PEPE, SHIB, FLOKI, and BRETT lead memecoin rally as BTC breaks $65K
Release: 2024/09/27 16:59 Reading: 481
Popular meme coins PEPE, SHIB, FLOKI, and BRETT experienced a surge in value as Bitcoin (BTC) breached the $65,000 threshold.
Over the past 24 hours, Bitcoin saw a significant rally, reaching an intraday high of $65,743 before stabilizing around $65,328. This uptrend has sparked hopes of a potential bull market.
Bitcoin has several potential catalysts for further growth, including a recent interest rate cut by the U.S. Federal Reserve, which typically favors risk assets like Bitcoin. Additionally, a Polymarket poll suggests that 66% of traders anticipate Bitcoin reaching new highs this year.
The market is currently in a state of "Greed," with the Fear Greed Index rising to 61, indicating increased buying activity. Data also shows a steady inflow of institutional funds into spot Bitcoin ETFs, further supporting the bullish sentiment.
Amid this bullish outlook for Bitcoin, memecoins experienced substantial gains.
- Ethereum-based PEPE surged by 16.7%, reaching $0.0000104, its highest level since early August.
- SHIB, FLOKI, and BRETT also witnessed significant increases, rising by 16.3%, 15.4%, and 13.8%, respectively.
When Bitcoin performs well, it often increases investor confidence and attracts interest in alternative coins, leading to a positive cycle of price growth for memecoins.
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