While Bitcoin and the cryptocurrency market in general started the day dynamically, BTC exceeded $65,000 during the day.
While BTC and especially mem tokens are at the top with their rise, a new report about the mem token rally came from QCP Capital analysts.
At this point, analysts said that the increase in market activities of retail investors was behind the mem token rally.
“The speculative buying frenzy on the part of retail investors during Asian trading hours continued today, pushing BTC to new local highs (65,615 so far).
Altcoins, especially meme tokens, are rallying hard as retail FOMO really kicks in.”
QCP Capital analysts also pointed out that there has been an increase in investors' leveraged trading activities in the last 24 hours and said that there may be price fluctuations when Bitcoin breaks $ 69,000:
“It looks like leveraged buyers won't give up until BTC hits all-time highs (which could happen at any time).
However, the recent buoyant market move is likely to dissipate if Bitcoin surpasses its all-time high in dollar terms. The rally in Mem tokens may also continue until ATH breaks.”
Analysts recently added that there are currently seven mem tokens among the top 100 cryptocurrencies by market cap.
*This is not investment advice.