It was indeed an explosive week for the cryptocurrency space last week, including meme coins. In a crypto weekly wrap-up, it is reported that Bitcoin’s price was trading at over $93K levels and new highs, together with most cryptocurrencies, including meme coins, outperforming expectations. In the political sphere of the United States, Dogecoin was on the rise, while the FTX versus Binance crisis increased hostilities in the market. This weekly recap is focused on the most relevant events, and it will show what is happening in the market when pressure on it increases and positions change.
Bitcoin Price Surges Past $93K and Remains Resilient
The peak of the week was when Bitcoin price surged through $93,000 on November 13 in relation to the release of the US Consumer Price Index (CPI). This massive milestone placed the Bitcoin market cap above $1.83 trillion, making it briefly valued more than Saudi Aramco.
Nevertheless, the Bitcoin could ease only slightly and remain above the $90,000 mark. Market analyst, and the chairman of the MicroStrategy company, Michael Saylor said, “This rally is far from over. Some even believe that the price can reach $100,000 or even more soon.”
The continued appreciation of value is due to the rising use of cryptocurrencies by institutions and the stability of digital assets as an inflation hedge. Moreover, expectations of obtaining legal approval in the United States have also helped extend Bitcoin’s standing.
Meme Coins Mania: DOGE and Others Take Centre Stage
As Bitcoin price hogged the limelight, there was also flashes of meme coins mania stormed the world of cryptocurrencies. Popular meme-coin, Dogecoins, was the second-best performer, rising to $60 billion market capitalisation upon hitting $0.43 on Nov 14.
Other meme coins followed suit, with notable performances including:
- Peanut the Squirrel: Achieved the record high of 2.471 on November 14 after increasing to 150 % in the next 24 hours.
- Dogwifhat: Saw a 37% increase in trading volume after a Coinbase listing announcement.
- PEPE: Likewise, it surged 42% in a day after listing on Robinhood and Coinbase and touched $0.00002597.
These rallies show how meme coins work, and how they manage to capture the attention of the retail investors. As another market participant pointed out, “Meme coins live on hysteria but they also capture the dynamics of the cryptocurrency market.”
Washington Goes DOGE: Political Winds Stir Crypto Hype
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A new political turn of events comes as Washington goes DOGE or, more specifically, as the President-elect Donald Trump announced the formation of the Department of Government Efficiency. The agency, which planned to cut the federal spending by $2 trillion, will be led by Elon Musk and Vivek Ramaswamy.
This came during the Dogecoin surge which led to criticism over the influence that Musk has on the market. Musk who has been teasing supporters of Dogecoin recently affirmed on twitter, “Efficiency is key, and so is DOGE.’’ This fueled investors in the digital currency.
According to the analysts, this political change supports the argument that increased interconnection between cryptocurrency and governance exists. Again, opponents of such an approach note that political objectives could lead to an even higher increase in market fluctuations.
FTX Sues Binance Amid Industry Turmoil
One of the most publicized legal dramas in the crypto sphere at the moment is when FTX sued Binance for $1.76 billion in alleged fraudulent transactions conducted by Binance’s former CEO, Changpeng Zhao as well as some other officers.
This is legal battle resulting from the business dealings of the two companies prior to the failure of FTX. The recent filing in court stated that the FTX estate wants to recover the alleged fraudulently obtained cash from FTX.US under some uncertain pretenses.
The spokesperson for Binance said the allegations are false, saying, “These allegations are false and are part of a campaign to deflect from the poor management of FTX.”
This case has brought attention within the cryptocurrency sector about corporate responsibility, asking questions about proper governance within the organizations as well as relevance.
Conclusion
From Bitcoin price soaring to $93K to meme coins craze to FTX vs Binance legal saga, the past week was a rollercoaster as is the crypto space. With the growing regulatory environs and acceptance by institutions, the industry has had to find ways of dealing with new issues arising from their developments.
Watch and wait as the cryptospace continues to progress, determining the form of the innovative financial system every week. Keep following TheBITJournal and keep an eye on Bitcoin price and meme coins frenzy.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
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