Bitcoin Hovers Over $41K as Memecoin, Ordinals Frenzy Clogs up Blockchains
Summary
Bitcoin (BTC) and Ether (ETH) open the week with marginal gains. $103.5M in liquidations occurred in the past 12 hours, with $95M being long positions. Despite the recent Ledger hack, the broader market remains strong with increasing interest in bitcoin. End-of-year predictions for bitcoin in 2024-2025 are optimistic, with price targets of $75K and above $80K. Gas fees are spiking on Ethereum and other layer-1 chains due to the influx of meme coins. Avalanche generated $5M in fees, while Ethereum generated $13.52M. Arbitrum and Optimism also saw increased gas fees.
