Ki Young Ju, CEO of CryptoQuant, a leading blockchain analytics platform, has reaffirmed his belief that the cryptocurrency market is still in the “middle of the bull cycle.” His observation follows a steady accumulation of Bitcoin wallets, particularly by long-term holder whale addresses.
“Bitcoin wallets have been accumulating over the past week,” Ki Young Ju noted, suggesting that the behavior of these key players is a significant indicator of the market’s continued bullish momentum.
As a result of this accumulation, Bitcoin (BTC) experienced a notable price increase, climbing 3.35% in the last 24 hours. The flagship cryptocurrency was trading at $60,450 at the time of writing, after reaching a local high of $61,316 on September 17. This spike also pushed Bitcoin’s market cap beyond $1.2 trillion.
The broader cryptocurrency market has mirrored Bitcoin’s positive momentum. Data from CoinGecko revealed a 0.7% increase in the global crypto market cap, which now stands at $2.17 trillion. Many leading altcoins have shown bullish movement, with Nervos Network emerging as the top gainer, recording a 17% surge in price.
Anticipation Builds Ahead of U.S. Fed Rate Cut
The optimistic sentiment across the crypto market coincides with growing speculation that the U.S. Federal Reserve may announce an interest rate cut. Analysts are expecting a reduction of 50 basis points, a shift that could provide a further boost to financial markets, including cryptocurrencies.
“The probability of a 50 basis point rate cut increased last week,” Ju explained, referring to the latest U.S. Consumer Price Index (CPI) report. The CPI for August came in at 2.5%, slightly below the expected rate of 2.6%. This would be the first Fed rate cut since July 2019, which could trigger renewed enthusiasm for digital assets.
The market prediction platform Polymarket shows a 53% chance of a 50 basis point rate cut, with a 46% chance of a smaller 25 basis point cut. Either decision is expected to have a significant impact on market dynamics.
Crypto All-Stars: A New Player in the Memecoin Space
Meanwhile, the presale of Crypto All-Stars (STARS), a newly launched memecoin staking protocol, has gained significant traction, raising $1.3 million. The project aims to establish a unified staking platform called ‘MemeVault,’ where users can stake various memecoins, including popular names like Dogecoin and Shiba Inu, to earn passive STARS rewards.
“This presale is a big step,” remarked ClayBro, a trader with over 130,000 YouTube subscribers. “Crypto All-Stars is raising funds even as the market faces volatility and fear.” He further speculated that STARS could see a tenfold increase in value once its presale concludes.
The hype surrounding Crypto All-Stars stems from its unique proposition of creating an industry-first “MemeVault.” By staking memecoins, users must hold STARS to participate, a mechanism that could fuel organic demand for the token. The staking protocol is already live, offering an attractive 1,100% annual percentage yield (APY), though this is expected to decrease over time.
With many wealthy memecoin holders already showing interest, Crypto All-Stars could become a significant player in the market, as traders look for innovative ways to capitalize on the memecoin frenzy.
Looking Ahead: Bitcoin’s Historical Q4 Performance
As market anticipation continues to grow, historical data provides further reason for optimism. According to Coinglass, Bitcoin has averaged an 86% growth rate in Q4 since 2013, making it the strongest-performing quarter for the leading cryptocurrency.
With Bitcoin setting the pace, traders are eagerly awaiting the next leg of the bull run, believing the market is on the cusp of further gains.
