Bitcoin’s (BTC) rampant rise, which started last week and helped it peak at $93,409, has come to a halt, impacting the price of leading meme coins.

Dogecoin (DOGE) and Pepe (PEPE), which have experienced the biggest gains this week among leading meme coins, are now facing a downward trend.

However, the daily trading volume for DOGE and PEPE dropped by more than $10 billion each since yesterday, which has negatively impacted their price.

As such, investors are turning to emerging meme coins that may offer better returns in the future.

Bitcoin and the Overall Crypto Market Cap Face a Downturn

November 5th was a major turning point for the broader crypto market, as it saw the election of Donald Trump’s pro-crypto government, which immediately impacted the value of cryptocurrencies.

The crypto market cap was valued at $2.5 trillion on Election Day, and that number rose to $3.06 trillion on November 13th, at 8 PM.

During that period, Bitcoin skyrocketed from $67,811 to over $93,000, reaching a new ATH and fueling the rise of altcoins across the market.

However, the crypto market cap is back below the $3 trillion mark after today’s downturn, which saw Bitcoin dip to $89,922, representing a $1.39% drop in the past 24 hours.

Despite its negative performance today, Bitcoin’s technical indicators suggest that investors are confident in its success in the near future.

With a 1.32 long/short ratio, showing that 56.97% of BTC holders have long positions while only 43.03% are shorting the token, Bitcoin has the investor confidence needed for further growth.

JUST IN: Senator Lummis’ Bitcoin bill to buy 1m #Bitcoin will offset $16 TRILLION of US government debt – Michael Saylor pic.twitter.com/3VZ7a9aC5Z

— Bitcoin Archive (@BTC_Archive) November 14, 2024

This sentiment is only reinforced by the recent election of pro-crypto