Bitcoin News – Bitcoin (BTC) Surges 3% as Altcoins Like Ethereum and Dogecoin Follow Suit
Bitcoin News – Bitcoin (BTC) approached the $64,000 mark during the early hours of Asian trading on Monday, spurred by anticipation of a busy week for U.S. economic data, including the release of FOMC minutes and crucial economic figures from August that track growth in the economy.
Market Momentum Drives Altcoins Higher
BTC surged 3%, igniting a market-wide rally that propelled major cryptocurrencies such as Ethereum (ETH) and Dogecoin (DOGE) to gains of up to 4%. The broad-based CoinDesk 20 (CD20) index, which tracks the largest tokens by liquidity, experienced an increase of 3.26%. Notably, the frog-themed Pepe (PEPE) token saw a remarkable rise of 14%.
The Bureau of Labor Statistics (BLS) is set to release several important economic indicators, including the unadjusted CPI annual rate for September, the PPI annual rate, and the number of initial jobless claims for the week ending October 5. These figures are critical for assessing the health of the U.S. economy.
Positive Sentiment in Asian Markets
Asian stocks also experienced gains on Monday, with the tech-heavy Hang Seng index jumping 3% and Korea’s KOSPI adding 1%. The People’s Bank of China has implemented several stimulus measures over the past two weeks, enhancing regional sentiment. China is expected to announce further economic stimulus measures at a press conference scheduled for Tuesday morning local time.
Mid-Cap Tokens See Growth
Among mid-cap tokens, Bittensor’s TAO led the way with a 14% increase, driven by heightened social sentiment and growth in the artificial intelligence sector. Overall, the AI token category on CoinGecko rose by 7.5%, with tokens like NEAR and Internet Computer (ICP) also showing positive performance.
Memecoins Gain Popularity
Memecoins experienced significant gains over the weekend, as social sentiment and risk appetite among crypto traders increased. Discussions around the so-called “memecoin supercycle” gained traction on the social platform X, predicting that memes could lead the next bull market in crypto.
Tokens like Solana-based popcat (POPCAT) and Ethereum-based mog (MOG) jumped over 12% in the past 24 hours, while BNB Chain-based simon’s cat (CAT) rose by 10%. Smaller tokens such as GIGA, SPX6900 (a parody of the S&P 500), and Fwog surged by more than 20%.
Cat-Themed Memecoins Lead the Pack
Cat-themed memecoins continue to outperform their dog-themed counterparts, remaining the preferred choice for riskier bets in the memecoin space, as previously noted by CoinDesk. The growing interest in memecoins comes amid low market volatility in more traditional crypto sectors, such as layer-2 solutions or storage, and a rising negative sentiment surrounding tokens backed by venture capital funds—often viewed as overpriced and risky for retail traders.
Regulatory Concerns on the Horizon
One market participant, known as Kaiwen0x, who has written extensively about the memecoin supercycle, expressed bearish sentiments on memecoins if Donald Trump wins the 2024 U.S. presidential election. They suggested that a Trump victory might bring regulatory clarity, potentially causing “capital to rotate toward utility tokens” instead.
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