Prices of Bitcoin and other cryptocurrencies saw a strong rally last week; Thus, BTC jumped to a maximum of US$35,200 while the combined market capitalization of all currencies increased to more than $1.32 trillion. With this greening of the crypto market, meme coins returned to the scene.
The main catalyst for this trend was the Federal Reserve’s decision and the relatively weak data on US non-farm payrolls (NFP). These figures imply that The Federal Reserve will probably keep its interest rate intact in the coming months and the cut will occur in 2024.
As to Memecoin (MEME), its market capitalization climbed to US$200 million despite the fact that its website makes it clear that it has no utility or use. On the other hand, the price of Pepe jumped sharply, giving it a market capitalization of more than $400 million.
This rise in meme coins coincides with the rise in the fear and greed index. Data from CoinMarketCap shows that the index jumped to the greed zone of 72. In most cases, Bitcoin and other cryptocurrencies rise when investors are generally bullish on the market.
At the core of this greed is the feeling that the Federal Reserve will embark on an easing phase. Additionally, there are signs that the US economy is slowing due to tight monetary conditions.
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