Bitcoin started the week with a strong performance, surpassing the $64,000 mark on Monday. This upward move led to a broader rally in the cryptocurrency market, and other major digital assets also saw gains.
Highlights
- Bitcoin has surged more than 2% in the past 24 hours, reaching over $64,000.
- Ethereum (ETH) and Solana (SOL) also saw significant gains, up 3%.
- Memecoins like Mog and SPX6900 saw substantial gains over the weekend.
- More than $100 million in short positions were liquidated due to the price surge.
Market Sentiment
Positive crypto market dynamics align with broader economic optimism. Renewed hopes for an economic recovery in China and favorable indicators from the US economy have contributed to a “buy everything” sentiment among investors. U.S. stocks hit new all-time highs, reflecting this optimistic outlook.
Memecoin mania
While major cryptocurrencies saw gains, memecoins dominated weekend trading. This renewed interest comes amid talk of a potential “supercycle” in the crypto market. Notable artists include:
- Mog (MOG): Seven-day gains extended to nearly 20%
- SPX6900: A parody of the S&P500 index, saw gains of 135%
Economic factors
- Chinese stimulus: Finance Minister Lan Fo’an promised new measures to support the real estate sector, boosting Chinese stocks.
- US Economic Data: Strong CPI and PPI data led to continued expectations of a possible Fed rate cut in December.
Expert opinion
Augustine Fan, Head of Analytics at SOFA, commented:
“Bitcoin prices managed to climb above $64,000 this morning as Chinese stocks rebounded from weekend disappointments, so risk sentiment will likely remain in “buy all” mode until further notice.”
Fan also noted that patience may be required before reaching new all-time highs, especially in the run-up to the November 5 U.S. election.
