πŸ“ƒ Aug 01, 2024 – USA Cryptocurrency Market 8h Daily Trend Forecast

Crypto Market Analysis & Trend: Neutral/Trending Up

In the past 24 hours, the cryptocurrency market has shown a neutral to trending up trend. Bitcoin, Ethereum, and Binance Coin have experienced positive sentiments and have seen notable price increases. The positive news surrounding the Memereum presale, the launch of 99Bitcoins Token, and the BlackRock ETF inflows have contributed to the market’s upward movement.

Furthermore, Bitcoin’s hashrate has shown an increase, indicating a higher computational mining capacity. This can be attributed to the improved efficiency and profitability of mining operations. The rise in Bitcoin’s hashrate suggests a positive outlook for the future mining activity.

On the other hand, there have been negative sentiments expressed regarding the Bitcoin miner Riot, which experienced a decrease in production for Q2. Additionally, Nobel laureate Paul Krugman criticized Bitcoin as ‘economically useless’ and questioned Trump’s support for cryptocurrencies.

Considering the evidence available, the trend is cautiously optimistic with positive developments outweighing the negative sentiments to a certain extent. However, it is essential to monitor market dynamics and external factors to assess its sustainability in the coming hours.

What is important

The current state of the cryptocurrency market indicates a neutral to trending up trend with positive developments outweighing the negative sentiments. Bitcoin, Ethereum, and Binance Coin have seen price increases, driven by positive news such as the Memereum presale surge, the launch of 99Bitcoins Token, and the BlackRock ETF inflows. Additionally, Bitcoin’s hashrate has shown an increase, indicating a higher computational mining capacity.

However, it is important to highlight negative sentiments expressed towards Bitcoin miner Riot’s production decrease in Q2 and the criticism from Nobel laureate Paul Krugman regarding Bitcoin’s economic utility. These factors may influence short-term market dynamics.

Investors should keep a close eye on these developments and remain vigilant to market volatility and potential regulatory changes. It is crucial to conduct thorough research and consider multiple factors before making any investment decisions.

Top 5 – Latest Headlines & Cryptocurrency News

  1. Memereum Presale Surges with Nearly 28 Million Tokens Sold Following SEC Approval of Ethereum ETFs– The Memereum presale has seen a surge in tokens sold, reaching nearly 28 million, following SEC approval of Ethereum ETFs.
  2. New Crypto Launch to Watch: 99Bitcoins Token $2.5M Presale Ends in Five Days– 99Bitcoins Token is launching a new cryptocurrency with a $2.5M presale that ends in five days.
  3. Analyst says 99Bitcoins token could 10x as presale enters final days– The analyst predicts that the 99Bitcoins token could increase by 10 times as the presale enters its final days.
  4. New Cryptocurrency $0.00107 Leverages Ethereum (ETH)Β΄s Power: Can It Become a Top Crypto?– A new cryptocurrency leverages the power of Ethereum to become a top crypto.
  5. Bitcoin (BTC) ready for surge, but Solana (SOL) still outperforming– Bitcoin is predicted to experience a surge, but Solana is still outperforming.

Factors DrivingΒ the Growth – Market Sentiment

Based on the analysis of positive and negative sentiment keywords, ‘bitcoin’ is the most mentioned keyword in both positive and negative contexts. This indicates the ongoing relevance and influence of Bitcoin in the cryptocurrency market. Other frequently mentioned keywords include ‘Ethereum’, ‘cryptocurrency market’, ‘rally’, ‘tether’, ‘shiba inu’, and ‘profit’. These keywords capture the diverse dynamics shaping the market, showcasing both positive and negative sentiments.

Positive Terms – Sentiment Analysis

OccurrencesKeyword
23bitcoin
9cryptocurrency market
8ethereum
7rally
7tether
6shiba inu
5$5.2 billion
5cryptocurrency
5hong kong
5profit

Negative Terms – Sentiment Analysis

OccurrencesKeyword
7bitcoin
3cryptocurrency market
2bitcoin miner riot
2bitcoin reserve
2crypto ban
2fall
2pepe
2price
2q2
1$170 million wipeout

Crypto Investor Fear & Greed Index

The Fear and Greed Indicators reveal that the market sentiment has mostly been driven by greed and fear in the past 24 hours. With fear and greed indicators ranging from extreme fear to extreme greed, it is essential to consider the impact of market sentiment on investment decisions. Investors should exercise caution and conduct thorough analysis before making any investment choices.

DateValueVariationSource
2024-08-01 00:00:0052pt-9ptAlternative.me
2024-07-31 00:00:0061pt-6ptAlternative.me
2024-07-30 00:00:0067pt0ptAlternative.me
2024-08-01 00:00:0052pt-9ptBinance.com
2024-08-01 00:00:0061pt-6ptBinance.com
2024-07-31 00:00:0061pt-13ptBinance.com
2024-07-31 00:00:0067pt6ptBinance.com
2024-07-30 00:00:0067pt0ptBinance.com
2024-07-30 00:00:0074pt7ptBinance.com
2024-08-01 00:00:0061pt0ptBitDegree.org
2024-07-31 00:00:0061pt-6ptBitDegree.org
2024-07-30 00:00:0067pt0ptBitDegree.org
2024-08-01 08:00:0068pt10ptBtcTools.io
2024-08-01 00:00:0058pt1ptBtcTools.io
2024-07-31 16:00:0057pt-3ptBtcTools.io
2024-07-31 08:00:0060pt5ptBtcTools.io
2024-07-31 00:00:0055pt2ptBtcTools.io
2024-07-30 16:00:0053pt-1ptBtcTools.io
2024-07-30 08:00:0054pt-3ptBtcTools.io
2024-07-30 00:00:0057pt5ptBtcTools.io
2024-07-29 16:00:0052pt0ptBtcTools.io
2024-08-01 00:00:0052pt-9ptCoinstats.app
2024-07-31 00:00:0061pt-6ptCoinstats.app
2024-07-30 00:00:0067pt0ptCoinstats.app

Bitcoin: Active Addresses

The Bitcoin Address Indicators provide valuable insights into wallet activity and the quantities of wallet addresses based on the balance values. The data suggests fluctuations in the number of active addresses and indicates a growth trend. This indicates that Bitcoin usage and adoption continue to increase, providing a positive outlook for the cryptocurrency’s future.

DateAddressesVariationIndicatorSource
2024-07-29 16:00:001,310,419,1190.00%Total Addressesbitaps.com
2024-07-29 16:00:00716,1473.56%Bitcoin Active Addressesbtc.com
2024-07-29 16:00:00540,5530.00%Addresses with over 0bitaps.com
2024-07-29 16:00:00219,3810.00%Addresses with over 0.0000001bitaps.com
2024-07-29 16:00:003,607,2310.03%Addresses with over 0.000001bitaps.com
2024-07-29 16:00:0010,496,6320.00%Addresses with over 0.00001bitaps.com
2024-07-29 16:00:0013,196,0350.01%Addresses with over 0.0001bitaps.com
2024-07-29 16:00:0011,625,476-0.04%Addresses with over 0.001bitaps.com
2024-07-29 16:00:008,017,328-0.01%Addresses with over 0.01bitaps.com
2024-07-29 16:00:003,562,1180.00%Addresses with over 0.1bitaps.com
2024-07-29 16:00:00858,7740.00%Addresses with over 1bitaps.com
2024-07-29 16:00:00136,9640.01%Addresses with over 10bitaps.com
2024-07-29 16:00:0013,8120.00%Addresses with over 100bitaps.com
2024-07-29 16:00:001,9680.00%Addresses with over 1,000bitaps.com
2024-07-29 16:00:00980.00%Addresses with over 10,000bitaps.com
2024-07-29 16:00:0040.00%Addresses with over 100,000bitaps.com

Economic events to move the cryptocurrency market

Important economic events have impacted the cryptocurrency market. SEC approval of Ethereum ETFs has seen positive implications for the Memereum presale, contributing to the surge in tokens sold. Furthermore, employment situation reports, manufacturing PMIs, and interest rate decisions by central banks are crucial indicators that can influence market sentiment and impact cryptocurrency prices.

DateImpactEvent
2024-08-02 14:00:00ModerateFactory Orders Month over Month
2024-08-02 12:30:00HighEmployment Situation Private Payrolls – M/M
2024-08-02 12:30:00HighEmployment Situation Nonfarm Payrolls – M/M
2024-08-02 12:30:00HighEmployment Situation Average Hourly Earnings – Y/Y
2024-08-02 12:30:00HighEmployment Situation Unemployment Rate
2024-08-02 12:30:00HighEmployment Situation Manufacturing Payrolls – M/M
2024-08-02 12:30:00HighEmployment Situation Participation Rate
2024-08-02 12:30:00HighEmployment Situation Average Workweek
2024-08-02 12:30:00HighEmployment Situation Average Hourly Earnings – M/M
2024-08-02 00:00:00ModerateMotor Vehicle Sales Total Vehicle Sales – Annual Rate
2024-08-02 00:00:00ModerateMotor Vehicle Sales North American-Made Sales – Annual Rate
2024-08-01 21:15:00ModerateGBP – BoE MPC Member Pill Speaks
2024-08-01 20:30:00ModerateUSD – FedΒ΄s Balance Sheet
2024-08-01 16:30:00ModerateUSD – Atlanta Fed GDPNow (Q3)
2024-08-01 14:30:00ModerateEIA Natural Gas Report Week over Week
2024-08-01 14:00:00HighUSD – ISM Manufacturing Prices (Jul)
2024-08-01 14:00:00HighUSD – ISM Manufacturing PMI (Jul)
2024-08-01 14:00:00ModerateUSD – ISM Manufacturing Employment (Jul)
2024-08-01 14:00:00ModerateUSD – Construction Spending (MoM) (Jun)
2024-08-01 14:00:00HighISM Manufacturing Index Index
2024-08-01 14:00:00ModerateConstruction Spending Month over Month
2024-08-01 14:00:00ModerateConstruction Spending Year over Year
2024-08-01 13:45:00HighUSD – S&P Global US Manufacturing PMI (Jul)
2024-08-01 13:15:00ModerateGBP – BoE Gov Bailey Speaks
2024-08-01 12:30:00ModerateUSD – Unit Labor Costs (QoQ) (Q2)
2024-08-01 12:30:00ModerateUSD – Nonfarm Productivity (QoQ) (Q2)
2024-08-01 12:30:00HighUSD – Initial Jobless Claims
2024-08-01 12:30:00ModerateUSD – Continuing Jobless Claims
2024-08-01 12:30:00HighJobless Claims Initial Claims – Change
2024-08-01 12:30:00ModerateProductivity and Costs Nonfarm Productivity – Annual Rate
2024-08-01 12:30:00HighJobless Claims 4-Week Moving Average
2024-08-01 12:30:00ModerateProductivity and Costs Unit Labor Costs – Annual Rate
2024-08-01 12:30:00HighJobless Claims Initial Claims – Level
2024-08-01 12:00:00ModerateGBP – BOE Inflation Letter
2024-08-01 11:30:00ModerateGBP – BoE Gov Bailey Speaks
2024-08-01 11:00:00ModerateGBP – BoE MPC Meeting Minutes
2024-08-01 11:00:00HighGBP – BoE Interest Rate Decision (Aug)
2024-08-01 11:00:00ModerateGBP – BoE MPC vote unchanged (Aug)
2024-08-01 11:00:00ModerateGBP – BoE MPC vote hike (Aug)
2024-08-01 11:00:00ModerateGBP – BoE MPC vote cut (Aug)
2024-08-01 09:00:00ModerateEUR – Unemployment Rate (Jun)
2024-08-01 08:30:00ModerateGBP – S&P Global/CIPS UK Manufacturing PMI (Jul)
2024-08-01 08:00:00ModerateEUR – HCOB Eurozone Manufacturing PMI (Jul)
2024-08-01 08:00:00ModerateEUR – ECB Economic Bulletin
2024-08-01 07:55:00ModerateEUR – HCOB Germany Manufacturing PMI (Jul)
2024-08-01 07:50:00ModerateEUR – HCOB France Manufacturing PMI (Jul)
2024-08-01 07:45:00ModerateEUR – HCOB Italy Manufacturing PMI (Jul)
2024-08-01 07:15:00ModerateEUR – HCOB Spain Manufacturing PMI (Jul)
2024-08-01 06:00:00ModerateGBP – Nationwide HPI (YoY) (Jul)
2024-08-01 06:00:00ModerateGBP – Nationwide HPI (MoM) (Jul)
2024-08-01 01:45:00ModerateCNY – Caixin Manufacturing PMI (Jul)
2024-08-01 01:30:00ModerateAUD – Trade Balance (Jun)
2024-07-31 21:30:00ModerateBRL – Interest Rate Decision
2024-07-31 21:00:00ModerateBRL – Interest Rate Decision
2024-07-31 18:30:00HighUSD – FOMC Press Conference
2024-07-31 18:00:00HighUSD – Fed Interest Rate Decision
2024-07-31 18:00:00HighUSD – FOMC Statement
2024-07-31 16:00:00ModerateRUB – Unemployment Rate (Jun)
2024-07-31 16:00:00ModerateRUB – Retail Sales (YoY) (Jun)
2024-07-31 16:00:00ModerateRUB – GDP Monthly (YoY) (Jun)
2024-07-31 14:30:00ModerateUSD – Cushing Crude Oil Inventories
2024-07-31 14:30:00HighUSD – Crude Oil Inventories
2024-07-31 14:30:00HighEIA Petroleum Status Report Distillate Inventories – W/W
2024-07-31 14:30:00HighEIA Petroleum Status Report Gasoline Inventories – W/W
2024-07-31 14:30:00HighEIA Petroleum Status Report Crude Oil Inventories – W/W

Crypto Assets Prices

In the last 24 hours, prices in the cryptocurrency market have shown a mixed trend. Bitcoin’s price has experienced a slight decrease, while Ethereum’s price has also shown a downturn. However, Binance Coin has seen an increase in price, showcasing relative strength in the market. These price fluctuations can be attributed to various factors, including market sentiment, news events, and overall market conditions.

DateCryptocurrencyPricePrice Variation24h Variation24h Variation Difference24h Volatility24h Volatility Difference
2024-08-01 14:22:00Bitcoin64,417.57-3.00%-3.04-3.87%5.112.75%
2024-07-31 14:22:00Bitcoin66,352.00-0.08%0.823.50%2.37-1.34%
2024-07-30 14:22:00Bitcoin66,402.02-3.89%-2.68-4.50%3.710.00%
2024-08-01 14:22:00Ethereum3,172.77-4.78%-4.46-5.16%6.072.45%
2024-07-31 14:22:00Ethereum3,324.27-0.03%0.700.72%3.610.29%
2024-07-30 14:22:00Ethereum3,325.32-0.30%-0.02-2.18%3.33-1.15%
2024-08-01 14:22:00Binance Coin572.00-2.53%-2.67-5.08%5.351.91%
2024-07-31 14:22:00Binance Coin586.502.10%2.414.31%3.44-0.07%
2024-07-30 14:22:00Binance Coin574.20-2.72%-1.90-3.59%3.510.23%

CryptocurrencyΒ Capitalization and Volume

The market capitalizations and volumes of major cryptocurrencies have shown some fluctuations in the last 24 hours. The total market capitalization and volume for Bitcoin have shown slight variations, indicative of stable market conditions. Ethereum’s market capitalization has experienced a decrease, while Binance Coin’s market capitalization has shown relative strength with an upward trend. These dynamics reflect the performance and investor interest in each cryptocurrency.

DateCryptocurrencyCapitalizationCapitalization VariationVolumeVolume Variation
2024-08-01 00:00:00Binance Coin84,043,227,846-1.67%843,920,5154.02%
2024-07-31 00:00:00Binance Coin85,470,855,2201.94%811,283,571-13.38%
2024-07-30 00:00:00Binance Coin83,844,693,286-6.75%936,556,154103.60%
2024-08-01 00:00:00Bitcoin1,275,708,815,522-2.38%31,643,386,0351.67%
2024-07-31 00:00:00Bitcoin1,306,758,338,818-0.82%31,124,249,167-26.51%
2024-07-30 00:00:00Bitcoin1,317,581,413,497-2.15%42,349,276,497149.09%
2024-08-01 00:00:00Ethereum388,335,521,376-1.42%16,058,712,33516.39%
2024-07-31 00:00:00Ethereum393,942,961,781-1.33%13,797,921,737-25.22%
2024-07-30 00:00:00Ethereum399,239,444,6481.45%18,452,148,651136.37%
2024-08-01 00:00:00Tether114,419,785,524-0.01%44,700,696,1495.37%
2024-07-31 00:00:00Tether114,429,758,4030.01%42,421,089,342-26.62%
2024-07-30 00:00:00Tether114,423,843,424-0.01%57,812,247,156115.38%

Cryptocurrency Exchanges Volume and Variation

Exchanges play a vital role in the cryptocurrency market, facilitating the trading of digital assets. In the past 24 hours, Binance has shown significant trading volume, indicating its influence in the market. Other exchanges such as Binance US, Bitfinex, and Coinbase have also shown notable trading activity. These exchanges’ performance reflects investor interest and market dynamics.

DateExchangeVolumeVariation
2024-08-01 00:00:00Binance201,92119.57%
2024-07-31 00:00:00Binance168,866-22.34%
2024-07-30 00:00:00Binance217,449127.98%
2024-08-01 00:00:00Binance US1286.67%
2024-07-31 00:00:00Binance US120-46.19%
2024-07-30 00:00:00Binance US223171.95%
2024-08-01 00:00:00Bitfinex1,6039.05%
2024-07-31 00:00:00Bitfinex1,470-40.89%
2024-07-30 00:00:00Bitfinex2,487344.11%
2024-08-01 00:00:00Bybit67,15712.63%
2024-07-31 00:00:00Bybit59,625-16.37%
2024-07-30 00:00:00Bybit71,30078.28%
2024-08-01 00:00:00Coinbase28,8984.36%
2024-07-31 00:00:00Coinbase27,691-30.14%
2024-07-30 00:00:00Coinbase39,636186.64%
2024-08-01 00:00:00Crypto.com42,1182.62%
2024-07-31 00:00:00Crypto.com41,043-8.28%
2024-07-30 00:00:00Crypto.com44,75092.62%
2024-08-01 00:00:00Gate.io18,95427.69%
2024-07-31 00:00:00Gate.io14,844-23.38%
2024-07-30 00:00:00Gate.io19,37340.69%
2024-08-01 00:00:00Kraken10,40415.02%
2024-07-31 00:00:00Kraken9,045-29.97%
2024-07-30 00:00:00Kraken12,916264.55%
2024-08-01 00:00:00KuCoin11,88314.15%
2024-07-31 00:00:00KuCoin10,410-9.86%
2024-07-30 00:00:00KuCoin11,549103.26%
2024-08-01 00:00:00OKX26,4526.19%
2024-07-31 00:00:00OKX24,910-36.85%
2024-07-30 00:00:00OKX39,448159.13%

Mining – Blockchain Technology

Data related to mining indicates positive developments in the computational mining capacity of major cryptocurrencies. Hashrate for Bitcoin has increased, suggesting improved efficiency and profitability for miners. This signifies sustained interest and participation in the mining process. However, it is important to monitor developments closely, as mining difficulty and other factors can influence mining outcomes.

Item2024-08-012024-07-312024-07-302024-07-292024-07-282024-07-272024-07-26
Difficulty90.67T82.05T82.05T82.05T82.05T82.05T82.05T
Difficulty Variation10.50%0.00%0.00%0.00%0.00%0.00%0.00%
Blocks854.87K854.73K854.58K854.40K854.26K854.10K853.94K
Blocks Variation0.02%0.02%0.02%0.02%0.02%0.02%0.02%
Reward BTC3.133.133.133.133.133.133.13
Reward BTC Variation0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Hash Rate GB640.48B608.62B726.58B600.33B628.15B640.71B664.89B
Hash Rate GB Variation5.23%-16.23%21.03%-4.43%-1.96%-3.64%14.72%

Conclusion

In conclusion, the cryptocurrency market has demonstrated a neutral to trending up trend in the past 24 hours. Positive developments surrounding presales, ETF approvals, and market capitalizations have contributed to overall market strength. However, negative sentiments and criticism by influential figures should not be overlooked. It is crucial for investors to remain cautious and informed, considering various factors that can impact short-term market dynamics.

So What

The current state of the cryptocurrency market highlights the importance of thorough research, risk assessment, and careful decision-making. While positive developments indicate potential market opportunities, negative sentiments and regulatory uncertainties pose risks. Investors should exercise caution and adapt their strategies accordingly to navigate the evolving landscape.

What next?

Looking ahead, it is crucial to monitor key factors such as regulatory developments, market sentiment, and technological advancements. Continued growth in adoption, positive news flow, and ongoing market trends can contribute to the potential future expansion of the cryptocurrency market. Understanding the underlying dynamics and adapting to evolving conditions are imperative for long-term success in the cryptocurrency market.

Disclaimer – Informational Content, Not Investment Advice

Content provided herein is solely for informational purposes and should not be construed as a recommendation, endorsement, or suggestion to engage in any form of investment activity. The information presented in this post is not intended to serve as financial, legal, tax, or investment advice.

About the Author: CryptoTrends Team

With over five years of diving deep into cryptocurrencies and blockchain, we’ve cemented our position as experts in the digital currency realm. Our team has not only contributed to a multitude of pioneering blockchain projects but has also enlightened thousands with our incisive articles CryptoTrends. Always at the cutting edge of crypto trends, we proudly collaborate with CryptoBotStation, ensuring our readers stay one step ahead in this dynamic space.

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