Bitcoin (CRYPTO: BTC) is breaking levels not seen since last April, and meme coins have also joined the uptrend.

Pepe coin (CRYPTO: PEPE), which features a cartoon frog as its mascot, has seen a striking increase of over 83%, according to CoinGecko. Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have risen 4.1% and 12%, respectively. 

Also Read: Blockstation CEO Predicts Traditional Finance Could Overtake Crypto Exchanges

Meme coins, known for their irreverence to traditional finance and investor sentiment, usually have a volatile price movement.

The surge in meme coin performance comes despite regulatory scrutiny toward the crypto market. The Securities and Exchange Commission (SEC) had recently filed lawsuits against prominent crypto platforms Coinbase (NASDAQ:COIN) and Binance (CRYPTO: BNB).

This week, however, Bitcoin has rebounded significantly after plummeting below $25,000 last week, which was the lowest it had been since March.

Currently, Bitcoin constitutes over half of the entire market capitalization.

One of the factors that have possibly bolstered Bitcoin's performance, which in turn may have influenced the meme coin upsurge, is BlackRock's (NYSE:BLK) filing for a Bitcoin spot ETF.

In the wake of BlackRock’s move, Invesco and WisdomTree also submitted applications for their ETFs.

Furthermore, on Tuesday, EDX Markets, a new cryptocurrency exchange, made its debut, backed by heavyweights from the traditional finance sector such as Citadel Securities, Fidelity, and Charles Schwab.

Read Next: Binance's Expansion Thwarted: German Regulator Denies Crypto Exchange License

Join Benzinga's Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Image: Pixabay