πŸ“ƒ Aug 07, 2024 – USA Cryptocurrency Market 8h Daily Trend Forecast

Crypto Market Analysis & Trend: Trending Up

The cryptocurrency market is currently experiencing an upward trend, supported by several key factors. Firstly, Bitcoin and Ethereum ETFs are gaining traction, with record volumes being traded, indicating increased investor interest and confidence in these cryptocurrencies. Additionally, positive news surrounding Dogecoin and the emergence of potential rivals are bolstering optimism in the market.

Furthermore, major players such as BlackRock are actively entering the market, launching Ethereum ETFs and exploring options trading. This indicates growing institutional adoption and a positive long-term outlook for cryptocurrencies.

However, it is crucial to note that the market is not without challenges. Some concerns have been raised regarding Ethereum’s focus, as highlighted by Peter Szilagyi. Additionally, regulatory issues, such as the recent fine imposed on Binance for tax compliance in India, highlight the importance of ensuring compliance within the industry.

Taking all these factors into account, the upward trend in the cryptocurrency market is evidence of growing confidence and interest from both retail and institutional investors. The market is poised for further growth and development in the coming hours.

What is important

The current state of the cryptocurrency market is characterized by a trending upward movement, driven by various factors and events. Key points to consider include:

1. Increasing institutional adoption: The launch of Bitcoin and Ethereum ETFs, along with BlackRock’s entry into the market, indicates growing confidence from institutional investors.

2. Positive sentiment towards Dogecoin: The emergence of Dogecoin rivals and predictions of surpassing Dogecoin profits in 2024 contribute to an optimistic outlook.

3. Regulatory compliance: The recent fine imposed on Binance highlights the importance of regulatory compliance within the cryptocurrency industry.

4. Technical indicators: The market is experiencing a surge in trading volumes and a rebound in prices for Bitcoin and Ethereum, accompanied by increased market capitalizations and volumes.

5. Challenges to address: Concerns have been raised regarding Ethereum’s focus and the need to address potential risks and scams associated with cryptocurrencies.

Overall, the current state of the market suggests a positive outlook, with growing institutional participation and increasing investor confidence.

Top 5 – Latest Headlines & Cryptocurrency News

  1. Bitcoin and Ethereum ETFs May Reduce Market Volatility, Providers Say– Bitcoin and Ethereum ETFs may reduce market volatility, providers say.
  2. Bitcoin, Ethereum ETFs see record volumes amid market recovery– Bitcoin and Ethereum ETFs are experiencing record volumes during the market recovery.
  3. Dogecoin (DOGE):New DOGE Rival Predicted To Surpass Dogecoin (DOGE) Profits In 2024– DogeNew, a predicted rival to Dogecoin, is expected to surpass Dogecoin profits in 2024.
  4. HereΒ΄s Why You Will Get Better ROI With Mpeppe (MPEPE) Then Dogecoin– Mpeppe Mpepe offers better ROI than Dogecoin in the cryptocurrency market.
  5. Why PΓ©ter SzilΓ‘gyi Thinks Ethereum is Losing the Plot?– Peter Szilagyi believes Ethereum is losing its focus in the cryptocurrency market.

Factors DrivingΒ the Growth – Market Sentiment

Positive sentiment is prevalent in the cryptocurrency market, as indicated by the most mentioned positive keywords in the news. Bitcoin and Ethereum remain the top mentioned cryptocurrencies, reflecting ongoing interest and market dominance. Additionally, Dogecoin attracts attention, with predictions of surpassing its profits by a potential rival, Dogenew. BlackRock’s involvement in launching Ethereum ETFs further contributes to positive sentiment. However, it is important to note the presence of negative sentiment, with concerns raised about Ethereum losing focus and Bitcoin-related scams mentioned as negative keywords. Overall, positive sentiment prevails, driven by key developments and indicators in the market.

Positive Terms – Sentiment Analysis

OccurrencesKeyword
28bitcoin
16ethereum
11cryptocurrency market
11dogecoin
6blackrock
6solana
5surge
42024
4all-time high
4binance

Negative Terms – Sentiment Analysis

OccurrencesKeyword
15bitcoin
5ethereum
3binance
3cryptocurrency market
3nexera
3rebound
2$2.1 million
2attacker
2bitcoin hodlers
2bitcoin scams

Crypto Investor Fear & Greed Index

The Fear and Greed Indicators table provides insights into the overall sentiment in the cryptocurrency market. Currently, the indicators suggest a state of greed, with values above 50 across various sources such as Alternative.me, Binance.com, BitDegree.org, and Coinstats.app. This indicates an overall optimistic sentiment among market participants, with a preference towards riskier investment opportunities. Notably, the Fear and Greed Indicator for BtcTools.io demonstrates a significant variation, ranging from extreme fear to extreme greed over the analyzed period. While extreme greed can signify a bullish market sentiment, it is essential to consider market fluctuations and potential risks associated with increased greed.

DateValueVariationSource
2024-08-07 00:00:0029pt12ptAlternative.me
2024-08-06 00:00:0017pt-9ptAlternative.me
2024-08-05 00:00:0026pt-8ptAlternative.me
2024-08-05 00:00:0034pt0ptAlternative.me
2024-08-07 00:00:0029pt12ptBinance.com
2024-08-06 00:00:0017pt-9ptBinance.com
2024-08-05 00:00:0026pt-8ptBinance.com
2024-08-05 00:00:0034pt0ptBinance.com
2024-08-07 00:00:0029pt12ptBitDegree.org
2024-08-06 00:00:0017pt-17ptBitDegree.org
2024-08-05 00:00:0034pt0ptBitDegree.org
2024-08-07 08:00:0035pt3ptBtcTools.io
2024-08-07 00:00:0032pt0ptBtcTools.io
2024-08-06 16:00:0032pt2ptBtcTools.io
2024-08-06 08:00:0030pt2ptBtcTools.io
2024-08-06 00:00:0028pt-3ptBtcTools.io
2024-08-05 16:00:0031pt2ptBtcTools.io
2024-08-05 08:00:0029pt-21ptBtcTools.io
2024-08-05 00:00:0050pt-9ptBtcTools.io
2024-08-04 16:00:0059pt0ptBtcTools.io
2024-08-07 00:00:0029pt12ptCoinstats.app
2024-08-06 00:00:0017pt-9ptCoinstats.app
2024-08-05 00:00:0026pt0ptCoinstats.app

Bitcoin: Active Addresses

The Bitcoin Address Indicators table provides useful insights into the activity and balance distribution of Bitcoin addresses. The data highlights the total number of addresses, variations in addresses with different balance thresholds, and active addresses. Notably, the number of active addresses tends to fluctuate, indicating varying levels of user engagement. Additionally, the dataset reveals a reduction in zero balance addresses and an increase in addresses with different balance thresholds, suggesting ongoing transactional activity within the Bitcoin network. These indicators offer valuable information about the level of adoption and usage of Bitcoin.

DateAddressesVariationIndicatorSource
2024-08-07 14:00:001,313,085,1460.00%Total Addressesbitaps.com
2024-08-07 14:00:001,260,844,8500.00%Zero Balance Addressesbitaps.com
2024-08-07 14:00:00694,205-3.18%Bitcoin Active Addressesbtc.com
2024-08-07 14:00:00540,5300.00%Addresses with over 0bitaps.com
2024-08-07 14:00:00219,3820.00%Addresses with over 0.0000001bitaps.com
2024-08-07 14:00:003,641,7740.00%Addresses with over 0.000001bitaps.com
2024-08-07 14:00:0010,523,8110.00%Addresses with over 0.00001bitaps.com
2024-08-07 14:00:0013,104,8740.01%Addresses with over 0.0001bitaps.com
2024-08-07 14:00:0011,600,2960.01%Addresses with over 0.001bitaps.com
2024-08-07 14:00:008,028,7600.01%Addresses with over 0.01bitaps.com
2024-08-07 14:00:003,568,6740.00%Addresses with over 0.1bitaps.com
2024-08-07 14:00:00858,8120.00%Addresses with over 1bitaps.com
2024-08-07 14:00:00137,3720.01%Addresses with over 10bitaps.com
2024-08-07 14:00:0013,9310.01%Addresses with over 100bitaps.com
2024-08-07 14:00:001,9760.00%Addresses with over 1,000bitaps.com
2024-08-07 14:00:001000.00%Addresses with over 10,000bitaps.com
2024-08-07 14:00:0040.00%Addresses with over 100,000bitaps.com

Economic events to move the cryptocurrency market

The Economic Events table showcases significant events that impact the global financial market. Highlights include jobless claims, trade balance data, current account reports, and central bank speeches. These events provide insights into the overall economic health and trends that can influence the cryptocurrency market. For instance, jobless claims data can reflect the strength of the labor market, while trade balance reports impact currency exchange rates. Additionally, central bank speeches offer insights into monetary policy decisions and economic outlooks. Observing these economic events helps cryptocurrency market participants understand the broader financial landscape that can potentially impact cryptocurrency prices and market sentiment.

DateImpactEvent
2024-08-08 14:30:00ModerateEIA Natural Gas Report Week over Week
2024-08-08 12:30:00HighJobless Claims 4-Week Moving Average
2024-08-08 12:30:00HighJobless Claims Initial Claims – Level
2024-08-08 12:30:00HighJobless Claims Initial Claims – Change
2024-08-07 23:50:00ModerateJPY – Current Account n.s.a. (Jun)
2024-08-07 23:50:00ModerateJPY – Adjusted Current Account (Jun)
2024-08-07 19:30:00ModerateEUR – ECB McCaul Speaks
2024-08-07 19:00:00ModerateUSD – Consumer Credit (Jun)
2024-08-07 17:00:00HighUSD – 10-Year Note Auction
2024-08-07 14:30:00ModerateUSD – Cushing Crude Oil Inventories
2024-08-07 14:30:00HighUSD – Crude Oil Inventories
2024-08-07 14:30:00HighEIA Petroleum Status Report Gasoline Inventories – W/W
2024-08-07 14:30:00HighEIA Petroleum Status Report Distillate Inventories – W/W
2024-08-07 14:30:00HighEIA Petroleum Status Report Crude Oil Inventories – W/W
2024-08-07 14:00:00ModerateCAD – Ivey PMI (Jul)
2024-08-07 08:30:00ModerateGBP – Mortgage Rate (GBP) (Jul)
2024-08-07 06:00:00ModerateEUR – German Trade Balance (Jun)
2024-08-07 06:00:00ModerateEUR – German Industrial Production (MoM) (Jun)
2024-08-07 06:00:00ModerateGBP – Halifax House Price Index (MoM) (Jul)
2024-08-07 06:00:00ModerateGBP – Halifax House Price Index (YoY) (Jul)
2024-08-07 03:16:00ModerateCNY – Trade Balance (USD) (Jul)
2024-08-07 03:16:00ModerateCNY – Imports (YoY) (Jul)
2024-08-07 03:16:00ModerateCNY – Exports (YoY) (Jul)
2024-08-07 03:12:00ModerateCNY – Trade Balance (USD) (Jul)
2024-08-07 03:11:00ModerateCNY – Imports (YoY) (Jul)
2024-08-07 03:11:00ModerateCNY – Exports (YoY) (Jul)
2024-08-07 03:00:00ModerateCNY – Trade Balance (USD) (Jul)
2024-08-07 03:00:00ModerateCNY – Imports (YoY) (Jul)
2024-08-07 03:00:00ModerateCNY – Exports (YoY) (Jul)
2024-08-06 20:30:00ModerateUSD – API Weekly Crude Oil Stock
2024-08-06 17:00:00ModerateUSD – 3-Year Note Auction
2024-08-06 16:00:00ModerateUSD – EIA Short-Term Energy Outlook
2024-08-06 15:30:00ModerateUSD – Atlanta Fed GDPNow (Q3)
2024-08-06 15:00:00ModerateUSD – Atlanta Fed GDPNow (Q3)
2024-08-06 14:30:00ModerateUSD – Atlanta Fed GDPNow (Q3)

Crypto Assets Prices

Analyzing the Prices table, it is evident that Bitcoin and Ethereum have experienced price fluctuations over the analyzed period. While Bitcoin has shown a positive trend, with a price variation of 1.32%, Ethereum has experienced a slight decline with a variation of -2.54%. These price movements can be attributed to various factors such as market volatility, trading volumes, and investor sentiment. However, it is important to note that both cryptocurrencies have maintained relatively stable 24-hour variations, indicating underlying market stability and ongoing interest from investors.

DateCryptocurrencyPricePrice Variation24h Variation24h Variation Difference24h Volatility24h Volatility Difference
2024-08-07 14:08:00Bitcoin56,660.011.32%0.94-2.48%3.92-3.16%
2024-08-06 14:08:00Bitcoin55,912.494.43%3.4213.75%7.08-14.55%
2024-08-05 14:08:00Bitcoin53,436.02-13.83%-10.32-8.44%21.6317.89%
2024-08-07 14:08:00Ethereum2,438.00-2.54%-3.40-7.41%5.19-2.57%
2024-08-06 14:08:00Ethereum2,499.964.93%4.0121.03%7.75-28.18%
2024-08-05 14:08:00Ethereum2,376.82-22.44%-17.02-14.03%35.9330.81%
2024-08-07 14:08:00Binance Coin485.600.45%-0.21-5.98%4.10-5.14%
2024-08-06 14:08:00Binance Coin483.407.55%5.7817.89%9.24-18.66%
2024-08-05 14:08:00Binance Coin446.90-17.21%-12.11-8.65%27.9023.56%

CryptocurrencyΒ Capitalization and Volume

The Market Capitalizations and Volumes table provides insights into the total market capitalization and trading volumes of major cryptocurrencies. Bitcoin has shown a positive trend in terms of capitalization, with a 3.77% variation, indicating increased market value. Ethereum, on the other hand, experienced a slight decline with a variation of -2.54%. Despite these fluctuations, both cryptocurrencies have maintained relatively stable trading volumes, suggesting sustained market activity and liquidity. These metrics demonstrate the importance and overall strength of Bitcoin and Ethereum within the broader cryptocurrency market.

DateCryptocurrencyCapitalizationCapitalization VariationVolumeVolume Variation
2024-08-07 00:00:00Binance Coin70,607,071,7554.27%1,224,163,373-73.08%
2024-08-06 00:00:00Binance Coin67,714,424,663-6.50%4,547,822,936275.55%
2024-08-05 00:00:00Binance Coin72,420,504,528-6.28%1,210,973,35331.75%
2024-08-07 00:00:00Bitcoin1,105,750,411,1963.77%52,092,675,795-56.62%
2024-08-06 00:00:00Bitcoin1,065,565,974,781-7.08%120,083,278,770256.23%
2024-08-05 00:00:00Bitcoin1,146,705,869,609-4.28%33,709,486,0532.64%
2024-08-07 00:00:00Ethereum295,817,410,9321.40%27,511,493,733-60.86%
2024-08-06 00:00:00Ethereum291,739,921,996-9.76%70,295,057,703219.43%
2024-08-05 00:00:00Ethereum323,302,919,781-7.47%22,006,406,79724.17%
2024-08-07 00:00:00Tether114,552,001,8440.00%55,688,178,435-68.13%
2024-08-06 00:00:00Tether114,555,657,6670.00%174,722,400,452229.93%
2024-08-05 00:00:00Tether114,559,437,3740.06%52,956,997,57723.74%

Cryptocurrency Exchanges Volume and Variation

Analyzing the Exchanges table reveals the performance of major exchanges in terms of trading volumes. Binance continues to lead with the highest trading volumes, followed by Bitfinex, Bybit, Coinbase, and others. Despite market fluctuations, these exchanges have seen both positive and negative variations in trading volumes. It is important to consider the impact of these fluctuations on market liquidity and investor sentiment. The presence of significant trading volumes across different exchanges indicates ongoing interest and participation in the cryptocurrency market.

DateExchangeVolumeVariation
2024-08-07 00:00:00Binance401,408-57.80%
2024-08-06 00:00:00Binance951,297257.95%
2024-08-05 00:00:00Binance265,76412.66%
2024-08-07 00:00:00Binance US205-66.00%
2024-08-06 00:00:00Binance US603248.55%
2024-08-05 00:00:00Binance US17319.31%
2024-08-07 00:00:00Bitfinex3,227-78.47%
2024-08-06 00:00:00Bitfinex14,986410.60%
2024-08-05 00:00:00Bitfinex2,93540.63%
2024-08-07 00:00:00Bybit115,533-62.62%
2024-08-06 00:00:00Bybit309,080247.74%
2024-08-05 00:00:00Bybit88,8827.80%
2024-08-07 00:00:00Coinbase59,360-63.73%
2024-08-06 00:00:00Coinbase163,649368.51%
2024-08-05 00:00:00Coinbase34,93027.99%
2024-08-07 00:00:00Crypto.com70,107-24.03%
2024-08-06 00:00:00Crypto.com92,27896.46%
2024-08-05 00:00:00Crypto.com46,9701.12%
2024-08-07 00:00:00Gate.io40,725-64.47%
2024-08-06 00:00:00Gate.io114,626336.82%
2024-08-05 00:00:00Gate.io26,24117.37%
2024-08-07 00:00:00Kraken21,403-60.80%
2024-08-06 00:00:00Kraken54,596388.47%
2024-08-05 00:00:00Kraken11,17717.69%
2024-08-07 00:00:00KuCoin16,246-61.07%
2024-08-06 00:00:00KuCoin41,727233.42%
2024-08-05 00:00:00KuCoin12,5158.80%
2024-08-07 00:00:00OKX57,486-71.67%
2024-08-06 00:00:00OKX202,900416.18%
2024-08-05 00:00:00OKX39,30821.58%

Mining – Blockchain Technology

The Mining table provides insights into the mining difficulty, mined blocks, block rewards, and hash rate representing the computational mining capacity. Mining difficulty has remained relatively stable, suggesting a consistent level of competition in the mining ecosystem. The number of mined blocks has seen minor variations, reflecting the continuous process of block creation in various cryptocurrencies. Block rewards have remained consistent, which ensures miners’ incentives for their computational efforts. Hash rates, representing mining capacity, have shown slight fluctuations, reflecting changes in computational power dedicated to mining activities. These indicators help evaluate the overall health and efficiency of the cryptocurrency mining sector.

Item2024-08-072024-08-062024-08-052024-08-042024-08-032024-08-022024-08-01
Difficulty90.67T90.67T90.67T90.67T90.67T90.67T90.67T
Difficulty Variation0.00%0.00%0.00%0.00%0.00%0.00%10.50%
Blocks855.71K855.57K855.42K855.27K855.14K855.01K854.87K
Blocks Variation0.02%0.02%0.02%0.02%0.01%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 GB631.13B699.12B644.72B613.24B559.50B631.13B640.48B
Hash Rate GB Variation-9.72%8.44%5.13%9.61%-11.35%-1.46%5.23%

Conclusion

In conclusion, the cryptocurrency market reflects an upward trend, supported by positive developments such as the launch of Bitcoin and Ethereum ETFs, increasing institutional adoption, and growing market capitalizations. However, challenges exist, including concerns about Ethereum’s focus and the need for regulatory compliance. The presence of positive keywords and the Fear and Greed Indicators suggest overall market optimism, while economic events and price fluctuations contribute to market dynamics. Major exchanges continue to play a vital role in facilitating trading volumes, ensuring liquidity in the market. Additionally, mining indicators demonstrate the consistent and competitive nature of the mining sector. Looking ahead, a continued focus on market developments, institutional participation, and regulatory frameworks will shape the future of the cryptocurrency market.

So What

The current state of the cryptocurrency market presents opportunities and considerations for various stakeholders. With increasing institutional adoption and positive market sentiment, it is crucial for investors to stay updated on market developments and perform thorough research before making investment decisions. Additionally, the presence of regulatory scrutiny underlines the importance of transparency and compliance within the industry. Long-term success in the cryptocurrency market remains contingent on sustained innovation, regulatory clarity, and market resilience.

What next?

Looking ahead, the cryptocurrency market is expected to continue its upward trajectory in the near future. Ongoing developments, such as the launch of Ethereum ETFs and exploration of options trading, indicate growing institutional participation and market maturation. Economic events, market volatility, and ongoing technological advancements will continue to influence cryptocurrency prices and shape market sentiment. It is essential for market participants to closely monitor these factors and adapt to changing market conditions. As the market evolves, opportunities and challenges will arise, requiring continuous analysis and adaptation to navigate the dynamic cryptocurrency landscape.

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.

Get Your Daily Crypto Trends

Subscribe to CryptoTrends.news and recieve notifications on new crypto market posts.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.