Popular meme coins PEPE, SHIB, FLOKI and BRETT were seen enjoying their time in the green as Bitcoin surpassed the psychological threshold of $65,000, raising hopes of an imminent bull run.
According to data from CoinGecko Bitcoin (btc) saw an impressive rally over the past 24 hours, rising from $63,680 to an intraday high of $65,743 before stabilizing at $65,328 at the time of this publication.
The leading cryptocurrency still has to rise 11.2% to reach its all-time high of $73,737. This seems possible as Bitcoin has entered a technical bull market, having risen over 23% from its monthly low.
The bull case for Bitcoin
Bitcoin has several potential catalysts to reach new highs, with the main driver being the US Federal Reserve’s 50 basis points. interest rate cutwhich generally benefits risk assets like Bitcoin.
What’s more, a Polymarket survey shows that traders expect Bitcoin to hit a new high this year, with 66% of participants predicting the bullish trend will continue.
Complementing this, Bitcoin Fear and Greed Index It has now risen to 61 from yesterday’s neutral level of 50, indicating that the market is now in a state of greed, and traders are more likely to buy.
At the same time, data reveals that institutional funds are flowing into spot Bitcoin ETFs. According SoSoValueOver the past four days, spot ETFs have seen inflows exceeding $600 million, bringing the total to $18.31 billion.
Bitcoin balances on exchanges have also hit a new low, suggesting that a large number of holders have transferred their coins into self-custody. As of September 27, the exchanges carried out 2.34 million Bitcoinsbelow the high of 2.7 million so far this year.
Memecoins take off
Amid growing bullish sentiment around Bitcoin, popular memecoins saw significant gains, many of which rose by double digits. The overall market capitalization of memecoins skyrocketed 16.5% to $54.9 billion in the last 24 hours.
Ethereum-based memecoin Pepe (PEPE) jumped 16.7%, becoming the top gainer in the cryptocurrency market on September 27, when its price rose to $0.0000104, returning to levels last seen in early August. The meme coin’s daily trading volume saw a massive jump, hovering around $2.3 billion, while its market capitalization stood at $4.37 billion.
Shiba InuSHIB), floki (FLOKI), and Brett (BRETT) also joined the memecoin rally, riding the wave with impressive gains of 16.3%, 15.4%, and 13.8%, respectively.
When Bitcoin performs well, it increases investor confidence and generates greater interest in altcoins, including memecoins. This can lead to a positive cycle, where rising prices attract more investors, driving price growth further.
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