Bitcoin (#BTC☀ ) approached nearly $64,000 on Monday in early Asian trading hours ahead of a busy week of key U.S. economic data, as the Federal Reserve prepares to release the FOMC minutes and crucial August figures that reflect the country's economic growth.
Bitcoin Rises, Leading the Market
BTC increased by 3%, triggering a market-wide surge. Major cryptocurrencies such as Ether (ETH) and Dogecoin (#doge⚡ ) rose by as much as 4%. The CD20 index, which tracks the largest and most liquid tokens, added 3.26%. Meanwhile, the frog-themed memecoin Pepe (#pepe⚡ ) surged by 14%.
This week, the Bureau of Labor Statistics (BLS) will release important economic data, including the Consumer Price Index (CPI) and the Producer Price Index (PPI) for September, along with the number of new unemployment claims for the week ending October 5.
Asian Markets in the Green
Asian stocks saw gains on Monday, with the tech-heavy Hang Seng index rising by 3%, and the Korean KOSPI adding 1%. China’s central bank, the People's Bank of China, recently announced several stimulus measures that boosted market sentiment in the region. More economic measures are expected to be unveiled at a press conference on Tuesday.
AI Tokens and Mid-Cap Cryptos Lead the Growth
Among mid-cap tokens, Bittensor's TAO stood out with a 14% surge, driven by positive social sentiment and a rising interest in artificial intelligence. Overall, the AI category rose by 7.5% on CoinGecko, with tokens like NEAR and Internet Computer (ICP) also posting gains.
Memecoins and Social Sentiment Surge
Memecoins saw a notable rise over the weekend as optimism and risk-taking behavior grew among crypto traders. Conversations about a “memecoin supercycle,” which predicts that memes will drive the next crypto bull market, have spread across social platforms.
Solana-based Popcat (#popcat ) and Ethereum-based MOG both jumped by 12% in the last 24 hours, while Simon’s Cat (CAT) on BNB Chain gained 10%. Smaller tokens like GIGA, SPX6900 (a parody of the S&P500), and Fwog surged by more than 20%.
Cat-Themed Memecoins Lead Over Dog-Themed Counterparts
Cat-themed memecoins continue to outperform their dog-themed rivals, remaining the top choice for more daring investors. This trend comes as the more serious sectors of the crypto market, such as layer 2 solutions and storage, remain relatively stable. Growing negative sentiment surrounding venture-capital-backed tokens, which are increasingly seen as overpriced, has driven more interest toward memecoins.
Regulation and the Future of Memecoins
A trader known as Kaiwen0x, who wrote an essay on the memecoin supercycle, noted that a victory for Donald Trump in the 2024 U.S. elections could be bearish for memecoins. Trump's win might bring regulatory clarity to the U.S., potentially leading to “capital rotation toward utility tokens,” according to the trader.
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