The crypto market saw an upward trend last week and is expanding today. There are several reasons for this trend, and the most recent one includes meme coins. SHIB and DOGE continued to rise and significantly outperformed the entire crypto market last week.
Again, analyst optimism for further gains, despite concerns over valuation, reflects investor confidence in Bitcoin.
More recently, the ability to manipulate Polymarket markets during the US presidential election has attracted attention and made crypto a force to be reckoned with in political affairs.
Additionally, with the emergence of a “crypto voting bloc” of some 26 million people in the United States, cryptos are becoming relevant in shaping the political world, thereby boosting the market’s upward trajectory.
Crypto Market Bracing for Meme Coin Supercycle, Says Analyst.
The rise of the crypto market continued today October 19. Rising meme coin prices boosted investor sentiment and signaled new confidence in the economic outlook.
Despite some uncertainty surrounding this week’s event China raises debt ceiling In its latest recovery efforts, crypto assets and US stock markets have seen a significant recovery. This only fueled the community’s hopes for “Uptober”, a term coined to describe the expected gains in October.
Over the past 24 hours, the total crypto market cap increased by around 1.3% to around $2.33 trillion, led by famous coins such as Dogecoin – with the DOGE price increases approximately 8%, and The price of the Shiba Inu on the rise around 3%, which propelled the entire market higher.
Memecoin analyst Murad Mahmudov has an interesting theory he calls the “coin supercycle.” It explains how many factors come together to create extremely favorable market conditions for the growth of meme-driven cryptocurrencies.
According to a report from BDC ConsultingThe meme coin market shows a strong correlation with Bitcoin’s movements, standing at 0.87.
This sensitivity indicates that the more Bitcoin rises, the more parabolic the rise of meme coins could become. This is all due to the increased market liquidity and broader enthusiasm that typically characterizes Bitcoin bull runs. The interplay between Bitcoin’s trajectory and the appeal of meme coins could help fuel a cycle of rapid price appreciation.
Bitcoin Optimism to Raise MSTR Stock or Vice Versa?
On the other hand, leading analyst Mark Palmer is optimistic about the sector’s short-term outlook. MicroStrategy stock pricewhich, according to him, can go much higher. Palmer set a per-share price target of $245 in his report. This represents a nice premium over its current price of $206.
He believes this is due to MicroStrategy’s continued strategy of constantly buying Bitcoin, which further strengthens its market position when the price of Bitcoin rises. Palmer’s bullish stance reflects confidence in the effectiveness of the firm’s Bitcoin-focused investment approach.
This positive outlook comes despite growing concerns that MSFT is already overvalued. It trades at a 2.3x premium to the net asset value of MicroStrategy’s Bitcoin portfolio. As of September, MicroStrategy held over 250,000 BTC. At the time of writing, his assets were valued at approximately $17.3 billion.
Elections and crypto voting among reasons for crypto market rise
Indeed, former President Donald Trump’s increased chances in the 2024 US presidential election have been heavily influenced. A Polymarket user identified as “Fredi9999” reportedly holds more than $20 million in pro-Trump bets.
As the elections approach, apprehensions regarding possible manipulations in decentralized predictions, markets rise, with large volumes of funds moving markets in certain directions.
As Election Day approaches, it becomes increasingly necessary to examine these prediction markets. Questions are being asked about how betting can distort perceptions of election results and shape sentiment in less than three weeks.
A new poll from The Digital Chamber finds that 26 million voters can be identified as a “crypto voting bloc.” This means they are looking for pro-crypto policies when deciding who to support in the next election.
This survey of 1,004 respondents found that 16% described cryptocurrency as “extremely” or “very” important when it came to voting.. Interestingly, voters from both parties said they would be more likely to vote for a candidate who supports crypto-friendly policies. 25% of Democrats and 21% of Republicans say it has a positive impact on their likelihood of voting for a candidate.
Also, a A strong majority of voters in both parties believe the crypto industry should be a middle priority for the new president and Congress. Growing voter awareness shows how cryptocurrency may become a hot-button issue this election cycle.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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