Bitcoin {{BTC}} is approaching the $64,000 mark, just as the Federal Reserve is set to unveil the FOMC minutes and release key economic data for August to track economic growth.
BTC rose 3%, driving the entire cryptocurrency market higher, with major coins including Ethereum (ETH) and Dogecoin (DOGE) up 4%. The CoinDesk 20 (CD20), a liquidity fund that tracks the performance of large-cap tokens, also rose 3.26%. Frog-themed Pepe (PEPE) surged 14%.
The U.S. Bureau of Labor Statistics (BLS) will release unadjusted CPI and PPI annual rates for September, as well as initial jobless claims for the week ending October 5.
Asian stocks performed strongly on Monday, with the tech-heavy Hang Seng Index climbing 3% and the South Korean Composite Stock Price Index rising 1%. The recent announcement of multiple stimulus measures by the People's Bank of China (China's central bank) boosted market sentiment. China is expected to announce more economic stimulus policies at a press conference on Tuesday morning.
Among mid-cap tokens, Bittensor's TAO led the gains, with a market value of less than $5 billion. In the past week, rising social sentiment and growth in AI tokens drove TAO up 14%. Overall, the AI category on Coingecko rose 7.5%, with {{NEAR}} and Internet Computer {{ICP}} also showing gains.
Memecoins rose over the weekend as social sentiment and risk appetite among crypto traders increased. Discussions and posts on the social app X about the "memecoin supercycle" continued to heat up, predicting that memes will lead the next wave of crypto bull market.
Solana-based Popcat (POPCAT) and Ethereum-based MOG (MOG) rose more than 12% in the past 24 hours, while BNB Chain-based Simon's Cat (CAT) rose 10%.
Smaller tokens such as GIGA, SPX6900 (mimicking the US S&P500 index) and Fwog soared more than 20%.
As CoinDesk previously reported, cat-themed memecoins continue to lead dog-themed memecoins and remain the first choice for high-risk memecoin investments.
While memecoins are gaining attention, market volatility is low in areas of cryptocurrency such as layer 2 or storage, while negative sentiment is growing around tokens backed by venture capital funds - with a growing perception that these tokens are overpriced and risky for retail traders.
