Retail trading surged as Pump.fun volumes hit a record $1.27 billion and interest grew in BNB Chain’s “Four Meme” tokens, though overbought RSI readings suggest near-term profit-taking risks.
Bitcoin BTC$93,762.54 retreated from Monday’s peak, when it touched the highest price since mid-November. That’s the same level the largest cryptocurrency neared, and failed to breach, in early December.
While some traders will be shorting that level as a sign of resistance, others will be eyeing a potential break out that could lead to a run towards $98,900 — a key level of support between June and November.
Altcoins rallied, with SUI adding more than 3% since midnight UTC to add to a 24 hour rally of 16%, while XRP continued its barnstorming start to the year with a 29% move to the upside since Jan. 1.
There has also been notable activity in the memecoin sector, with trading volumes on Solana-based token issuer Pump.fun hitting a record high of $1.27 billion, indicating activity from retail traders. The CoinDesk Memecoin Index (CDMEME) rose 1.5% to take its year-to-date gain to 19%.
