Meme Cryptocurrencies Surge as Bitcoin Approaches $120K Yet Again: A Market Perspective

Over the weekend, Bitcoin's price remained relatively stable, hovering around $118K. However, a hint of revival has brought the cryptocurrency closer to $120,000 in the past 24 hours. Interestingly, Bitcoin's dominance has decreased from 63% to 58% over the past week, indicating that altcoins are outperforming it. Pudgy Penguins (PENGU) and Donald Trump’s TRUMP meme coin have seen significant increases of 25% and 11.4% respectively.

Most large-cap cryptocurrencies are also experiencing increases between 1.5% and 10%. With economic data due in the coming days, there may be increased volatility in the market. It remains to be seen if this capital rotation will trigger a notable "altcoin season" or if Bitcoin will regain its leading position.