• Over the past 24 hours, the memecoin market cap is up by 2.5%.
• The market sentiment is neutral, as the fear and greed index stays at 58.

The crypto market is briefly in the bullish sentiment. Alongside Bitcoin and Ethereum, altcoins recorded notable recovery gains in the last 24 hours. Despite demonstrating an uptrend, the price spikes in the memecoin market fall short of dominating. Will the sector’s uptrend pick a bullish pace?

The Dune Analytics data reveals the 30-day relative strength for memecoins suggests a lagging signal. Over the past 24 hours, the meme coin market cap has stayed at $54.7 billion. Several meme coins have experienced significant volatility, and the daily trading volume rests at $8.75 billion.

Notable performers include DOGE, PEPE, WIF, BONK, SHIB, and FLOKI.

Notably, the frog-based memecoin Pepe hit $0.00001262, a spike noted by 5.66%, and Bonk is up by 5.49%, reaching $0.00002824. Furthermore, SHIB also caused significant waves with a spike of 2.47% at $0.00001956.

Other leading memecoins, such as Dogecoin, Floki, and Bonk, have also shown price surges. DOGE recorded a 2.65% surge, reaching $0.126, while Floki stayed at $0.0001887, noting an increase of 1.28%. Whereas, Dogwifhat is up by 4.05% to $2.27, according to CMC data.

Will the Crypto Market Sustain the Recovery?

The crypto market surge for the past few days is notable. Over the past week, the global crypto market capitalization grew 1.52% from $2.2 trillion to $2.4 trillion, as of now. The daily trading volume is up by 17.38% to mark $97.89 billion. Exiting the fear zone, the market has attained a neutral market sentiment, as indicated by its Fear & Greed Index sitting at 58.

Early July did record the fall of BTC price and the consequent bearish market sentiment. The main causes behind it were the defunct exchange Mt. Gox’s BTC repayment to creditors and the German government’s BTC sales.

In a notable recovery from this declining phase, Bitcoin (BTC) spiked by 2.13% to $65,789. BTC briefly reached $65k following the Trump assassination incident, and the appointment of a pro-Crypto VP candidate, JD Vance. These updates are being positively received in the crypto space, as Trump’s potential victory is anticipated to usher in bullish crypto regulations in the US.

On the other hand, Ethereum (ETH) crossed a key resistance hitting $3,517 over the past 24 hours amid the high anticipation for the spot Ethereum ETF launch.