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BOME, the third-largest meme coin, rose sharply on Oct. 14 as Bitcoin recovered back to levels seen at the beginning of last week. 
The Book of Meme (<a href="https://crypto.news/price/book-of-meme/" target="_blank">BOME</a>), a Solana-based meme coin, rose sharply by over 25% in the last 24 hours to $0.008841, its highest level in 2 months, according to crypto.news data. 
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 <img loading="lazy" decoding="async" width="928" height="544" src="https://crypto.news/app/uploads/2024/10/BOMEUSDT_2024-10-14_12-58-51.png" alt="BOME hits 2-month high as altcoin market signals &quot;up-only season&quot; - 14" class="wp-image-14303484">
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 BOME price chart – Oct. 14 | Source: <a href="https://crypto.news/price/book-of-meme/" target="_blank">crypto.news</a>
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</figure> 
<a href="https://crypto.news/bome-falls-14-as-investors-overselling-amid-market-wide-fud/" target="_blank">BOME</a>‘s price surge propelled its market cap to $610 million, positioning it as the 131st-largest digital asset. Daily trading volume spiked by over 195%, reaching $928 million, with most activity concentrated on Binance, followed by Gate.io and Bitget. 
Simultaneously, futures open interest experienced a significant increase. <a href="https://www.coinglass.com/currencies/BOME" target="_blank" rel="nofollow">Data </a>from CoinGlass shows open interest in BOME futures hit a record $131.12 million, more than doubling from last week’s low of $57 million. 
The rally coincided with a broader market upswing, as Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) and other altcoins saw sharp price increases. The global crypto market grew by 2.6%, rising from $2.27 trillion to $2.33 trillion. 
According to CoinGlass, this surge led to $167.2 million in liquidations, with $101.6 million coming from short traders. This suggests many investors were caught off guard by the bullish momentum, having bet against the rising prices. 
The sudden surge in liquidations likely contributed to the upward pressure on prices as short positions were forced to close, further fueling the market’s rally. 
 You might also like: <a rel="" href="https://crypto.news/bome-wif-shib-hit-the-hardest-investor-interest-in-meme-coins-declines/"> BOME, WIF, SHIB hit the hardest, investor interest in meme coins declines </a> 
Community sentiment around BOME has been bullish, with 71% of 3,792 traders on CoinMarketCap expecting short-term price gains. Similarly, sentiment on X has also turned positive, with several analysts and traders predicting strong upward momentum for altcoins. 
<a href="https://x.com/Bluntz_Capital/status/1845674715945529467" target="_blank" rel="nofollow">According </a>to pseudo-anonymous trader Bluntz, BOME had successfully broken through a key daily resistance level of $0.0085, which it had struggled to overcome since Aug. 24. He anticipates further upward movement for the meme coin, supported by a significant increase in daily trading volume and Bitcoin’s recent upward momentum. 
Another trader <a href="https://x.com/crypto_tech_avi/status/1845434757636641217" target="_blank" rel="nofollow">noted </a>that BOME had broken out of a falling wedge on the 1-day chart, a bullish indicator, adding that the meme coin could potentially retest 80%-120% above its current price levels. 
BOME’s rally coincided with a surge in the global meme coin market, which increased by 1.4% over the last 24 hours. According to CoinGecko, the combined market cap of all tracked meme tokens now exceeds $57.6 billion. 
In an Oct. 11 <a href="https://x.com/el_crypto_prof/status/1844729365273223325" target="_blank" rel="nofollow">post </a>on X, analyst Moustache predicted that the <a href="https://crypto.news/tag/altcoin/" target="_blank">altcoin </a>market is nearing an “up-only season, ” citing the Altcoin Season Index, which has been developing an Inverse Head and Shoulders pattern—one of the most bullish formations in technical analysis—over the last 3.5 years. 
This often precedes a major breakout, suggesting altcoins may soon enter a sustained rally, reversing years of stagnation and downward pressure. 
 Read more: <a rel="" href="https://crypto.news/shib-inu-pepe-dogwifhat-soar-amid-meme-coin-supercycle/"> Shiba Inu, Pepe, and Dogwifhat soar amid expectations of a ‘meme coin supercycle’ </a>

BOME hits 2-month high as altcoin market signals “up-only season”

crypto.news

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