Memecoin NEIRO surges 2,600% as BTC targets $70k: September Crypto Report – Crypto News – Crypto News
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Memecoin NEIRO surges 2,600% as BTC targets $70k: September Crypto Report Memecoin NEIRO surges 2,600% as BTC targets $70k: September Crypto Report

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Memecoin NEIRO surges 2,600% as BTC targets $70k: September Crypto Report – Crypto News

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Historically, September has been a bearish month for the digital asset market. However, as opposed to investor’s beliefs, this time, cryptocurrencies performed relatively better in September.

The higher timeframe chart of the total crypto market cap displayed lower highs and lower lows till August 2024. Analysts thus expected another lower high to form below the $2 trillion threshold.

Instead, the crypto market rebounded, touching the previous high of $2.21 trillion and invalidating the bearish thesis.

At press time, the crypto market cap’s RVI reading suggested that the sector was primed for a short pullback before a recovery towards the $2.4 trillion mark.

Source: TradingView

So, what should traders expect in October?

As per AMBCrypto’s September 2024 market report, a short-term price increase to the $69,000-$70,000 range can be expected.

Exchange outflows have increased over the past month, while large holders have decreased their inflows to exchanges by 66.81% in the last 90 days.

With the Federal Reserve potentially easing monetary policy and ETF inflows rising, a return to Bitcoin’s all-time high is also quite feasible.

The report offers a comprehensive analysis of the four most significant factors influencing Bitcoin’s potential to reach its all-time high.

However, in its journey to the upside, Bitcoin’s declining social dominance could be a hurdle. If we look at the metric, it is far below its level on the 20th of April.

This indicates that investors are becoming more interested in altcoins.

Source: Santiment

An altcoin season?

Despite the anticipation of an altcoin season, according to AMBCrypto’s survey, we’re still far from it. Investor sentiment has been significantly impacted by Vitalik Buterin’s recent ETH sales, with over half expressing high concern.

Many investors admit that his actions heavily influence their trading decisions.

Historically, Ethereum has often led the altcoin market, and many coins tend to outperform Bitcoin during altcoin seasons. However, the current market dynamics are different.

Ethereum’s price action has been less than impressive, particularly with the increasing outflows from spot ETH ETFs.

At the same time, Cardano continues to grapple with its longstanding challenge of robust development activity but limited user engagement.

While a majority of DeFi tokens faced a setback in the last month, memecoins performed relatively better. Case in point — NEIRO token emerged as the undisputed champion, surging 2,600% in the last 30 days.

Check out AMBCrypto’s September 2024 crypto market analysis

Dive into AMBCrypto’s September 2024 Crypto Market Report for an in-depth look at key emerging trends in the cryptocurrency space.

This report covers a range of important developments, including the surge in altcoins, the rising influence of memecoins like Neiro, and the mixed performance of sectors such as NFTs and DePIN.

Here’s what you can expect:

  • Cardano’s Paradox: Despite its ecosystem’s growth, confidence wanes as new wallet creations drop sharply.
  • DePIN Sector: Fetch.ai shines with a 63% price surge, while Arweave struggles, losing 15% in value.
  • Memecoin Mania: Neiro dominates the memecoin market with a stunning 2,600% rise, surpassing top competitors like Shiba Inu.
  • NFT Market Trends: Despite market challenges, Bored Ape Yacht Club shows resilience with a sales increase of 31.8%.

Download the full report here.

Next: Cardano price prediction shows short-term support near $0.39
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