Meme Coins Dominate Profit Distribution Among Altcoins As BTC Rally Over $70K

Bitcoin (BTC)'s rally back to $70,000 has led to an increase in the price of meme coins, making them the most profitable group in altcoins.

As Sentiment tweeted, the meme coin sector has seen remarkable growth over the past week, despite the lack of resources and the crypto community's negative stance on their existence.

Meme Coins dominate the Altcoin sector.

Santiment stated that speculative asset growth is one of the main themes of the crypto sector in 2024, as seen in the meme coin space, rejecting the belief that pumps aimed at small development projects are red flags.

Such dramatic price increases are seen as signs that the cryptocurrency in question is nearing a peak. However, Sentiment believes that the timing of Dogecoin (DOGE), Maga (TRUMP), ArbDoge AI (AIDOGE), SPX6900 (SPX) and other note coins with increasing market caps may not necessarily signal the end of their rallies. Bitcoin will halve in eight days.

As a historically brutal event, the Bitcoin halving will drive up the price of BTC, pulling the rest of the crypto market sideways. The method reduces Bitcoin inflation by reducing the number of BTC produced each day. This is done by reducing the block rewards of miners by 50%.

BTC has been volatile over the past few weeks, hitting new all-time highs and then falling as the market speculates it will halve. The property has been on the rise since yesterday, rising 2% to $70,000 and 6% over the past seven days from under $68,000. According to data from CoinMarketCap, DOGE, TRUMP, AIDOGE and SPX are up 9%, 36%, 31% and 70% in the past week.

Big Cap Altcoins Backtrack

In contrast, large-cap altcoins are lagging behind, with some recording little to no gains in recent days. Ether (ETH) has only increased 6% in the past seven days, with a 24-hour gain of 1.7%. Solana (SOL) was in the red last week, falling more than 7%. Cardano (ADA) is mostly trading sideways, up 2% since yesterday, Avalanche (AVAX) saw no gains and minimal losses.

However, large-cap altcoins may have their comeback period in the next few months as analysts expect a major altcoin rally after the Bitcoin halving.