The second week of “Uptober” is starting just as crypto traders would wish. The Bitcoin price is up 3% while most top altcoins are up 4-10%.
BTC is now trading slightly below $64K. During the early hours on Monday in the Central European timezone, the Bitcoin price was rejected at this level, indicating that $64K is, at least locally, a key resistance level. If this level is breached, we might revisit the $66-68K range.
But what’s driving the surge?
What you'll learn 👉
Factors Behind the Crypto Market Rally
There are several factors that contribute to the current positive market situation. The United Arab Emirates (UAE) has introduced revised VAT regulations that exempt the transfer and conversion of digital assets, including cryptos. This move is a positive sign for all crypto traders in the region.
The memecoin rally has also resumed, led by newly listed coins on Binance. For instance, NEIRO’s price surged by 50% in the last 24 hours, demonstrating the continued interest in this volatile but potentially lucrative sector of the crypto market.
Read also: POPCAT Price Explodes 50% – Is It the Next Meme Coin Sensation?
Political developments are also playing a role. On Polymarket, a prediction market platform, Donald Trump now leads Kamala Harris with odds of 51-48%. This represents his biggest lead in almost a month and is considered bullish by some, given Trump’s pro-crypto stance during his campaign.
Analyst “Quinten” has pointed out an interesting trend: new whales are buying Bitcoin at a rapid pace, similar to the pattern observed in 2020 before the explosive price run-up. This activity is visible in his charts and could be a sign of growing institutional interest in the cryptocurrency.
Best Crypto to Buy Now as Prices Pump?
Of course, when the market is up, investors are looking for the best altcoins to invest in. PandaWorld is an early-stage meme coin, but with utility to offer.
PandaWorld is not just another speculative asset; it’s working to create a sustainable ecosystem. This includes an NFT marketplace for trading non-fungible tokens, exclusive merchandise tied to the PandaWorld brand, and community events to engage users and build community spirit.
One of the standout features of PandaWorld is its profit-sharing model. Token holders can earn passive income by staking their PADW tokens. Revenue generated from various activities within the ecosystem, such as play-to-earn (P2E) games and a casino, contributes to a central pool, which is then distributed among stakers.
It’s worth noting that the PADW token is currently in presale and can only be purchased through the official presale website.
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