Bitcoin Approaches $110K as Fartcoin and BONK Drive Meme Coin Rally: Market Update

Bitcoin's price is showing renewed momentum, nearing the critical $110,000 mark with a 1.6% gain in the past 24 hours. This upward movement coincides with a remarkable surge in select meme coins, particularly Fartcoin and BONK. The cryptocurrency market capitalization has grown by approximately $50 billion, approaching the $3.5 trillion threshold amid anticipated regulatory developments in the United States.

Currently trading around $109,500, Bitcoin sits just 2% below its May 22 all-time high. Historical data reveals the cryptocurrency has yielded an extraordinary 161,270% return since its July 6 low twelve years ago. The market momentum follows the passage of Trump's 'One Big, Beautiful Bill' through both legislative chambers, which indirectly benefits crypto through tax relief measures and the reintroduction of the 100% bonus depreciation rule for mining equipment.

In institutional news, BlackRock's Bitcoin-tracking IBIT ETF now generates higher fees than their renowned S&P 500 fund, signaling strong investor demand for crypto exposure.

The altcoin market displays widespread green, with Ethereum (5.8%), Dogecoin (7.7%), and Cardano (8.5%) posting significant gains. However, the standout performers are meme coins Fartcoin (17%) and BONK (20%), followed by Celestia (16%). Only Fasttoken and Bitcoin Cash showed minimal movement in today's bullish market.