Altcoins SATS, Dogwifhat, FET and Bonk spike as Bitcoin breaks $64K

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. SATS’s 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 denomf19% 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 with 5.5% jump

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.

BTC 24-hour price chart – Aug. 24 | Source: crypto.newsLeena 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.