In the last 24 hours, the crypto market was up on the back of the US weekly jobless claims report that showed a rise in jobless claims, a signal that the labor market was cooling. Leading cryptos by market cap surged in prices as the data fueled hopes of rate cuts among risk-on investors.
Bitcoin (BTC, +2.2%) price stabilized around $60.6k before rebounding from its corrective phase that lasted 3 days. This could be the beginning of BTC’s recovery wave, but the bears might remain active near the $63.2k resistance zone. In the meme coin universe, DOGE (+2.5%) was the outlier. Additionally, VanEck’s MarketVector has launched a new memecoin index, tracking the largest meme coins including DOGE, SHIB, FLOKI, WIF, and BONK. The index is up 195% on a yearly basis.
Giving a general perspective, Santiment, an on-chain analytics firm, underlined that investor sentiment toward leading cryptos is still negative. It further adds that the mood has dramatically shifted since Bitcoin’s halving event before which an overtly “greed” sentiment dominated the market.
