Artificial Superintelligence Alliance

Bitcoin

SATS

Bonk

Shiba Inu

<p class="is-style-lead">Altcoins SATS, Dogwifhat, FET, and Bonk have all surged over 10% over the past day to rank as the top gainers in the crypto market, as Bitcoin, the leading cryptocurrency by market cap, jumped over $64,000 in the same timeframe.</p> 
<h2 class="wp-block-heading" id="sats">SATS</h2> 
<p>SATS (<a href="https://www.coingecko.com/en/coins/sats-ordinals" target="_blank" rel="">S</a><a href="https://www.coingecko.com/en/coins/sats-ordinals" target="_blank" rel="">A</a><a href="https://www.coingecko.com/en/coins/sats-ordinals" target="_blank" rel="">TS</a>) led the charge among the top gainers on Aug. 24.</p> 
<p>At last check, the crypto asset was still up 29% in the previous 24 hours, trading at $0.0000004. Its daily trading volume was also up, hovering around $171.3 million. </p> 
<p>The token’s market cap now stands at $847.5 million. However, the token’s value remains 56.6% below its all-time high of $0.00000092, achieved on Dec. 15, 2023.</p> 
<p>SATS is a token that utilizes the Ordinal protocol and adheres to the BRC-20 token standard on the Bitcoin network. The name ‘SATS’ is derived from ‘Satoshi’, which is the smallest denomination of Bitcoin, with each Bitcoin being divisible into 100 million satoshis. </p> 
<p>While SATS itself isn’t the smallest fragment of Bitcoin, it nods to the renowned cryptocurrency through its name.</p> 
<h2 class="wp-block-heading" id="strong-wif-strong"><strong>WIF</strong></h2> 
<p><a target="_blank" href="https://crypto.news/price/dogwifhat/" rel="noreferrer noopener">WIF</a>, the native token of Solana-based meme coin Dogwifhat, had also surged 19% in the last 24 hours, exchanging hands at $1.91, per data from crypto.news. The crypto asset’s daily trading volume was also hovering around $908 million.</p> 
<p>The meme coin, based on a picture of a Shiba Inu dog wearing a pink knitted cap, has also witnessed its market cap surpass $1.9 billion. However, WIF is still trading 60% below its all-time high of $4.83 attained on March 31.</p> 
<h2 class="wp-block-heading" id="artificial-superintelligence-alliance">Artificial Superintelligence Alliance</h2> 
<p><a href="https://crypto.news/fetch-ai-unveils-innovation-lab-commits-10m-yearly-to-ai-startups/" target="_blank" rel="noreferrer noopener">Artificial Superintelligence Alliance</a> (<a href="https://crypto.news/price/fetch-ai/" target="_blank" rel="noreferrer noopener">FET</a>) had also jumped by 20.6%, being traded at $1.28 at press time. The AI token had a daily trading volume of $485 million, with its market cap soaring over $3.2 billion.</p> 
<p>The latest rise in FET has taken it to levels last seen on July 29. However, the token remains 63% below its all-time high of $3.45 on March 28.</p> 
<p>The Artificial Superintelligence Alliance is a collaboration between three AI projects: Fetch.ai, SingularityNET, and Ocean Protocol. </p> 
<p>The alliance’s goal is to speed up the development of decentralized Artificial General Intelligence and, eventually, Artificial Superintelligence.</p> 
<h2 class="wp-block-heading" id="bonk">Bonk</h2> 
<p>Bonk (<a href="https://crypto.news/price/bonk/" target="_blank" rel="noreferrer noopener">BONK</a>), another Solana-based canine-themed meme coin, was up 12.4% in the last 24 hours, exchanging hands at $0.000021. </p> 
<p>The crypto asset’s market cap had surpassed $1.48 billion, overtaking Floki (FLOKI), another Solana-based dog-themed competing meme coin whose market cap stood at 1.43 billion.</p> 
<p>The meme coin’s daily trading volume had surged 118% over the past day, hovering around $217 million. However, BONK is still down 54.7% from its all-time high of $0.000047, which it attained on March 4.</p> 
<p> You might also like: <a href="https://crypto.news/el-salvador-adds-162-bitcoins-to-national-holdings/"> El Salvador adds 162 Bitcoins to national holdings </a> </p> 
<h2 class="wp-block-heading" id="bitcoin-leads-market-recovery">Bitcoin leads market recovery</h2> 
<p>The latest surge in these altcoins comes as Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) hit a high of $64,828 per unit on Saturday, buoyed by comments from U.S. Federal Reserve Chair Jerome Powell.</p> 
<p><a href="https://crypto.news/bitcoin-raced-to-62k-as-fed-teased-september-rate-cut/" target="_blank" rel="noreferrer noopener">During his Jackson Hole speech</a>, Powell suggested potential rate cuts in September. This led to a 5.5% increase in Bitcoin’s value over the last day, contributing to a 3.3% rise in the total cryptocurrency market value, which now stands at $2.36 trillion.</p> 
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  BTC 24-hour price chart – Aug. 24 | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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<p>Leena ElDeeb, an analyst at 21Shares, has linked shifts in the M2 money supply—a gauge of global currency circulation—to potential movements in Bitcoin’s price.</p> 
<p>In a statement to crypto.news, ElDeeb explained that historically, Bitcoin’s price tends to hit its lowest just months before a bottoming out of the M2 money supply, followed by a rapid increase. This quick increase in price often exceeds the growth in liquidity, leading to what she referred to as a “mid-cycle correction.”</p> 
<p>She also highlighted that Bitcoin ETFs have been vital in driving price increases during these cycles of the M2 money supply.</p> 
<p>Additionally, on Aug. 23, analysts on platform X <a href="https://x.com/wiseadvicesumit/status/1826914061147156898" target="_blank" rel="">noted </a>that the recent rise in altcoin values might represent a short-lived relief rally as Bitcoin’s dominance encounters resistance at a crucial level. </p> 
<p>They warned that the dominance of Bitcoin appears to remain on an upward trend, indicating that the gains seen in altcoins might be temporary.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a><br><br>I hate that memes are pumping and other <a href="https://twitter.com/search?q=%24ALTS&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$ALTS</a> are not, but I'll forgive it for now.<br><br>The positive development is many <a href="https://twitter.com/search?q=%24ALTS&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$ALTS</a> are reclaiming their H4 trends<br><br>I think we could be setting up for a move higher then ugly down move.<br><br>If that happens and it's just a wick on a daily… <a href="https://t.co/jyTH9VJ1lK" target="_blank" rel="">pic.twitter.com/jyTH9VJ1lK</a></p>— Trader Koala (@trader_koala) <a href="https://twitter.com/trader_koala/status/1826847525401493870?ref_src=twsrc%5Etfw" target="_blank" rel="">August 23, 2024</a>
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<p> Read more: <a href="https://crypto.news/babylon-bitcoin-staking-drives-btc-fees-above-130/"> Babylon Bitcoin staking drives BTC fees above $130 </a> </p>

Altcoins SATS, Dogwifhat, FET and Bonk spike as Bitcoin breaks $64K

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