The markets remained relatively calm today and even made slight progress. The total capitalization is inching closer to $2.2 trillion, as most coins are charting marginal gains.

Bitcoin’s Price Tests $60K

Bitcoin’s price is consolidating around $60K, and many analysts believe it’s about to soar back above that.

In the past 24 hours, BTC tried to break through this pivotal level, but the buyers were unable to sustain the price above it. The cryptocurrency achieved an intraday high of around $60,200 before retracing to $59,600.

With this, BTC was able to post gains to the tune of 0.7% over the past 24 hours but remains down about 2.7% over the last week.

The decline in overall trading volume during the day (which is to be expected, given that it’s a Sunday), also resulted in a relatively low number of liquidations in the derivatives market. A total of $50 million worth of long and short positions were wiped off, with short traders getting the worst of it.

Just a few days ago, the founder of TRON revealed the launch of a launchpad called SunPump designed to easily develop and push meme coins.

Ever since then, meme coins on the chain have been popping in popularity and value. The launchpad has started generating considerable volume and trading fees, respectively, begging the question of whether it will spark a revival of the meme coin mania we saw on Solana.

Is meme coin szn moving to $TRON?

Launched just a few days ago, @justinsuntron SunPump already raked in over $1.5m on August 17th. pic.twitter.com/f8IVoSFku6

— CryptoPotato Official (@Crypto_Potato) August 18, 2024

Elsewhere, the altcoin market is predominantly painted in green throughout the past 24 hours, with the majority of the coins charting marginal gains.