It was a sea of green in the cryptocurrency industry as Bitcoin rose for two consecutive days, and the fear and greed index exited the fear zone. 

Moo Deng, Neiro, SPX6900 led the crypto comeback

Meme coins were some of the best-performing assets. Moo Deng (MOODENG), the new hippo-themed token, doubled, with its market cap rising to over $35 million. 

Neiro (NEIRO), another popular meme coin, jumped by 51.6% and reached an all-time high of $0.0015. Its market cap rose to over $621 million, making it more valuable than many well-known U.S. public companies like Beyond Meat, GoPro, and Spirit Airlines.

The SPX6900 (SPX), which aims to be a better version of the S&P 500 index, rose by 46%, continuing the gains made last week. It has increased by over 46% in the last 24 hours, giving it a market cap of over $373 million.

This price action happened as investors embraced a risk-on sentiment after last week’s strong US nonfarm payrolls data and as China unveiled more stimulus. As a result, global stocks also bounced back, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng rising by over 2%. 

Crypto fear and greed index rises

Meanwhile, the crypto fear and greed index exited the fear region, rising to a weekly high of 42. In most cases, cryptocurrencies perform well when investors are no longer fearful.

The rebound also followed some positive news in the crypto industry. Metaplanet, a Japanese company, has continued to accumulate accumulate Bitcoins (BTC) as it seeks to replicate MicroStrategy’s success. MicroStrategy, which has accumulated over 252,000 coins worth $15.8 billion, has a market cap of over $33 billion, giving it a high premium.

Additional data showed that the number of Bitcoin addresses holding over $1 million in Bitcoin has continued to rise. This is a sign of significant 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 that he has increased his lead against Kamala Harris, currently modeling a 51% chance of winning the upcoming presidential election. 

Trump is seen as a better candidate for the crypto industry because he has vowed to appoint crypto-friendly officials. He is also a key participant in the industry through his World Liberty Financial project. Data from Arkham shows that he holds cryptocurrencies worth over $6.5 million.

The Bitcoin price flirted with $64,000 during early European trading hours, but met some resistance. Analysts are saying BTC investors seem to be holding their breath to see how the U.S. election shakes out in a month’s time.

At the time of writing, the Bitcoin price has settled around $62,800, up 1.5% on the day, according to data from CoinGecko. The Ethereum price has largely mirrored Bitcoin’s path, rising 1.3% to around $2,450 at the time of writing, per CoinGecko data.

“It seems that the market is waiting for the November elections before committing to a clear direction in price,” wrote Jon Reader, chief investment officer at crypto lending protocol Ledn, in a note shared with Decrypt. “While the consensus is that a Republican victory will be more supportive of digital assets prices than a Democratic win, both parties have been putting forth positive statements towards digital assets, so the upward trend will be in place regardless of the outcome in my opinion.”

The U.S. presidential election sees former president and Republican candidate Donald Trump taking on Vice President Kamala Harris for the Oval Office. Voters will head to the polls on November 5. Currently, users on crypto betting site Polymarket have just shy of $1.4 billion wagered on the outcome.

At the time of writing, 51% of bettors favor Trump to retake the presidency. But it does need to be said that Polymarket, by virtue of a policy that bans on U.S. users to bet on the site, more closely tracks with how non-U.S. citizens feel the election will go.

Ledn’s Reader isn’t the only one saying crypto markets will benefit, if by varying degrees, regardless of who wins in November.

Standard Chartered’s Geoffrey Kendrick, the bank’s global head of digital assets research, has been saying for weeks now that markets will benefit regardless of who wins.

For now, traders seemed to have liked the latest unemployment numbers from last week. Even if the BTC price is currently meeting some resistance on Monday, that doesn’t change the fact that Bitcoin managed to gain roughly 5% over the weekend.

“The lower-than-expected unemployment rate fueled Bitcoin’s weekend rally, creating a fresh momentum with higher lows,” wrote BRN analyst Valentin Fournier in a note shared with Decrypt. “Bitcoin could soon test the upper boundary of its trend at $68,000. While a strong resistance is expected between $65,000 and $67,000, we believe Bitcoin will eventually break through.”

He flagged the upcoming inflation reports in the U.S., like the consumer and producer price indices, as potential catalysts for that upward momentum. The Bureau of Labor Statistics reports are due out on Thursday and Friday this week.

“While it may be too soon to see the effects of interest rate cuts reflected in these numbers, any signs that U.S. inflation is trending back toward 2% will likely have a favorable impact on the market” Valentin added.

“But I know if HBO releases a documenter and tells everyone that @lensassaman is satoshi, then every crypto mfers and every big media will say/write its name and talk about him,” said crypto X user @ariesyuangga. “If Len Sassaman is named as Satoshi Nakamoto this cat is going to fly,” said @dametime_tradez, another crypto X user.