It was a sea of green in the cryptocurrency industry as Bitcoin rose for two days in a row, and the Fear and Greed Index moved out of the fear zone.
Moo Deng, Neiro and SPX6900 led the crypto comeback
Meme coins have been one of the best performing assets. Mo Deng (MOODENG), the new hippopotamus-themed token, has more than doubled, with its market capitalization rising to over $35 million.
Neiro (NEIRO), another popular meme coin, jumped 51.6% and reached an all-time high of $0.0015. Its market value has jumped to more than $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, rose 46%, extending gains from last week. It’s up more than 46% in the past 24 hours, giving it a market cap of more than $373 million.
Other better-performing coins were Mog Coin, Popcat, Sui, and Bittensor, which rose more than 10%.
This price action occurred as investors embraced risk-on sentiment following strong US non-farm payrolls data released last week, and with China unveiling more stimulus. As a result, global stocks also rebounded, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng rising more than 2%.
The fear and greed index in cryptocurrencies is rising
Meanwhile, the Cryptocurrency Fear and Greed Index broke out of the fear zone, rising to a weekly high of 42. In most cases, cryptocurrencies perform well when investors no longer fear.
The recovery also occurred after some positive news in the cryptocurrency industry. Metaplanet, a Japanese company, has continued to accumulate Bitcoin (BTC) as it seeks to replicate the success of MicroStrategy. MicroStrategy, which has amassed over 252,000 coins worth $15.8 billion, has a market capitalization of over $33 billion, giving it a high premium.
Additional data showed that the number of Bitcoin addresses holding more than $1 million worth of Bitcoin continued to rise. This is a sign that there is high 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 he increased his lead over Kamala Harris to 51%.
Trump is seen as a better candidate for the cryptocurrency industry because he has pledged to appoint crypto-friendly officials. He is also a major participant in the industry through his venture World Liberty Financial. Data By Arkham It shows that he holds more than $6.5 million worth of cryptocurrencies.