The cryptocurrency market experienced a notable upswing as Bitcoin enjoyed a two-day rise, causing the fear and greed index to exit the fear zone.

Top Performers in the Crypto Comeback

Meme coins were among the best-performing assets during this period.

  • Moo Deng: The hippo-themed token doubled in value, with its market cap soaring to over $35 million.
  • Neiro: This popular meme coin surged by 51.6%, reaching an all-time high of $0.0015. Its market cap increased to over $621 million, surpassing the valuations of several well-known U.S. public companies.
  • SPX6900: This token, designed to be a superior version of the S&P 500 index, rose by 46%. It has seen a 46% increase in the last 24 hours, bringing its market cap to over $373 million.

In a notable transaction, a user identified as dimethyltryptamine.eth spent 15.6 ETH (approximately $47K) to buy 3.64 million SPX tokens 90 days ago. These tokens are now worth $1.27 million, marking a 26x return in just three months.

dimethyltryptamine.eth is a legend! He spent only 0.125 ETH ($251) to buy 5.9T PEPE ($100M at peak) and sold 3.94T PEPE for 2,614 ETH ($5M).

Market Sentiment and External Factors

This positive price action was driven by a shift to a risk-on sentiment following strong US nonfarm payrolls data and new stimulus measures from China. As a result, global stocks also saw gains, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices rising by over 2%.

Crypto Fear and Greed Index

The crypto fear and greed index exited the fear region, climbing to a weekly high of 42. Historically, cryptocurrencies tend to perform well when investors are less fearful.

Positive News in the Crypto Industry

Several factors contributed to the market rebound:

  • Metaplanet: This Japanese company has been accumulating Bitcoin, aiming to replicate MicroStrategy’s success. MicroStrategy holds over 252,000 bitcoins, valued at $15.8 billion, with a market cap exceeding $33 billion.
  • Bitcoin Demand: Data indicates a rising number of Bitcoin addresses holding over $1 million in Bitcoin, signaling strong demand despite recent market fluctuations.

Political Influence

Donald Trump has also played a role in the ongoing market recovery. After holding a campaign rally with Elon Musk, Trump has increased his lead against Kamala Harris, with a 51% chance of winning the upcoming presidential election. Trump is seen as a favorable candidate for the crypto industry due to his promise to appoint crypto-friendly officials and his involvement in the World Liberty Financial project. He holds cryptocurrencies worth over $6.5 million.

#Crypto #CryptoBulls #MarketTrends

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