Cryptocurrencies are showing a strong rise ahead of Christmas.
There are signs that a Santa Claus rally is underway.
Memeinator tokens are close to their target goal.
A Santa Claus rally is being held. cryptocurrency And the stock market. Bitcoin US indices such as the Dow Jones, S&P 500 and Nasdaq 100 are targeting record highs this year.
Besides BTC, other cryptocurrencies such as Solana, Bonk, and IoTeX are also performing well. In fact, thanks to the meme coin hype, Solana surpassed XRP to become the 5th largest cryptocurrency in the world.
Meanwhile, Memeinator, a cryptocurrency that aims to incorporate artificial intelligence (AI) concepts into meme coins, is gaining popularity. As the token sale concludes, we are slowly approaching our goal of $2.4 million.
Why is cryptocurrency soaring?
Cryptocurrency prices are soaring due to several important factors. First, the SEC, BlackRock, and Nasdaq held a second meeting to deliberate on the spot mechanism. Bitcoin ETF. This meeting confirmed to many that the SEC will likely approve these ETFs in the coming weeks and months.
It is also running because of monetary policy issues. On Wednesday, the Office for National Statistics (ONS) released encouraging inflation data. Data shows that inflation in the UK fell below 4% in November.
These figures confirm that global inflation is falling and that central banks will begin cutting interest rates in the coming months. The Federal Reserve indicated that it would cut interest rates starting in June next year. Other banks, including the European Central Bank (ECB) and Swiss National Bank (SNB), are also expected to cut interest rates.
Cryptocurrencies and stocks tend to perform well during periods of interest rate cuts. Because this ushers in a new era of risk sentiment in general. This explains why the US dollar index and global bond yields have fallen over the past few weeks.
Therefore, analysts believe that the cryptocurrency bull market is just beginning. CryptoQuant analysts noted in a note that Bitcoin could rise as high as $164,000 in 2024. He highlighted the following factors:
“We believe that the Bitcoin and cryptocurrency markets will be affected by 1. Market valuation cycle, 2. Network activity, 3. Bitcoin halving, 4. Macroeconomic perspective, 5. Bitcoin spot ETF impact in 2024. I argue that we can have a positive year. Approval and 6. Increased stablecoin liquidity.”
Memeinator who benefits
Memeinator’s MMTR token is likely to benefit if this prediction is accurate, as most altcoins tend to perform well when Bitcoin rises. We have seen several new meme coins proliferate in 2023. For example, coins like Bonk and Pepe gained market capitalizations of over $1 billion this year.
Memeinator aims to conquer this industry by building a following among community members. More than 384,000 people have already entered the race to travel into space on Virgin Galactic’s spacecraft. The promotion also reached millions of users.
In addition to meme coin tools, the network aims to leverage artificial intelligence, which has become mainstream this year. Therefore, we suspect that MMTR will join the cryptocurrency rally in 2024. You can purchase MMTR tokens. here.