Key takeaways
Bitcoin broke the $65,000 mark, reflecting a strong upward trend influenced by global economic factors. Big gains in Solana-based memecoins point to a broader altcoin market rally.
Share this article
The price of Bitcoin rose past $65,000 on Monday after breaking through the $64,000 mark and extending its rally to $64,800, according to data from TradingView. At press time, BTC is trading at around $64,900, about 11% away from the high of $73,000 set in March of this year.
As bulls take charge, the crypto market cap hits $2.3 trillion, up more than 1% in the past 24 hours, per CoinGecko. Altcoins are experiencing a broad-based rally, indicating the possibility of a sustained upward market trend.
Solana-based memecoins are in the spotlight with top winners Book of Meme (BOME), Slerf (SLERF), Billy (BILLY) and GME (GME). In the last 24 hours, BILLY and BOME are up about 16% each, SLERF is up 20% and GME is up 27%.
Sui (SUI) has also made headlines since hitting a new high of $2.35 over the weekend. With its market capitalization standing at around $6.1 billion, SUI now joins the top 20 crypto assets, surpassing Near (NEAR), Polkadot (DOT) and Uniswap (UNI).
According to a recent statement by crypto analyst Mustache, the Altcoin Season Index is forming a bullish Inverse Head and Shoulders pattern. This pattern, which has not been observed in 3.5 years, is often taken as a strong signal of an approaching “up-only” season for altcoins.
#Altcoins
Altcoin Season Index forms one of the most bullish patterns for 3.5 years: Inverted Head and Shoulders.
The only season is close IMO.
The pain we have had to go through in the past years will soon vanish into thin air.
Wishing everyone the best for this journey.🩵 pic.twitter.com/H4mk5ISpBJ
— 𝕄𝕦𝕖𝕖𝕒𝕖𝕖 🧲 (@el_crypto_prof) October 11, 2024
Bitcoin sees higher levels with China’s economic stimulus and US presidential election
Bitcoin’s price recently fell below $60,000 in the wake of warmer-than-expected US inflation data. Although the inflation rate did not meet expectations, it continued to trend downward.
Last week’s drop below $60,000 is now considered an outlier as Bitcoin gains momentum. The revival comes amid a Chinese stock market rally, influenced by China’s recent economic stimulus measures.
In an effort to revive the country’s economy, China’s Finance Minister Lan Fo’an announced plans for a fiscal stimulus package, but the exact amount of the package was not disclosed. In response to the stimulus, the Shanghai Composite Index rose 2.12%.
“A key driver of this momentum appears to be China’s recently announced stimulus package, which has supported market sentiment,” noted Presto Research analyst Min Jung.
Augustine Fan, head of analytics at SOFA.org, said:
“Bitcoin prices climbed above $64,000 as Chinese stocks rebounded from weekend disappointments, fueling a ‘buy all’ sentiment in the markets.
Aside from China’s stimulus measures, the upcoming US presidential election, which is typically associated with increased market activity, could also act as a positive catalyst for Bitcoin’s price action.
Steven Lubka, Head of Private Clients and Family Offices at Swan Bitcoin, said that Bitcoin could reach $100,000 soon no matter who is in office.
“Do I think we will be in the six figures by 2025? Almost certainly. Do I think we’ll be in the six figures regardless of who wins? Almost certainly,” said Lubka.
Former President Donald Trump’s vocal support for Bitcoin and the crypto industry has led some to speculate that his potential re-election could benefit Bitcoin and the broader crypto market. His recent engagements with the crypto community and promises to support the industry have generated optimism among investors.
Despite not expressing strong support for the industry, Trump’s rival, Vice President Kamala Harris, promises to boost innovation by promoting AI, digital assets and investor protections.
Share this article
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
