On Thursday, the cryptocurrency market continued to fluctuate, with Bitcoin regaining support at $62,000 after the midday session. Most altcoins saw gains, led by the meme sector related to the US election.

According to Bitpush data, Bitcoin rebounded from a daily low of $60,623 in the early morning, rising by 3.4% to reach a daily high of $62,663, before falling back to the $62,500 support level. At the time of writing, the BTC trading price was $62,395, with a 24-hour increase of 1.15%.

In the altcoin market that day, there were mixed gains and losses, with a slight majority of the top 200 tokens by market capitalization recording gains. Akash Network (AKT), Livepeer (LPT), and Arweave (AR) saw increases of 17.4%, 15.3%, and 11.9% respectively. Render (RNDR) and Toncoin (TON) both rose by 11%. FTX Token (FTT) experienced the largest decline, dropping by 7%, while Tellor (TRB) fell by 5.4% and GuildFi (GF) by 4.2%.

An analyst from Secure Digital Markets stated, "This morning, Bitcoin has rebounded from recent lows and is preparing to challenge the previous peak of $65,000. Overall trading volume, including spot and derivatives markets, has seen its first decline in seven months, dropping by 44% to $6.58 trillion. This decline is attributed to escalating geopolitical tensions and reduced investment in US-listed spot ETFs, casting a shadow over the cryptocurrency market."

The US labor market continued to cool, with the latest initial jobless claims rising by 22,000 to 231,000, reaching the highest level since August, driving the US stock market higher. This indicates that many believe it is a positive signal, with the possibility of one or more rate cuts still in 2024, despite several Federal Reserve officials recently reiterating the likelihood of keeping interest rates at higher levels for a longer period to combat inflation.

However, Bert Dohmen of Dohmen Capital Research stated that the significant increase in M2 money supply in the near term suggests that the Fed may not be able to achieve the expected rate cuts this year, and investors should prepare for this possibility.

Dohmen stated, "The Fed is in a dilemma because they are forced to finance record government deficits while continuing to combat stubbornly high inflation. They are forced to step on the gas pedal to finance record deficits for the US Treasury." "They know this will cause inflation, but they have no choice."

At the close, the S&P, Dow Jones, and Nasdaq indices all rose by 0.51%, 0.85%, and 0.27% respectively. With the market's improvement, the US dollar index fell by 0.5% from its daily high to 105.218 at the time of writing, while the yield on the 10-year US Treasury bond fell by 142 basis points to 4.457%.

Meme Coin MAGA Strong Rebound

Following comments on cryptocurrency by former US Republican presidential candidate Donald Trump, the Trump-themed meme coin MAGA (TRUMP) surged by 78% on May 9, with its 24-hour trading volume jumping by 620% to reach $281.8 million. TRUMP's market cap reached $281.8 million, ranking 248th on CoinGecko. At the time of writing, the token became the 13th largest meme coin by market cap.

Trump's presidential campaign team currently does not accept crypto donations, but he expressed openness to it during an impromptu Q&A at a dinner event yesterday. When asked, "Can we donate using cryptocurrency?" he replied, "If you can't (donate with crypto), I will make sure you can."

TradingView data shows that MAGA's trading price is $6, up 46% in the past 24 hours.

Other tokens related to US politics also saw gains on May 9, with Donal Tremp (TREMP) leading the way with a threefold increase, rising by 136% in the past 24 hours. Independence Token (RFKJ), dedicated to supporting the presidential election of Robert F. Kennedy, also rose by 24.4% during the same period.

Meme coins saw significant growth in 2024, becoming the highest returning crypto narrative in the first quarter.

According to anonymous user Crypto Koryo, CoinMarketCap listed a record 138 erc-20 meme coins in April 2024, a 666% increase from 18 in April 2023.

Analysts stated, "The number of memecoin erc-20 tokens is expected to grow parabolically in 2024. Last month, 138 new memecoins were registered on CoinMarketCap, compared to 18 in April 2023."

At the time of writing, CoinMarketCap listed over 2,230 memecoins, with a total market cap exceeding $52,325, accounting for 2.15% of the global cryptocurrency market cap.

The current total cryptocurrency market cap is $2.31 trillion, with Bitcoin's dominance at 53.3%.

"The next uptrend may have already begun"

Market analyst Rekt Capital stated that the next uptrend may have already begun, as "over the past year and a half, ending a long-term downtrend of over -20% corrections has often been a key to future price reversals."

He added, "Following last week's downward candle, Bitcoin is still using the range low as support," indicating that the bottom may have already arrived.

Twitter influencer il Capo Of Crypto also believes that Bitcoin may be forming a solid support base at its current level and could soon start to rise. He wrote on Twitter, "After deviating from the range low, the price rebounded, touched the resistance, and is now retracing to an interesting support area, which could form the first higher low."

The analyst stated, "Demand between $59,000 and $61,000 looks strong, and most indicators appear bullish, so a rebound may occur. If BTC breaks through the $65,000 resistance, I will look for $68,000 to $69,000 as the first target, and $74,000 to $75,000 as the second target."

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