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.
Moo Deng, Neiro, SPX6900 led the crypto comeback
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 jumped to over $621 million, making it more valuable than companies like Beyond Meat, GoPro, and Spirit Airlines.
The SPX6900 (SPX), which hopes to be a better version of the S&P 500 index, rose by 46%, continuing the gains made last week. It has risen by over 46% in the last 24 hours, giving it a market cap of over $373 million.
— Lookonchain (@lookonchain) October 7, 2024dimethyltryptamine.eth spent 15.6 $ETH($47K) to buy 3.64M $SPX 90 days ago, now worth $1.27M, a 26x return in just 3 months!
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He spent only 0.125 $ETH($251) to buy 5.9T $PEPE($100M at peak) and sold 3.94T $PEPE for 2,614 $ETH($5M), leaving… pic.twitter.com/6PsrrckIC9
The other top performers were coins like Mog Coin, Popcat, Sui, and Bittensor, which rose by over 10%.
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%.
Crypto fear and greed index rises
Meanwhile, the crypto fear and greed index exited the fear region, rising to a weekly high of 42. In most cases, cryptocurrencies do well when investors are no longer fearful.
The rebound also happened after some positive news in the crypto industry. Metaplanet, a Japanese company, has continued to 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 rising. That is a sign that there is 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 to 51%.
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 by Arkham shows that he holds cryptocurrencies worth over $6.5 million.