It was a sea of green in the cryptocurrency industry as Bitcoin rose for two consecutive days, and the fear and greed index exited the fear zone.
Meme coins were some of the best-performing assets. Moo Deng (MOODENG), the new hippo-themed token, doubled, with its market cap rising to over $35 million.
Neiro (NEIRO), another popular meme coin, jumped by 51.6% and reached an all-time high of $0.0015. Its market cap rose to over $621 million, making it more valuable than many well-known U.S. public companies like Beyond Meat, GoPro, and Spirit Airlines.
The SPX6900 (SPX), which aims to be a better version of the S&P 500 index, rose by 46%, continuing the gains made last week. It has increased by over 46% in the last 24 hours, giving it a market cap of over $373 million.
This price action happened as investors embraced a risk-on sentiment after last week’s strong US nonfarm payrolls data and as China unveiled more stimulus. As a result, global stocks also bounced back, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng rising by over 2%.
Meanwhile, the crypto fear and greed index exited the fear region, rising to a weekly high of 42. In most cases, cryptocurrencies perform well when investors are no longer fearful.
The rebound also followed some positive news in the crypto industry. Metaplanet, a Japanese company, has continued to accumulate accumulate Bitcoins (BTC) as it seeks to replicate MicroStrategy’s success. MicroStrategy, which has accumulated over 252,000 coins worth $15.8 billion, has a market cap of over $33 billion, giving it a high premium.
Additional data showed that the number of Bitcoin addresses holding over $1 million in Bitcoin has continued to rise. This is a sign of significant demand for the coin despite its recent performance.
Donald Trump is also a factor in the ongoing comeback after he held a campaign rally with Elon Musk. Polymarket data shows that he has increased his lead against Kamala Harris, currently modeling a 51% chance of winning the upcoming presidential election.
Trump is seen as a better candidate for the crypto industry because he has vowed to appoint crypto-friendly officials. He is also a key participant in the industry through his World Liberty Financial project. Data from Arkham shows that he holds cryptocurrencies worth over $6.5 million.
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