It was a sea of green in the cryptocurrency industry on Monday as Bitcoin price crossed the important resistance point at $66,000 for the first time since September 27. It has soared by over 35% from its lowest point in August, meaning that it has moved into a bull market.
WorldCoin, Ethena, Brett prices surge
Bitcoin’s surge triggered more gains in the crypto industry. WorldCoin, the Sam Altman-backed crypto project, was one of the best-performing cryptocurrencies as it jumped to $2.45, its highest swing since July 22. It has jumped by over 88% from its lowest point this year.
Ethena, the popular blockchain behind the stablecoin USDe, rose to $0.4313, its highest level since July 30. Brett, the biggest meme coin in the Base Blockchain, soared to $0.1167, 100% above its lowest level in August.
Some of the other best-performing cryptocurrencies were Reef Finance, Harambe on Solana, Book of Meme, and Mog Coin.
This rebound coincided with the performance of global stocks after China unveiled a series of measures to stimulate the economy. While the dollar figure of the package has not been mentioned, analysts expect that the full stimulus figure will be worth over $300 billion.
In the US, the Dow Jones rose to $42,925, while the S&P 500 index soared to a record high of $5,860. These indices have soared by over 20% this year, making it the best-performing year since 2021. In some instances, cryptocurrencies move in sync with global stocks.
Crypto fear and greed index exits fear zone
WorldCoin, Ethena, and Brett tokens also jumped as the crypto fear and greed index exited the fear zone of 36. It rose to the neutral point of 45. Cryptocurrencies often do when investors are no longer fearful. For example, the index jumped to the extreme greed zone of 90 in March as Bitcoin rose to a record high.
Meanwhile, analysts are optimistic that Bitcoin has more upside as ETF inflows jump. Data shows that all spot Bitcoin ETFs added over $300 million in assets last week, bringing the total inflows to over $18.5 billion.
Bitcoin, which drives altcoin prices, also has bullish catalysts now that it has formed a falling broadening wedge pattern and remained above the 50-day and 200-day moving averages. It recently avoided forming the risky death cross pattern.
Of the three cryptocurrencies – WLD, BRETT, and ENA – only WorldCoin had a major catalyst. The token rally jumped after it was incorporated in Dune Analytics, one of the most popular analytics platforms in the industry.
WorldCoin also jumped ahead of the live update about the project from Sam Altman and Alex Blania on Oct. 17.
Summary
WorldCoin, Brett, Ethena, and other cryptocurrencies jumped as investors embraced a risk-on sentiment after the Chinese stimulus measures. These gains will continue if Bitcoin rises above the falling trendline, the resistance point at $70,000, and the all-time high of $73,800.
