The cryptocurrency market seems to be recovering from its recent plummet. Bitcoin (BTC) briefly went below the $61,000 mark last week but has since recovered to $63,000. The global crypto market cap also surged, rising 1.6% in the previous 24 hours to $2.32 trillion.
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Why Is The Crypto Market Up?
The cryptocurrency market’s latest resurgence could be due to the US jobs data released on Friday, which went against expert forecasts. The data showed that the pace of hiring strengthened, with 254,000 new jobs.
Another 25 basis point interest rate cut in November is also possible. Traders and investors may be bullish on risky assets, such as cryptocurrencies.
Top 3 Cryptocurrencies To Watch This Week
1. Popcat (POPCAT)
POPCAT is a Solana-based meme coin that hit a new all-time high of $1.47 earlier today. The asset is up 20.7% in the daily charts, 47.7% in the weekly charts, 58.4% in the 14-day charts, and 183.2% over the previous month.
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The meme cryptocurrency may continue its bullish momentum over the next few weeks. CoinCodex analysts anticipate the asset to breach the $3 mark by the end of the month.
2. Shiba Inu (SHIB)
SHIB is another cryptocurrency that has surged over the last few days. The asset is up by 7.2% in the daily charts, 26.3% in the 14-day charts, and 43.4% over the previous month. The meme coin has also been up by 155.4% since October 2023.
CoinCodex predicts SHIB will hit $0.00003665 on Oct. 12, 2024. The platform does not anticipate the asset to hold the $0.00003 mark, predicting a correction soon after.
3. Pepe (PEPE)
Pepe has witnessed quite a rise over the last few days. The cryptocurrency is up by 14.1% in the daily charts, 30.2% in the 14-day charts, and 56.8% over the previous month. The memecoin is also up by 1385.8% since October 2023.
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CoinCodex predicts PEPE will hit a new all-time high of $0.00002887 on Oct. 29, 2024.
