Bitcoin has surpassed $64,000 as of Monday, with major cryptocurrencies like ETH (Ethereum) and SOL (Solana) also experiencing gains, while XRP and BNB remained stable.

Over $100 million in short positions were liquidated due to this price surge. Memecoins like Mog and SPX6900 have also seen noticeable gains amidst discussions surrounding a potential crypto "supercycle."

The overarching sentiment in the market has turned more towards purchasing, induced by favorable economic signs stemming from both China and the U.S., with the latter’s stock indices reaching unprecedented highs.

BTC achieved a 2% rise in the past twenty-four hours, as major coins like ETH and SOL reported gains of 3%. The broad CoinDesk 20 (CD20) index surged by 2.19%.

Notably, over $100 million in short positions were liquidated as Bitcoin's price spiked. Moreover, some memecoins gained traction over the weekend as excitement regarding a potential crypto "supercycle" grows among traders.

Interviewed by CoinDesk, Augustine Fan, the head of insights at SOFA, remarked:

“Bitcoin prices did manage to jump this morning to above $64K as Chinese equities rebounded off the weekend disappointments, so risk sentiment will likely remain in 'buy everything' mode until further notice.”

Fan also noted that, while a strong BTC inflow on Friday might indicate positive trends ahead as the U.S. election nears, patience will be necessary before witnessing new all-time highs.

As for the economic landscape, recent U.S. market data showed strength, with both CPI and PPI suggesting a persistent inflation trend, encouraging investor optimism leading to all-time highs in U.S. equities. The markets anticipate a significant chance of a rate cut in December, further boosting bullish sentiment.