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The cryptocurrency markets are struggling over the weekend, with trading volumes declining significantly. As we approach the midpoint of the first quarter, investors express concerns about altcoins that have yet to recover. What are the key details for February 16th? Current data provides insights into the situation.
Pump and Dump Schemes Persist
The environment created by Pumpfun, which is notorious for defrauding investors, remains active due to individuals buying into the false hope of profit. Dozens of new, random, and ineffective cryptocurrencies enter circulation every second, only to disappear within 15-30 minutes. Newcomers to the crypto scene have adopted the risky Pump/Rugpull narratives despite their dangers.
However, as Pumpfun increasingly turns into a hunting ground for scammers, the excitement is waning. Recently, CZ attempted to create a meme coin narrative with his dog, but it failed to attract significant interest. A few days later, the President of Argentina launched a token, only to reset it, effectively scamming investors.
Cryptocurrency Overview
The trading volume has dipped below $60 billion in the last 24 hours. The total market capitalization of cryptocurrencies stands at $3.23 trillion, with Bitcoin 
$106,117 hovering around $97,500. Over the past week, Bitcoin has seen only a 0.4% increase. The shrinking volatility suggests that a rapid surge may be on the horizon. XRP Coin has risen by 2% weekly and is currently fighting to regain the $2.8 threshold.
The fear index is at 41, and Bitcoin dominance remains strong. Cryptocurrency investors are anticipating a market uptick due to upcoming FTX payments, potential resolutions from the SEC regarding crypto lawsuits, and positive data expected to aid the markets.
Among the top 100 cryptocurrencies, CAKE leads with a remarkable 53% weekly increase. Litecoin (LTC) has risen by 27% this year due to a 90% likelihood of ETF approvals and currently sits at $135. FTM, which is undergoing a brand transformation, is now trading at $0.52 with a 27% increase as SONIC (S).
Bitcoin has been trading within a narrow range for 11 days, and it would not be surprising to see a new attempt at $101,400 in the coming days.
