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Altcoin market cap nears $640 billion with memecoins in spotlight.
The value of all crypto assets excluding Bitcoin (BTC) and Ethereum (ETH) has experienced a significant 50% increase since Jan. 22, signaling a robust altcoin season, the “Bitfinex Alpha 94” report shows. The index’s market capitalization now stands at approximately $640 billion, a substantial rise from its bear market peak of around $450 billion. Despite concerns about an overheated market, the altcoin sector has not yet surpassed the highs of April 2022.
BTC has approached its all-time high, falling short by only 2.2% at the time of writing, while the altcoin market remains over 75% below its record level of $1.3 trillion. The altcoin market is characterized by its rotational nature, with capital flowing between different sectors. Currently, meme coins, particularly dog coins, and AI-related projects are witnessing increased accumulation and futures speculation.
On exchanges like Binance and Bybit, over one-third of last week’s futures volume was attributed to dog coins, including DOGE, WIF, PEPE, and BONK. The latter two, which are not widely available for spot trading on centralized exchanges, have seen the most trading activity. The term “Memecoin March Madness” has been coined to describe the frenzy around these assets. The CoinGecko Meme Index itself has soared by 131% in the past week, now accounting for more than 7% of the total crypto market cap, excluding BTC and Ether.
Stablecoin supply, an indicator of the crypto market’s demand, has been on a steady incline since the year’s start. This growth in stablecoin supply is a reflection of the increasing demand for altcoins and other crypto assets. While sectors like decentralized finance (DeFi) and gaming have seen a dip in volume, dog coins and meme coins continue to climb, along with the futures open interest for cryptos that are not listed on major exchanges.
Despite the potential for a leverage flush in these sectors, the momentum is expected to persist. DOGE, for instance, has seen a gain of 107% over the last 30 days, only recently surpassing its bear market high. This is modest compared to the 195% gain for SHIB, 225% for BONK, and a staggering 548% for WIF.
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