As a seasoned researcher with over a decade of experience in the cryptocurrency market, I find myself constantly intrigued by the dynamics that drive this ever-evolving landscape. The recent surge in Bitcoin and other digital assets, particularly memecoins, is a testament to the resilience and adaptability of this space.
During early hours of Monday in Asia, Bitcoin (BTC) approached $64,000 as anticipation grew for a significant week ahead in the United States. This week is packed with important events including the release of FOMC minutes by the Federal Reserve and key economic data from August that provides insights into the nation’s economic expansion.
https://www.coindesk.com/embedded-chart/gRRphJMbpBGLr
In September, the Bureau of Labor Statistics (BLS) plans to publish the raw Consumer Price Index (CPI) annual percentage change, the Producer Price Index (PPI) annual percentage change, and the total count of new unemployment claims for the week that ends on October 5th.
On Monday, Asian equities climbed higher: the Hang Seng index inched up 3%, and South Korea’s KOSPI increased by 1%. This positive movement can be attributed to the series of stimulus actions announced by China’s central bank over the past fortnight, which has positively impacted regional sentiment. Anticipation is building as China plans to unveil additional economic stimulus measures during a press conference scheduled for Tuesday morning local time.
Memecoins rose higher over the weekend as social sentiment and riskier behavior among crypto traders grew. Talks and posts of the so-called “memecoin supercycle,” a prediction that memes will lead the next crypto bull market, trended on social app X.
Smaller tokens GIGA, SPX6900 (a parody of the U.S. index S&P500) and Fwog surged more than 20%.
Meme-based cryptocurrencies with a cat theme persistently outperform those based on dogs, serving as the favored option for individuals taking risks in the memecoin market, as reported by CoinDesk earlier.
The surge of interest in meme coins occurs during times when the market volatility is low in more established crypto areas like layer-2 solutions or storage, and there’s growing skepticism about tokens supported by venture capital funds. These tokens are increasingly viewed as overpriced and risky investments for average traders due to the negative sentiment surrounding them.
One market participant known as Kaiwen0x, who penned an essay on the memecoin supercycle, noted that they are bearish on memecoins if Donald Trump wins the 2024 election as it might bring regulatory clarity to the U.S, causing “capital to rotate toward utility tokens.”
Read More
- W PREDICTION. W cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- ZETA PREDICTION. ZETA cryptocurrency
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- AEVO PREDICTION. AEVO cryptocurrency
- POND PREDICTION. POND cryptocurrency
- BITCI PREDICTION. BITCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- QNT PREDICTION. QNT cryptocurrency
2024-10-07 07:56