TRUMP Disregards Market Dip With 30% Boost While Bitcoin Dips $2K: Market Watch

Following days of increasing momentum and multi-week highs, Bitcoin (BTC) has done a U-turn, losing more than $2,000 over the past 24 hours. Meanwhile, the TRUMP meme token skyrocketed by almost 30%, disregarding the red wave throughout the rest of the crypto market as an elite presidential party was reported.

BTC Fades After Hot Streak

The week was characterized by a tight trading range for Bitcoin between $83,000 and $86,000, with several break-out attempts that failed. The market was largely flat over the weekend but produced a bullish breakout as BTC moved above $87,000 on Monday.

Momentum rolled over into Tuesday with the asset breaking $90,000 for the first time since the start of March. By Wednesday, Bitcoin broke through $94,000, following a whipsaw $20K rally back from April's lows.

However, after this stunning rally, resistance and profit-taking set in. BTC has since fallen to levels of approximately $92,000, shaving some $2K off its recent local high. Its market capitalization currently stands at $1.825 trillion, although its dominance remains high at greater than 61%, based on CG data.

TRUMP Meme Coin Soars on Presidential Dinner Announcement

While the majority of altcoins dropped, the one that shone was TRUMP — the meme coin associated with the former US president. A notice on the official TRUMP token website revealed that the top 220 holders will be treated to a special dinner with the POTUS, and this created a frenzy of buying.

In turn, TRUMP's price surged almost 30% overnight, with intraday gains earlier going even higher. The occurrence represents a rare real-world use case attached to a meme coin and has led to increased interest in political tokens across the crypto community.

Altcoins in Retreat Amid Market Correction

Contrary to TRUMP's gains, the majority of altcoins have gone red. Among larger-cap assets, XRP, Dogecoin (DOGE), Hedera (HBAR), and Pepe (PEPE) are at the forefront of the declines.

ImmutableX (IMX) from the mid-cap segment is recording the biggest one-day loss, adding to the overall market decline.

The overall crypto market capitalization has shrunk by almost $80 billion, falling below $2.970 trillion, indicating heightened volatility and trader conservatism.

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