2 days ago
The crypto market has shown a positive swing in sentiments with upward price movements across Bitcoin (BTC), altcoins, and meme coins. As expected, several meme coins have soared above the wider market, clinching triple-digit gains at the start of the year. Digital asset analysts tip the overall trend to continue following macro factors, although corrections will be recorded in multiple assets. At press time, the total crypto market cap stands at $3.5 trillion, a 2.5% growth in the last 24 hours. The total meme coin figure is up 14% in the same period as it soared to over $127 billion. While bulls continue to push trading activities, bear traders warn of sharp volatility in January. Top Meme Coins Gainers According to data from CoinGecko, these assets are leading meme coin charts on the heels of massive community participation. Nexus Erebus (NXR) leads the pack with a 503% gain today to trade at 0.001682. The asset’s growth pattern can be seen across multiple timeframes, showing resilience despite periods of price corrections. Last week, NXR picked up a strong performance, posting 1292.5% and making a recovery from 307% gains in the last 30 days. The asset’s market cap is above $1.6 million, with low figures driving new users. Traditionally, crypto traders prefer early positions in meme coins to get an edge. MLG follows with a 269% inflow surge in inflows today. The meme coin exchanges hands at $0.009225, taking its market capitalization above $8.8 million. MLG recorded 196% gains this week alongside a similar monthly number. Reasons for the asset’s growth ranged from community participation to high volumes. Trumpius Maximus (TRUMPIUS) has picked up a 215% increase today to trade at $0.2685. Like other fast-rising meme coins, the asset posted huge wins in the short-term window. Is a Meme Coin Frenzy On The Cards? Several crypto users have projected a meme coin frenzy this year, citing a string of market-moving factors. Meme coins are known to jump in line with wider market trends, leading to a close monitoring of altcoin fundamentals. Last year, the market notched two meme coin rallies after Bitcoin soared to new all-time highs. The first came following the approval of spot Bitcoin ETFs, while the second was recorded after the U.S. Presidential elections. Days after Donald Trump’s inauguration, crypto traders have repositioned holdings. Recently, meme coin bulls have also made large asset purchases, swinging sentiments upwards.
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Tether Market Cap Decline Not a Bearish Signal, Says Matrixport
Tether’s USDt stablecoin has experienced a 2.8% market cap decline since its peak of $141 billion on Dec. 19, 2024, as reported by CoinGecko. Trading volumes for USDT have also dropped significantly, plummeting 64% from approximately $154 billion in mid-December to $55 billion by Jan. 6, 2025. Despite these figures, Matrixport, a crypto financial services platform, suggests this trend is not indicative of a bearish market turn. In a Jan. 6 post on X, Matrixport attributed the decline to the holiday season slowdown in trading activity rather than a fundamental shift in market sentiment. Matrixport remains optimistic, predicting that bullish momentum will resume shortly. The firm noted that increasing stablecoin trading volumes often signal bullish trends as they reflect greater fiat inflows into the crypto ecosystem. “However, when these trends reverse, it often signals a consolidation phase for Bitcoin and the broader crypto market,” Matrixport stated. “While Tether’s market cap has declined recently and trading volumes have tapered off, it may be premature to turn bearish. These trends could simply reflect the seasonal lull during the Christmas holiday period. With the new year underway, it won’t be long before we see whether the market’s bullish momentum resumes,” the post added. Other analysts have echoed Matrixport’s perspective. CryptoQuant’s Axel Adler commented on Jan. 4 that Bitcoin needs increased trading volume to trigger a strong bullish impulse, which is likely to return after the holiday season. Meanwhile, community discussions around Tether have criticized reports linking its market cap decline to the European Union’s Markets in Crypto-Assets Regulation (MiCA). Although some reports suggested Tether would be delisted from European exchanges by Dec. 30, 2024, local regulators have issued no official guidance to that effect. The European Securities and Markets Authority (ESMA) has also refrained from commenting on USDT’s compliance under MiCA. ZyCrypto
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