Bitcoin Soars to IDR 1.4 Billion, Meme Coins Also on the Rise

Bitcoin Soars to IDR 1.4 Billion, Meme Coins Also on the Rise (Photo; Doc. Wiwo)

JAKARTA - Bitcoin has just reached its highest price of 90,771 US Dollars (around IDR 1.4 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 (around IDR 6,657), while BONK has reached a price of 0.00005 US Dollars (around IDR 0.79).

According to Cointurk information, the increase in the price of Bitcoin is supported by increasing positive sentiment towards major digital assets. As BTC approaches its all-time high, altcoins are also starting to follow suit. Other meme coins, such as Shiba Inu and Pepe, also don't want to be left behind, experiencing significant increases over the past week, up 15% and 41% respectively.

Based on the view of analyst Kyledoops, the current market conditions are in an interesting phase in the bullish cycle. He noted that Bitcoin prices often peak around 300 days after a halving, with more than 200 days having passed since the last halving in April 2024. Daan Crypto Trades also noted that the fourth quarter of the halving year often delivers strong performance, followed by an equally solid first quarter.

In addition to being driven by market sentiment, this increase was also influenced by several macroeconomic factors. One of them is the uncertainty after the election in the United States, where crypto assets have become attractive as a hedge. In addition, institutional investor interest in digital assets has also increased, especially after several large financial institutions announced plans to expand their crypto portfolios.

However, despite the high optimism, trading volumes over the weekend were still relatively weak. If volumes remain low until early next week, the risk of a correction could occur, especially for small-cap altcoins like BONK.

For retail investors, now is a crucial moment to strategize. With Bitcoin surging more than 200% since the start of the year, some analysts suggest considering taking partial profits. However, for those looking to hold for the long term, altcoins like Solana and meme coins could be attractive options.