Altcoins SATS, Dogwifhat, FET, and Bonk have all surged over 10% over the past day to rank as the top gainers in the crypto market, as Bitcoin, the leading cryptocurrency by market cap, jumped over $64,000 in the same timeframe.
SATS
SATS (SATS) led the charge among the top gainers on Aug. 24.
At last check, the crypto asset was still up 29% in the previous 24 hours, trading at $0.0000004. Its daily trading volume was also up, hovering around $171.3 million.
The token’s market cap now stands at $847.5 million. However, the token’s value remains 56.6% below its all-time high of $0.00000092, achieved on Dec. 15, 2023.
SATS is a token that utilizes the Ordinal protocol and adheres to the BRC-20 token standard on the Bitcoin network. The name ‘SATS’ is derived from ‘Satoshi’, which is the smallest denomination of Bitcoin, with each Bitcoin being divisible into 100 million satoshis.
While SATS itself isn’t the smallest fragment of Bitcoin, it nods to the renowned cryptocurrency through its name.
WIF
WIF, the native token of Solana-based meme coin Dogwifhat, had also surged 19% in the last 24 hours, exchanging hands at $1.91, per data from crypto.news. The crypto asset’s daily trading volume was also hovering around $908 million.
The meme coin, based on a picture of a Shiba Inu dog wearing a pink knitted cap, has also witnessed its market cap surpass $1.9 billion. However, WIF is still trading 60% below its all-time high of $4.83 attained on March 31.
Artificial Superintelligence Alliance
Artificial Superintelligence Alliance (FET) had also jumped by 20.6%, being traded at $1.28 at press time. The AI token had a daily trading volume of $485 million, with its market cap soaring over $3.2 billion.
The latest rise in FET has taken it to levels last seen on July 29. However, the token remains 63% below its all-time high of $3.45 on March 28.
The Artificial Superintelligence Alliance is a collaboration between three AI projects: Fetch.ai, SingularityNET, and Ocean Protocol.
The alliance’s goal is to speed up the development of decentralized Artificial General Intelligence and, eventually, Artificial Superintelligence.
Bonk
Bonk (BONK), another Solana-based canine-themed meme coin, was up 12.4% in the last 24 hours, exchanging hands at $0.000021.
The crypto asset’s market cap had surpassed $1.48 billion, overtaking Floki (FLOKI), another Solana-based dog-themed competing meme coin whose market cap stood at 1.43 billion.
The meme coin’s daily trading volume had surged 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 it attained on March 4.
Bitcoin leads market recovery
The latest surge in these altcoins comes as Bitcoin (BTC) hit a high of $64,828 per unit on Saturday, buoyed by comments from U.S. Federal Reserve Chair Jerome Powell.
During his Jackson Hole speech, Powell suggested potential rate cuts in September. This led to a 5.5% increase in Bitcoin’s value over the last day, contributing to a 3.3% rise in the total cryptocurrency market value, which now stands at $2.36 trillion.
Leena ElDeeb, an analyst at 21Shares, has linked shifts in the M2 money supply—a gauge of global currency circulation—to potential movements in Bitcoin’s price.
In a statement to crypto.news, ElDeeb explained that historically, Bitcoin’s price tends to hit its lowest just months before a bottoming out of the M2 money supply, followed by a rapid increase. This quick increase in price often exceeds the growth in liquidity, leading to what she referred to as a “mid-cycle correction.”
She also highlighted that Bitcoin ETFs have been vital in driving price increases during these cycles of the M2 money supply.
Additionally, on Aug. 23, analysts on platform X noted that the recent rise in altcoin values might represent a short-lived relief rally as Bitcoin’s dominance encounters resistance at a crucial level.
They warned that the dominance of Bitcoin appears to remain on an upward trend, indicating that the gains seen in altcoins might be temporary.