Bitcoin Price Surges Above $62,000, But This Viral Meme Coin Surges 25%: Weekend Watch

The cryptocurrency market experienced a relatively volatile 24 hours with Bitcoin taking center stage and managing a rise to over $62,000.

The surge has also given smaller market cap altcoins room to recover, with one viral meme coin skyrocketing by as much as 25% on the day. Let's dive in.

Bitcoin bulls reemerge, pushing price above $62,000

Yesterday, the price of Bitcoin was around $61,000 for quite a while, and the bears even managed to push it to a local low of around $60,800.

However, buyers stepped forward and captured $61,000. Today, the positive sentiment appears to be continuing as BTC is currently trading at around $62,250.

The price action over the last few days is important and the way BTC performs in this range will be an indication of the direction ahead.

However, volatility took its toll on the derivatives market. In the last 24 hours, more than $110 million worth of leveraged positions were wiped out, the majority of which ($64 million) were short positions.

Sentiment remains neutral, which is an improvement compared to yesterday when the market was in a state of fear.

POPCAT Explodes 25%, Leads to Meme Coin Gain

The overwhelming majority of altcoins are trading in the green, although most of them are posting modest gains. Large caps like XRP, ADA, AVAX, SOL, BNB, ETH and others range between 0.5% and 1.5%.

The meme coin category has performed very well in the last 24 hours. Memes are up 9% on average, but it seems cat-based coins are doing better.

POPCAT, for example, is up 25%, while larger meme coins like DOGE and SHIB are up around 1%.