Bitcoin Soars To IDR 1.4 Billion, Meme Coins Also Rise Leaves

JAKARTA - Bitcoin has just reached its highest price of 90,771 US Dollars (approximately Rp1.4 billion), which has also triggered an increase in the price of meme coins such as Dogecoin (DOGE) and BONK. Currently DOGE has reached 0.42 US Dollars (approximately Rp6,657), while BONK has reached a price of 0.00005 US Dollars (approximately Rp0.79).

According to Cointurk's information, the increase in Bitcoin prices was supported by increased positive sentiment towards major digital assets. Along with BTC which is approaching its all-time high, altcoins are also starting to follow in its footsteps. Other meme coins, such as Shiba Inu and Pepe, also don't want to be left behind, experienced a significant increase over the past week, up 15% and 41%, respectively.

Based on the view of analyst Kyledoops, market conditions are currently in an interesting phase in the bullish cycle. He noted that the price of Bitcoin often peaked about 300 days after halling, with more than 200 days having passed since the last half of April 2024. Daan Crypto Trades also noted that the fourth quarter of the Halving year often gave strong performance, followed by a solid first quarter.

Apart from being driven by market sentiment, this increase is also influenced by several macroeconomic factors. One of them is post-election uncertainty in the United States, where crypto assets become attractive as hedging. In addition, institutional investors' interest in digital assets has also increased, especially after several large financial institutions announced plans to expand their crypto portfolio.

However, despite high optimism, the volume of trading over the weekend is still relatively weak. If the volume remains low until the beginning of next week, the risk of correction could occur, especially for altcoins with a small capitalization like BONK.

For retail investors, now is an important moment to strategize. With Bitcoin soaring more than 200% since the start of the year, some analysts suggest considering partial profit taking. However, for those looking to keep the long term, altcoins like Solana and meme coins could be an attractive option.