TLDR

• Bitcoin’s price has risen above $71,000, marking its highest level since April’s halving occasion and persevering with a ten% climb over the previous 30 days.
• Bitcoin-based meme cash like ORDI, DOG, and PUPS have seen important price surges, with ORDI up 33% previously week and DOG greater than doubling in price.
• The collective market capitalization of tokens on the Bitcoin-based Runes protocol has surpassed $2 billion, with DOG accounting for a sizeable portion at $960 million.
• Fundstrat’s Tom Lee is standing by his $150,000 Bitcoin price goal, citing tailwinds from the current halving, ETF inflows, and widening possession as key components.
• The CoinDesk 20 Index declined 1.3% over the previous week, with Uniswap (UNI) being the worst performer after a governance vote delay, whereas Bitcoin and Cardano (ADA) have been the one gainers.

Bitcoin has simply broke above the $71,000 mark—its highest price since April’s quadrennial halving occasion. This current surge comes amidst a broader 10% climb over the previous 30 days, signaling renewed curiosity and optimism on the earth’s largest cryptocurrency.

It’s not simply Bitcoin that’s making waves; a brand new technology of Bitcoin-based meme cash can be experiencing important development.

Tokens like ORDI, DOG, and PUPS have seen their costs skyrocket, with ORDI marking a 33% soar within the final week alone and DOG greater than doubling in worth over the identical interval.

These meme cash are minted on the Bitcoin blockchain utilizing the BRC-20 and Runes token requirements, reflecting a rising pattern of leveraging Bitcoin’s underlying expertise for extra than simply the unique cryptocurrency. ORDI, the primary token minted through the BRC-20 commonplace, now boasts a market capitalization of $1.13 billion, securing its place as the biggest Bitcoin-based fungible token.

In the meantime, the Runes protocol, which launched alongside Bitcoin’s halving in April, has seen its collective token market capitalization surpass $2 billion.

The Runes token DOG•GO•TO•THE•MOON, or just DOG, accounts for a considerable portion of this worth at $960 million. This fast development comes as DOG challenges different dog-themed meme cash on varied blockchain networks, resembling Dogecoin, Shiba Inu, and BONK.

As Bitcoin and its related meme cash proceed to realize traction, some distinguished figures within the crypto area are doubling down on their bullish predictions.

Tom Lee, co-founder of Fundstrat International Advisors, not too long ago defended his bold $150,000 Bitcoin price goal. Lee cites tailwinds from the current halving, important inflows into Bitcoin exchange-traded funds (ETFs), and the widening possession of the cryptocurrency as key components supporting his outlook.

Regardless of the general optimistic sentiment, not all cryptocurrencies are having fun with the identical success.

The CoinDesk 20 Index, which tracks 20 prime digital property, declined by 1.3% over the previous week. Uniswap (UNI) was the worst performer among the many index constituents, dropping 14% of its worth following a delay in a governance vote associated to token holder rewards. In distinction, Bitcoin and Cardano (ADA) have been the one gainers throughout the index.