TLDR
Bitcoin nears $64,000 amid a broader crypto market rally
Memecoins, especially cat-themed ones, show significant gains
Popcat (POPCAT) surges 38.7% in a week, reaching $1.3 billion market cap
Asian stocks rise, with China expected to announce further economic stimulus
U.S. economic data releases and Fed minutes anticipated this week
Bitcoin is approaching the $64,000 mark as the cryptocurrency market experiences a broad upswing. The world’s largest cryptocurrency by market capitalization rose 3% in early Asian trading hours on Monday, October 7, 2024.
This surge comes ahead of a busy week for U.S. economic data releases and the publication of Federal Reserve minutes.
The positive momentum in the crypto market was not limited to Bitcoin. Other major cryptocurrencies, including Ethereum (ETH) and Dogecoin (DOGE), saw gains of up to 4%.
The CoinDesk 20 index, which tracks the performance of the largest digital assets, added 3.26%.
Memecoins, particularly those with cat themes, have been standout performers in recent days. The trend has been dubbed the “memecoin supercycle” by some market participants, who predict that meme-based tokens could lead the next crypto bull market.
Popcat (POPCAT), a Solana-based memecoin, has been at the forefront of this trend. Over the past week, POPCAT surged an impressive 38.7%, outpacing the broader crypto market.
Popcat Price on CoinGecko
This strong performance propelled Popcat’s market capitalization above the $1 billion mark for the first time, reaching $1.3 billion.
The token now ranks as the third-largest Solana memecoin by market cap, behind only dogwifhat (WIF) and Bonk (BONK).
Other memecoins also saw significant gains. Ethereum-based mog (MOG) and BNB Chain-based simon’s cat (CAT) rose over 12% and 10% respectively in the past 24 hours. Smaller tokens like GIGA, SPX6900, and Fwog surged more than 20%.
The memecoin rally comes amid low market volatility in more established crypto sectors and growing skepticism towards tokens backed by venture capital funds. Some traders view memecoins as potentially more lucrative, albeit riskier, investment opportunities.
In the decentralized finance (DeFi) space, Popcat has maintained a strong presence. It recorded a 24-hour trading volume of $24.24 million on decentralized exchanges, second only to BITCOIN CAT (SASHA) at $27.14 million.
The crypto market’s upward trajectory aligns with positive movement in Asian stock markets. The tech-heavy Hang Seng index in Hong Kong jumped 3%, while Korea’s KOSPI added 1%.
These gains come as China is expected to announce further economic stimulus measures at a press conference on Tuesday.
Looking ahead, market participants are awaiting key U.S. economic data releases. The Bureau of Labor Statistics will publish the unadjusted Consumer Price Index (CPI) annual rate for September, the Producer Price Index (PPI) annual rate for September, and initial jobless claims for the week ending October 5.
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