Kofi Mensah Crypto Market Report: Memecoin Surges 44.28%, ARK Faces 17.5% Decline
In the ever-evolving cryptocurrency market, where the total valuation stands at a robust $1.4 trillion, bitcoin and ethereum have maintained relative stability, exhibiting predominantly sideways movement. However, it was a day of divergence for several virtual currencies on Monday, with memecoin (MEME) emerging as the standout performer, skyrocketing by an impressive 44.28%. Meanwhile, digital asset ark (ARK) experienced a significant setback, witnessing a substantial decline of 17.5% against the U.S. dollar over the last 24 hours.
Memecoin Soars as ARK Falters
The beginning of the week brought forth notable double-digit surges in the prices of nine cryptocurrencies during the early trading hours. At the forefront of this rally was memecoin (MEME), which surged by an astonishing 44.28% against the U.S. dollar. Another noteworthy performer was Celestia (TIA), which saw an impressive gain of 29.25% against the greenback within the same time frame. Not far behind, zrx (0X) and worldcoin (WLD) recorded substantial increases of 19.36% and 18.81%, respectively.
MEME/USDT on November 13, 2023.
As of now, the global trading volume for the day has reached an impressive $64.04 billion, distributed across 929 trading platforms and a vast ecosystem comprising over 10,000 virtual currencies. Among those garnering attention for their gains on Monday were filecoin (FIL), which climbed by 14.96%, and osmosis (OSMO), posting a respectable 12.5% appreciation within the past 24 hours. Other notable gainers of the day include KUJI, YFI, FLOKI, and SNT.
TIA/USDT on November 13, 2023.
Conversely, the top performer in the downturn was ark (ARK), which experienced a substantial 17.5% decline over the course of 24 hours. rollbit (RLB) also faced a setback, with a 12.03% drop in value. Both ARK and RLB were the most significant losers against the U.S. dollar on Monday.
ARK/USDT on November 13, 2023.
On the downside, Crypto.com’s cronos (CRO) saw a decline of 10.66%, while telcoin (TEL) retreated by 8.94% against the U.S. dollar. Astar (ASTR) declined by 7.23%, and vulcan forged (PYR) fell by 7.02%. A total of 32 coins registered a downward trend in the past 24 hours, each experiencing a decline of 1.5% or more.
Monday’s trading volume was dominated by the stablecoin tether (USDT), followed by bitcoin (BTC), ethereum (ETH), usd coin (USDC), and solana (SOL) in descending order. USDT accounted for $33.2 billion of the day’s total trade volume of $64.04 billion, while BTC represented $13.98 billion. Currently, bitcoin commands a 49.4% share of the cryptocurrency market’s $1.4 trillion valuation, with ethereum holding 16.9%.
We welcome your thoughts and insights on Monday’s winners and losers in the cryptocurrency market. Please feel free to share your opinions in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Cryptocurrency Market Movements
What is the current valuation of the cryptocurrency market mentioned in the text?
The cryptocurrency market is valued at $1.4 trillion according to the information in the text.
Which cryptocurrencies experienced significant gains on Monday?
Memecoin (MEME) surged by 44.28% on Monday, making it one of the top gainers mentioned in the text. Other notable gainers included Celestia (TIA), zrx (0X), and worldcoin (WLD).
What was the major setback mentioned in the text regarding cryptocurrencies?
The digital asset ark (ARK) faced a significant setback, declining by 17.5% against the U.S. dollar over the course of 24 hours.
How many cryptocurrencies were discussed in the text as experiencing double-digit spikes?
Nine cryptocurrencies were mentioned as achieving notable double-digit spikes in the early trading hours on Monday.
What was the total global trading volume mentioned in the text for the day?
The global trading volume for the day mentioned in the text reached $64.04 billion, spread over 929 trading platforms, and encompassing over 10,000 virtual currencies.
Which stablecoin had the highest trading volume in the text, and what was its trading volume?
Tether (USDT) had the highest trading volume, accounting for $33.2 billion of the day’s $64.04 billion total trade volume.
More about Cryptocurrency Market Movements
- Crypto Market Valuation
- Memecoin (MEME) Surge
- Cryptocurrency Gainers
- ARK Decline
- Global Trading Volume
- Stablecoin Tether (USDT)
