- Bitcoin surpassed $100,000 for the first time, currently trading at $100,995.
- Dogecoin dropped 19% from its December 7 peak of $0.48 to $0.39.
- Meme coins experienced significant losses, with Dogwifhat down 28% and Bonk falling 23%.
- Bitcoin remains the only top 10 cryptocurrency showing positive weekly performance at +0.7%.
- Overall cryptocurrency market declined 3% in the last 24 hours according to CoinGecko data.
Bitcoin’s Historic Rally Triggers meme coin Selloff
Bitcoin’s breakthrough above $100,000 has sparked a wave of volatility across cryptocurrency markets, with meme coins bearing the brunt of the selloff. The leading cryptocurrency’s milestone achievement on December 4 has coincided with substantial losses across alternative digital assets.
Meme Coin Market Correction
Dogecoin, the original meme cryptocurrency, recorded a 19% decline from its December 7 peak of $0.48, settling at $0.39. The token’s performance marks the steepest weekly decline among top 10 cryptocurrencies by market capitalization, followed by Cardano (-13%) and Solana (-10%).
The correction extends beyond major assets, with smaller meme tokens experiencing even sharper declines. According to CoinGecko data:
- Dogwifhat (WIF): -28% weekly decline
- Bonk (BONK): -23% weekly decline
- Brett (BRETT): -22% weekly decline
- Shiba Inu (SHIB): -15% weekly decline
Bitcoin’s Resilience
While alternative cryptocurrencies face selling pressure, Bitcoin maintains its position as the market’s strongest performer. Trading at $100,995, Bitcoin posts a modest 0.7% weekly gain, emerging as the only top 10 cryptocurrency in positive territory for the period.
The broader cryptocurrency market has registered a 3% decline over the past 24 hours, reflecting the widespread impact of the recent volatility. The contrast between Bitcoin’s stability and the meme coin sector’s weakness suggests a potential shift in investor sentiment toward established digital assets.
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