Sui has surged more than 20% in 24 hours to reach its highest price level in six months, amid positive news from crypto exchange Bybit.
Bybit announced support for Sui (SUI) as a native ecosystem pool token on Oct. 7, coinciding with the token’s value skyrocketing.
Bybit Launchpool adds support for SUI
The market was looking bullish ahead of a busy week in the macroeconomic environment. Weak hands also appear to have exited amid last week’s sell-off related to geopolitical events.
For Sui, part of the upside may be attributed to Bybit expanding its ecosystem token pools by adding SUI. Sui on Bybit Launchpool offers the first mining pool for a token not within the Mantle ecosystem.
Bybit also supports SUI staking and is one of the top-tier exchanges to list the Sui project NAVI.
Gains see SUI outpace leading coins
SUI’s 20% rally in the past 24 hours follows a 115% surge in September. The token also continued higher after a recent dip as Bitcoin (BTC) traded to above $63,700 and Ethereum (ETH) reclaimed $2,480.
Notably, Sui price has traded higher since bottoming around $0.53 on Aug. 6. In recent weeks, this has coincided with a sharp increase in total value locked. DeFiLlama data showed SUI TVL reached $1.58 billion, which makes it currently the 9th largest chain by TVL.
In terms of price, bulls managed to break above $2 during the U.S. trading session on Oct. 7. The buying momentum saw it retest $2.09, with Sui being one of the biggest daily gainers alongside NEIRO and MOG tokens.
The last time SUI broke from below $2, it reached its all-time high of $2.17 on March 27, 2024.
It was a sea of green in the cryptocurrency industry as Bitcoin rose for two consecutive days, and the fear and greed index exited the fear zone.
Moo Deng, Neiro, SPX6900 led the crypto comeback
Meme coins were some of the best-performing assets. Moo Deng (MOODENG), the new hippo-themed token, doubled, with its market cap rising to over $35 million.
Neiro (NEIRO), another popular meme coin, jumped by 51.6% and reached an all-time high of $0.0015. Its market cap rose to over $621 million, making it more valuable than many well-known U.S. public companies like Beyond Meat, GoPro, and Spirit Airlines.
The SPX6900 (SPX), which aims to be a better version of the S&P 500 index, rose by 46%, continuing the gains made last week. It has increased by over 46% in the last 24 hours, giving it a market cap of over $373 million.
dimethyltryptamine.eth spent 15.6 $ETH($47K) to buy 3.64M $SPX 90 days ago, now worth $1.27M, a 26x return in just 3 months!
This price action happened as investors embraced a risk-on sentiment after last week’s strong US nonfarm payrolls data and as China unveiled more stimulus. As a result, global stocks also bounced back, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng rising by over 2%.
Crypto fear and greed index rises
Meanwhile, the crypto fear and greed index exited the fear region, rising to a weekly high of 42. In most cases, cryptocurrencies perform well when investors are no longer fearful.
The rebound also followed some positive news in the crypto industry. Metaplanet, a Japanese company, has continued to accumulate accumulate Bitcoins (BTC) as it seeks to replicate MicroStrategy’s success. MicroStrategy, which has accumulated over 252,000 coins worth $15.8 billion, has a market cap of over $33 billion, giving it a high premium.
Additional data showed that the number of Bitcoin addresses holding over $1 million in Bitcoin has continued to rise. This is a sign of significant demand for the coin despite its recent performance.
Donald Trump is also a factor in the ongoing comeback after he held a campaign rally with Elon Musk. Polymarket data shows that he has increased his lead against Kamala Harris, currently modeling a 51% chance of winning the upcoming presidential election.
Trump is seen as a better candidate for the crypto industry because he has vowed to appoint crypto-friendly officials. He is also a key participant in the industry through his World Liberty Financial project. Data from Arkham shows that he holds cryptocurrencies worth over $6.5 million.
The Hong Kong Securities and Futures Commission plans to approve a batch of new crypto licenses by the end of this year. So far, there are 11 crypto platforms being considered for licenses.
In an interview with news outlet Hong Kong 01, CEO of the China Securities Regulatory Commission, Liang Fengyi, announced that the SFC will be giving out licenses in batches to Virtual Asset Trading Platforms.
The SFC has recently issued three licenses for crypto exchanges operating in the region, including the Hong Kong Virtual Asset Exchange, OSL Exchange and HashKey Exchanges.
Apart from the three licensed platforms, 11 other platforms have applied for an SFC-issued licenses and are currently awaiting approval.
Liang Fengyi explained that regulators have carried out the first phase of on-site reviews and have asked applicants to make the necessary corrections.
She stated that the SFC aims to make significant progress on regulating virtual assets by the end of the year, by issuing a batch of licenses for VATPs.
“Applicants who do not meet the requirements will lose their qualifications for licensing, while applicants who meet the requirements will be granted a license conditionally,” said Fengyi.
As part of their 2024-2026 strategy, Liang Fengyi said that Hong Kong regulators will promote the development of regulations for virtual asset trading platforms, support the tokenization of traditional products, and using regional chains and web3 basic technologies.
“The entire framework will be completed at least next year,” she said.
In regards to cryptocurrency over-the-counter services, Liang Fengyi pointed out that the CSRC has created a new licensing system for crypto OTC custody services to receive feedback from industry players.
In mid Sept. 2024, Hong Kong’s Securities and Futures Commission began working together with the Customs and Excise Department issuing licenses for over-the-counter crypto trading services. At the time, crypto platforms in Hong Kong struggled to get licenses due to not meeting government standards on client asset management and failure to properly anticipate cybersecurity risks.
On Sept. 30, ZA Bank became the first virtual assets bank in Hong Kong to gain a license from the SFC after a year-long review process.
Licenses have become vital for crypto platforms operating in Hong Kong as financial regulators have tightened restrictions on unlicensed exchanges and the development of a regulated crypto ecosystem.
21Shares has urged the European Securities and Markets Authority to create a “much-needed clarity” for retail and institutional crypto investors across Europe.
Crypto investment firm 21Shares is pressing the European Securities and Markets Authority to establish clearer guidelines for including crypto assets in Undertakings for Collective Investment in Transferable Securities funds, addressing regulatory inconsistencies across Europe.
In a Monday press release, on Oct. 7, the Zurich-headquartered firm said that the move aims to address regulatory inconsistencies across Europe, which currently lead to confusion for both retail and institutional investors.
While some European countries, such as Germany and Malta, permit UCITS funds to hold crypto, others like Luxembourg and Ireland do not, the firm says, adding that such a fragmented approach creates “confusion, making it difficult for investors to understand and compare their options.”
“The lack of a common approach can lead to gaps in investor protection, as investors have to access the asset through other means, often more expensive and less professionally managed.”
21Shares
The firm has proposed that ESMA introduce clear, consistent guidelines for indirect exposure to crypto across all EU member states, arguing that this would help ensure a “high level of protection for investors,” while enabling broader access to crypto investments.
The proposal comes as ESMA considers feedback from its recent consultation on the inclusion of new asset classes, including crypto, in UCITS funds. While market participants are watching for ESMA’s next steps, the timeline for any potential regulatory changes remains unclear.
Japanese budget hotel operator turned investment firm, Metaplanet, purchased $6.7 million worth of Bitcoin. This brings their total Bitcoin reserves to 639.50 BTC.
In a statement released on Oct. 7, Metaplanet announced that it has bought an additional ¥1 billion worth of Bitcoin(BTC) or equal to 108.786 BTC. This is the second time this month that the firm has purchased ¥1 billion worth of Bitcoin for their cryptocurrency reserves.
After their recent BTC purchase, the Tokyo-based firm now holds 639.50 BTC in their reserves, valued at approximately $40.54 million at current market prices.
According to data from Google Finance, the investment firm’s stocks went up over 10% shortly after they announced the Bitcoin purchase.
On Oct. 1, the firm made a similar purchase of ¥1 billion worth of Bitcoin, bringing Metaplanet’s reserves above 500 BTC for the first time in their cryptocurrency trading activities.
Not only that, Metaplanet announced in an Oct. 3 notice that it had made a Bitcoin put options transactions deal with Singaporean digital asset trading firm QCP Capital.
As part of the deal, the Japanese firm sold 223 contracts worth $62,000 put options which expires on Dec. 27, 2024 to the Singaporean firm. The sale made Metaplanet a profit of 23.97 BTC in option premium.
Metaplanet announced earlier this year that it planned to start buying Bitcoin as a way to sustain against economic pressures in Japan. In May 2024, the country had been facing high government debt levels, prolonged periods of negative real interest rates, and a weaking currency.
Metaplanet is not the only Japanese firm that has leaned into cryptocurrency to sustain its profits. According to a June survey by Nomura and Laser Digital, over 500 investment managers in Japan considered investing in crypto.
The survey also found that about half of the respondents are open to using stablecoins for settlements and daily transactions.
The global crypto market cap ended last week with a 7% drop, losing $160 billion as it closed at $2.15 trillion.
While Bitcoin (BTC) influenced the broader market, several altcoins charted their own paths, benefiting from unique developments within their ecosystems.
Here are some of these cryptocurrencies to keep an eye on this week, following their diverse price movements last week:
HMSTR collapses 18%
Hamster Kombat (HMSTR) saw a bearish week, dropping 18% to $0.004714. Its worst day came on Oct. 1 when it fell 13.94% amid a broader market decline on the back of geopolitical tensions.
Last week’s bearishness built on a downtrend HMSTR has faced since its airdrop on Sept. 26. However, the four-hour chart shows some signs of recovery, with the RSI sloping upward, now at 42.82.
For the DMI, the +DI is steady at 17.46, signaling slight buyer momentum. However, the -DI at 23.07 slopes downward, indicating weakening selling pressure. The ADX is at 22.68 and trending downward, as the current trend loses strength.
These figures suggest a possible recovery if buying momentum continues, with bulls possibly targeting $0.0051. However, the downtrend may persist if buyers do not pick up pace this week.
SUI demonstrates resilience
Sui (SUI) showed resilience despite broader market volatility, dropping only 0.3%. On Oct. 1, amid market turmoil, SUI dipped just 0.97%.
However, it saw a sharper 10.38% decline on Oct. 3, its largest intraday crash in three months.
SUI appears to be forming a bull pennant following its uptrend in September. Currently, the Bollinger Bands indicate the upper band at $1.97, which acts as resistance, and the 20-day MA at $1.62 provides immediate support.
With SUI trading below the upper band, the price could stabilize above the $1.62 support.
Investors should monitor for a bounce between $1.62 and $1.97, with a breakout above the resistance likely signaling bullish momentum for the week.
FTT bucks the trend
FTX Token (FTT) defied market trends last week, gaining 22% while most assets declined.
On Oct. 1, FTT rose by 13.89%, followed by a 21.53% surge on Oct. 4 and another 9.86% the next day.
FTT 1D chart – Oct. 6 | Source: crypto.news
Amid this uptrend, the Williams Percent Range stands at -32.59, signaling that FTT is near overbought territory but still has room for further gains.
As it witnesses a 9% retracement this new week, bulls need to defend the Pivot support at $2.01 to prevent a slip into bearish territories. Below this, the next support rests at $1.33, marking lows last seen in two weeks.
Should FTT recover from the latest correction, market participants should watch for a break above the resistance level at $2.68, which continues the bullish momentum.
Popcat emerged as the top gainer this week, driven by improved trader sentiment and a sharp rise in its futures open interest.
Popcat (POPCAT) rose over 35% in the last seven days, hitting a new all-time high of $1.26 on Oct. 5. Most of these gains came within the last 24 hours. the token rose 20.6% from its intraday low of $0.98.
The Solana-based token was also up 112% over the past month, making it the second-largest gainer among the top 100 cryptocurrencies, boasting a market cap exceeding $1.2 billion, according to CoinGecko.
One of the key bullish arguments for Popcat is its widely distributed ownership, with large holders controlling just 17% of the total supply per CoinCarp data.
The same cannot be said for its competitors like Bonk (BONK) and Shiba Inu (SHIB), which are far more concentrated, with the top 10 wallets holding 52% and 61% of the supply, respectively.
This makes Popcat less vulnerable to “whale” manipulation and offers a more stable, balanced trading environment.
Bulls remain in control
The coin’s futures open interest is up 344% to a record $191.11 million, signaling that traders are heavily positioning for further price gains.
On the 1D POPCAT/USDT chart, the recent price action has pushed the token above the upper Bollinger Band, currently at $1.865, confirming the strong upward momentum.
However, this also means that the token has reached an overbought zone. This is reinforced by the Commodity Channel Index spiking to 222.2, well above the 100 threshold that indicates overbought conditions.
POPCAT price, Bollinger Bands and CCI chart | Source: crypto.news
Although these technical signals suggest the potential for a market correction, the token’s successful retest of the upper Bollinger Band earlier today reinforces the idea that bulls remain in control.
This could point to continued upward momentum in the short term, although traders should still exercise caution due to the overbought indicators.
Price predictions
Trader sentiment on X aligned with the technical outlook as market observers pointed out that Popcat was in price discovery, meaning the token could print new highs soon.
According to analyst Altcoin Sherpa, Popcat has broken out of a key trading range, adding that as long as the price of Bitcoin remains stable, the upward trend could continue, potentially targeting the $2 mark. See below.
once a coin breaks out of the range, you want to see continuation. Ofc this is going to depend on $BTC but I think that $POPCAT still looks strong. wouldn’t be surprised to see it go to like $2 or something to be honest pic.twitter.com/23EIHzmqsS
Another observer, Murad, offered an even more bullish outlook, predicting the meme coin could reach a price target of $5, a 300% surge from its current level of $1.24.
Meanwhile, another pseudonymous analyst, ‘TraderSz,’ noted that POPCAT breached a key resistance level of around $1.20 and is now heading towards the next major resistance at $1.50.
At the time of writing, Popcat was trading at $1.24. While it remains to be seen if the meme coin can hold this level, community sentiment appears optimistic, with data from CoinMarketCap showing that 69% of traders, out of 4,473 votes, are bullish on its future prospects.
As previously reported by crypto.news, crypto analysis firm Cryptonary predicted that Popcat could reach a price target of $40 during the current bull run, driven by strong community support, the so-called “meme coin supercycle,” and its growing prominence in the Solana ecosystem.
The creator of the Popcat meme coin hasn’t been explicitly named. The token’s popularity stems from a meme of a cat named Oatmeal chirping at a bug. The video, featuring alternating images of Oatmeal with its mouth open and closed, quickly turned into a GIF.
It eventually went viral. Students from the University of Sheffield in England created a Popcat-inspired game that revolves around clicking an image of Oatmeal to generate points.
Axelar has introduced the Mobius Development Stack, a technology designed to make building decentralized applications across different blockchains easier.
The company’s new infrastructure, announced in an Oct. 3 Blockworks article, allows developers to connect various blockchain networks, including Solana (SOL), Stellar (XLM), and XRP Ledger (XRP), without the need for bridges — software tools that usually link blockchains. This infrastructure will streamline developers’ processes and enhance cross-chain functionality.
Cross-chain connectivity simplified
MDS integrates with popular OpenZeppelin libraries, which developers use to build secure smart contracts, and supports both on-chain and off-chain resources.
Off-chain resources could include AI or zk co-processors, which handle tasks outside of the blockchain but interact with it.
One key feature of Axelar’s new offering is the Interchain Amplifier. Secured by Axelar’s native token, AXL (AXL), or other assets like Ether (ETH) and Bitcoin (BTC), the Amplifier ensures that cross-chain connections remain secure.
Another feature, the Interchain Token Service, supports the creation and movement of native cross-chain tokens. This could allow developers to tokenize real-world assets or enable new use cases for liquidity and fractional ownership.
In simple terms, Axelar’s stack helps developers build apps that work across many blockchain platforms, removing the need to rely on single chains or inefficient methods of connecting them.
This technology is part of a broader trend in Web3 to improve the experience for developers and end-users by offering more seamless infrastructure solutions.
Bitcoin and other altcoins held steady after the Bureau of Labor Statistics published encouraging September nonfarm payrolls data.
US nonfarm payrolls rebound
Bitcoin (BTC) rose slightly to $62,500 while Solana (SOL) jumped by 3% to $140. FTX Token (FTT) was the best top-100 cryptocurrency as it jumped by 20%. It has risen by over 80% from its lowest level this month.
Shiba Inu (SHIB), the second-biggest meme coin in the industry, was the second best-performing currency, rising by 10%. The other top performers were AAVE (AAVE), Beam (BEAM) and Celestia (TIA).
According to the BLS, the American economy added 254,000 jobs in September, higher than the median estimate of 147,000. It also revised its estimate of August’s jobs report upwards to 159,000.
The unemployment rate retreated from 4.2% to 4.1% while wage growth rose from 3.9% to 4.0% in September.
These numbers came at a time when there are significant inflation fears as the crisis in the Middle East escalated, pushing crude oil prices higher. Brent crude has jumped to $78 while the West Texas Intermediate rose to $75.
Therefore, there is a risk that the Federal Reserve will not be as aggressive in cutting interest rates as was widely expected. In a statement on Monday, Sep. 30, Jerome Powell, the Fed Chair, noted that the Fed would be conservative when cutting interest rates.
A hawkish turn by the Federal Reserve would be moderately bearish on risk assets like stocks and cryptocurrencies.
Another day, and yet higher oil prices. IF this continues and results in durably higher prices, a big if, it will question the widespread view in markets that “inflation is dead” and that the Fed can be a single mandate central bank, focusing just on the “maximum employment”… pic.twitter.com/1SqxsiJZwF
On the positive side, most crypto investors are upbeat on Bitcoin and altcoin performance in October.
Historically, October and November have been the best two months for Bitcoin, according to CoinGlass.
In a note, a crypto analyst noted that the best Octobers in the past few years started with some struggle.
Every man, their dog, that dog’s cousin, the cousin of the first dog’s owner, then that owner’s Anon CT account is bearish on $BTC right now and wider cryptocurrencies it seems.
Ignore the noise. The last two true bull markets for BITCOIN have been born in Uptober, but not… pic.twitter.com/4ygLYq0kQy
The other potential catalyst for Bitcoin and other tokens will be the upcoming US election in November. Historically, top assets do well after the election as investors embrace the new normal of the next administration.
Meanwhile, most betters in a Polymarket poll with $147,000 believe that Bitcoin will rise to $65,500 this month, 7% above the current price. Many others see it rising to $70,000 this month.
A Bitcoin comeback would lead to more gains by most altcoins like Solana, Ethereum, and Solana. It would also spur more gains in the meme coin industry.
