previous 24 hours, trading at $0.0000004. Its daily trading volume has also increased, hovering around $171.3 million.
The token’s market cap is now $847.5 million. However, the token’s value remains 56.6% below its all-time high of $0.00000092, which was achieved on December 15, 2023.
SATS is a token that uses the Ordinal protocol and adheres to the BRC-20 token standard on the Bitcoin network. The name “SATS” is derived from “Satoshi,” the smallest denomination of Bitcoin, with each Bitcoin being divisible into 100 million satoshis.
Although SATS itself is not the smallest part of Bitcoin, it does refer to the popular cryptocurrency through its name.
Wave
WIF, the native token of Solana-based Dogwifhat, also surged 19% in the last 24 hours, trading at $1.91, according to crypto.news data. The crypto asset’s daily trading volume was around $908 million.
The meme coin, which is based on an image of a Shiba Inu dog wearing a pink knitted hat, has also seen its market cap surpass $1.9 billion. However, WIF is still trading 60% below its all-time high of $4.83 reached on March 31.
Super AI Alliance
Artificial Superintelligence Alliance (FET) also jumped 20.6%, trading at $1.28 at the time of writing. The AI token has a daily trading volume of $485 million, with its market cap rising to over $3.2 billion.
The recent surge in FET has taken it to levels last seen on July 29. However, the token is still 63% below its all-time high of $3.45 on March 28.
The Super AI Alliance is a collaboration between three AI projects: Fetch.ai, SingularityNET, and Ocean Protocol.
The alliance aims to accelerate the development of decentralized AGI, and ultimately ASI.
Punk
Bonk (BONK), another Solana-based dog-themed coin, is up 12.4% in the past 24 hours, trading at $0.000021.
The crypto asset’s market cap has surpassed $1.48 billion, surpassing Floki (FLOKI), another Solana-based dog-themed rival coin which had a market cap of $1.43 billion.
The meme coin’s daily trading volume has increased by 118% over the past day, hovering around $217 million. However, BONK is still down 54.7% from its all-time high of $0.000047, which was reached on March 4.
Bitcoin leads market recovery
The latest surge in these altcoins comes as Bitcoin (BTC) hit a record high of $64,828 per unit on Saturday, supported by comments from US Federal Reserve Chairman Jerome Powell.
During his speech at Jackson Hole, Powell suggested possible interest rate cuts in September. This led to a 5.5% increase in the value of Bitcoin over the past day, contributing to a 3.3% rise in the total market cap of cryptocurrencies, which now stands at $2.36 trillion.
Lina Eldeeb, an analyst at 21Shares, linked shifts in the M2 money supply — a measure of global currency trading — to potential moves in Bitcoin’s price.
In a statement to crypto.news, Eldeeb explained that historically, Bitcoin’s price tends to bottom out just months before the M2 money supply bottoms out, followed by a rapid rally. This rapid price rise often outpaces liquidity growth, leading to what she referred to as a “mid-cycle correction.”
She also stressed that Bitcoin ETFs have been vital in driving price increases during M2 money supply cycles.
Additionally, on August 23, analysts on the X platform male Some analysts have suggested that the recent surge in altcoin values could be a short-lived recovery as Bitcoin’s dominance faces resistance at a crucial level. They caution that Bitcoin’s dominance appears to still be on an upward trend, suggesting that the gains seen by altcoins could be temporary.