01/10/2023 Crypto Market Analysis & Trend: Low
Based on multiple indicators, we can anticipate a downward trend over the next 8 hours. Market sentiment mimics the sizable negative movement observed in different cryptocurrency exchanges, with significant volume reductions reported in leading platforms like Binance, Bitfinex, and Bybit. For the past dates, Binance’s volume has seen a significant decrease of over 50%. This drop suggests investor hesitation and potentially predicts a minor sell-off in the upcoming hours. At the same time, the Fear and Greed indices indicate a sense of ‘Fear’ among investors, which often corresponds to an anticipated drop in prices. Additionally, data from the ‘Bitcoin Address Indicators’ table signals declining active addresses and address balances, thereby pointing to reduced activity and investment in the market. With regard to cryptocurrency prices, Bitcoin presented no drastic changes, but minor decreases reinforce the lack of market optimism. Overall, this accumulation of conditions suggests a tentative downward trend for the next 8 hours.
What is important
The negative trends in market volumes and the palpable investor fear, coupled with decreasing Bitcoin address activity and struggling cryptocurrency prices, paint a concerning picture for the immediate future of the cryptocurrency market. These factors collectively suggest a short-term decline in the market, highlighting the cyclic nature of crypto investments and the necessity for regular, data-driven reassessment of the market dynamics.
Latest Crypto News – Top 5
- Influential US Crypto Industry Leaders Say SEC Overstepped with Binance Allegations– US crypto industry leaders Paradigm Circle criticize SEC´s overstepping on Binance.
- Bitcoin Ends September With First Quarterly Loss This Year Amid Economic Uncertainties– Bitcoin ends September with first quarterly loss this year amid economic uncertainties.
- Darknet Marketplace Tor2door Vanishes, Allegedly Swindling a ‘Massive Crypto Escrow Balance’– The darknet marketplace Tor2Door has disappeared, allegedly taking a large amount of cryptocurrency from escrow.
- Report: Hacked Nigerian Crypto Exchange Raises Capital for User Reimbursements– A Nigerian crypto exchange that was hacked raises capital for user reimbursements.
- SEC continues bitcoin ETF delays, hitting Fidelity, VanEck & WisdomTree– SEC filing frenzy delaying Bitcoin ETFs from Fidelity, VanEck, and WisdomTree.
Factors Driving the Growth – Market Sentiment
Analysis of keywords reveals a surge in negative terms including ‘sec’, ‘balance’, and ‘hacked’, outnumbering the occurrences of positive keywords in the analyzed period. This implies a dominating negative sentiment in market discussions.
Positive Terms – Sentiment Analysis
| Occurrences | Keyword |
|---|---|
| 1 | blockchain |
| 1 | bridging |
| 1 | bullish |
| 1 | cardano |
| 1 | crypto ceo |
| 1 | cryptocurrencies |
| 1 | cryptocurrency market |
| 1 | digital assets |
| 1 | financial inclusion |
| 1 | gap |
Negative Terms – Sentiment Analysis
| Occurrences | Keyword |
|---|---|
| 3 | bitcoin |
| 3 | sec |
| 2 | balance |
| 2 | binance |
| 2 | crypto |
| 2 | crypto exchange |
| 2 | hacked |
| 2 | launch |
| 2 | september |
| 1 | $28m |
Crypto Fear & Greed Index
All major sources in the ‘Fear and Greed Indicators’ table reported a state of ‘Fear’ in the market, signalling potential investor apprehensiveness and an anticipation of declining prices.
| Date | Value | Variation | Source |
|---|---|---|---|
| 30/09/2023 01:00:00 | 47pt | -1pt | Alternative.me |
| 30/09/2023 00:00:00 | 48pt | 0pt | Alternative.me |
| 29/09/2023 01:00:00 | 48pt | 2pt | Alternative.me |
| 29/09/2023 00:00:00 | 46pt | 0pt | Alternative.me |
| 01/10/2023 01:00:00 | 48pt | 1pt | Alternative.me |
| 01/10/2023 00:00:00 | 47pt | 0pt | Alternative.me |
| 30/09/2023 07:00:00 | 47pt | -1pt | BitDegree.org |
| 30/09/2023 00:00:00 | 48pt | 0pt | BitDegree.org |
| 29/09/2023 05:00:00 | 48pt | 2pt | BitDegree.org |
| 29/09/2023 00:00:00 | 46pt | 0pt | BitDegree.org |
| 01/10/2023 06:00:00 | 48pt | 1pt | BitDegree.org |
| 01/10/2023 00:00:00 | 47pt | 0pt | BitDegree.org |
| 30/09/2023 08:00:00 | 66pt | 1pt | BtcTools.io |
| 30/09/2023 01:00:00 | 65pt | -2pt | BtcTools.io |
| 30/09/2023 00:00:00 | 67pt | 0pt | BtcTools.io |
| 29/09/2023 16:00:00 | 67pt | -4pt | BtcTools.io |
| 29/09/2023 00:00:00 | 71pt | 3pt | BtcTools.io |
| 28/09/2023 16:00:00 | 68pt | 0pt | BtcTools.io |
| 01/10/2023 08:00:00 | 65pt | 1pt | BtcTools.io |
| 01/10/2023 00:00:00 | 64pt | -2pt | BtcTools.io |
| 30/09/2023 00:00:00 | 47pt | -1pt | Coinstats.app |
| 29/09/2023 00:00:00 | 48pt | 0pt | Coinstats.app |
| 01/10/2023 00:00:00 | 48pt | 1pt | Coinstats.app |
| 30/09/2023 00:00:00 | 47pt | -1pt | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 48pt | 0pt | LookIntoBitcoin.com |
| 01/10/2023 00:00:00 | 48pt | 1pt | LookIntoBitcoin.com |
| 30/09/2023 01:00:00 | 47pt | -1pt | Milkroad.com |
| 30/09/2023 00:00:00 | 48pt | 0pt | Milkroad.com |
| 29/09/2023 01:00:00 | 48pt | 2pt | Milkroad.com |
| 29/09/2023 00:00:00 | 46pt | 0pt | Milkroad.com |
| 01/10/2023 01:00:00 | 48pt | 1pt | Milkroad.com |
| 01/10/2023 00:00:00 | 47pt | 0pt | Milkroad.com |
Bitcoin: Active Addresses
There is a continuous decrease in the number of active Bitcoin addresses, along with decreasing addresses holding more than 0.01, 0.1, and 1 Bitcoin, indicating reduced investment and activity in Bitcoin.
| Date | Value | Variation | Address | Source |
|---|---|---|---|---|
| 30/09/2023 00:00:00 | 1,054,314 | -0.97% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 1,064,536 | 0.96% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 1,054,331 | -0.61% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 27/09/2023 00:00:00 | 1,060,813 | 0.20% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 30/09/2023 00:00:00 | 12,372,275 | -0.01% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 12,373,899 | -0.03% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 12,377,437 | -0.11% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 27/09/2023 00:00:00 | 12,390,549 | -0.02% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 30/09/2023 00:00:00 | 4,490,827 | -0.01% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 4,491,346 | 0.01% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 4,491,084 | -0.06% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 27/09/2023 00:00:00 | 4,493,939 | 0.02% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 30/09/2023 00:00:00 | 1,021,328 | 0.00% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 1,021,367 | -0.01% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 1,021,436 | -0.01% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 27/09/2023 00:00:00 | 1,021,525 | 0.00% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 30/09/2023 00:00:00 | 157,342 | 0.01% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 157,320 | 0.00% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 157,313 | 0.02% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 27/09/2023 00:00:00 | 157,284 | -0.08% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 30/09/2023 00:00:00 | 15,820 | 0.01% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 15,818 | 0.03% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 15,814 | 0.03% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 27/09/2023 00:00:00 | 15,809 | 0.01% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 30/09/2023 00:00:00 | 2,004 | 0.05% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 29/09/2023 00:00:00 | 2,003 | -0.15% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 28/09/2023 00:00:00 | 2,006 | 0.10% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 27/09/2023 00:00:00 | 2,004 | 0.00% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
Economic events to move the cryptocurrency market
A few moderate-impact economic events such as the ‘Tankan Large Non-Manufacturers Index (Q3)’ have occurred, potentially influencing the market trends to some extent.
| Date | Impact | Event |
|---|---|---|
| 01/10/2023 23:50:00 | Moderate | Tankan Large Non-Manufacturers Index (Q3) |
| 01/10/2023 23:50:00 | Moderate | Tankan Large Manufacturers Index (Q3) |
| 01/10/2023 23:50:00 | Moderate | Tankan Big Manufacturing Outlook Index (Q3) |
| 01/10/2023 23:50:00 | Moderate | Tankan All Big Industry CAPEX (Q3) |
| 01/10/2023 01:45:00 | Moderate | Caixin Services PMI (Sep) |
| 01/10/2023 01:45:00 | Moderate | Caixin Manufacturing PMI (Sep) |
| 30/09/2023 14:00:00 | Moderate | BoE MPC Member Cunliffe Speaks |
Cryptocurrency Prices
Cryptocurrencies including Bitcoin, Ethereum, and Binance Coin observed very minor price variations and also very small 24h variations on 01/10/2023, mirroring the overall sluggishness in the market activity.
| Date | Cryptocurrency | Price | Price Variation | 24h Variation | 24h Variation Difference | 24h Volatility | 24h Volatility Difference |
|---|---|---|---|---|---|---|---|
| 01/10/2023 00:00:00 | Bitcoin | 26,962.56 | 0.21% | 0.10 | 0.69% | 0.78 | -1.40% |
| 30/09/2023 00:00:00 | Bitcoin | 26,906.96 | -0.43% | -0.59 | -2.76% | 2.17 | -1.49% |
| 29/09/2023 00:00:00 | Bitcoin | 27,021.40 | 0.00% | 2.17 | 0.00% | 3.67 | 0.00% |
| 01/10/2023 00:00:00 | Ethereum | 1,670.89 | 0.21% | -0.01 | -0.84% | 1.69 | -0.72% |
| 30/09/2023 00:00:00 | Ethereum | 1,667.45 | 0.87% | 0.83 | -2.26% | 2.40 | -1.95% |
| 29/09/2023 00:00:00 | Ethereum | 1,653.00 | 0.00% | 3.09 | 0.00% | 4.36 | 0.00% |
| 01/10/2023 00:00:00 | Binance Coin | 214.60 | -0.28% | -0.51 | -0.56% | 1.12 | -0.42% |
| 30/09/2023 00:00:00 | Binance Coin | 215.20 | 0.09% | 0.05 | -1.27% | 1.54 | -1.06% |
| 29/09/2023 00:00:00 | Binance Coin | 215.00 | 0.00% | 1.32 | 0.00% | 2.60 | 0.00% |
Cryptocurrency Capitalization and Volume
Despite minor variations in capitalization and volume, nominal values for major cryptocurrencies, including Bitcoin and Ethereum, remained significantly high, underlining the enormous market scale despite the anticipated dip.
| Date | Cryptocurrency | Capitalization | Capitalization Variation | Volume | Volume Variation |
|---|---|---|---|---|---|
| 01/10/2023 00:00:00 | Binance Coin | 33,034,392,756 | -0.15% | 188,754,346 | -88.74% |
| 30/09/2023 00:00:00 | Binance Coin | 33,082,817,986 | -0.03% | 356,261,551 | -8.80% |
| 29/09/2023 00:00:00 | Binance Coin | 33,092,013,570 | 1.47% | 387,611,228 | -95.53% |
| 01/10/2023 00:00:00 | Bitcoin | 525,936,342,995 | 0.29% | 6,232,496,381 | -92.59% |
| 30/09/2023 00:00:00 | Bitcoin | 524,413,138,992 | -0.48% | 12,003,362,757 | -40.26% |
| 29/09/2023 00:00:00 | Bitcoin | 526,917,684,460 | 2.51% | 16,836,225,337 | 30.05% |
| 01/10/2023 00:00:00 | Ethereum | 200,867,042,113 | 0.14% | 5,392,381,676 | -107.98% |
| 30/09/2023 00:00:00 | Ethereum | 200,591,326,138 | 0.94% | 11,214,827,247 | -18.25% |
| 29/09/2023 00:00:00 | Ethereum | 198,707,180,238 | 3.29% | 13,261,383,294 | 55.94% |
| 01/10/2023 00:00:00 | Tether | 83,258,001,885 | -0.01% | 10,632,113,690 | -27.95% |
| 30/09/2023 00:00:00 | Tether | 83,267,971,094 | 0.00% | 13,603,667,615 | -73.88% |
| 29/09/2023 00:00:00 | Tether | 83,267,423,242 | 0.09% | 23,653,803,727 | 49.37% |
Cryptocurrency Exchanges Volume and Variation
Major exchanges are experiencing a significant drop in their volumes, with Binance recording a decrease of over 53%, suggesting a general lull in trading activity.
| Date | Exchange | Volume | Variation |
|---|---|---|---|
| 01/10/2023 00:00:00 | Binance | 118,523 | -53.14% |
| 30/09/2023 00:00:00 | Binance | 181,507 | -21.98% |
| 29/09/2023 00:00:00 | Binance | 221,396 | 13.16% |
| 01/10/2023 00:00:00 | Binance US | 180 | -72.95% |
| 30/09/2023 00:00:00 | Binance US | 311 | -32.64% |
| 29/09/2023 00:00:00 | Binance US | 413 | 14.45% |
| 01/10/2023 00:00:00 | Bitfinex | 1,252 | -150.33% |
| 30/09/2023 00:00:00 | Bitfinex | 3,134 | 14.23% |
| 29/09/2023 00:00:00 | Bitfinex | 2,688 | -34.55% |
| 01/10/2023 00:00:00 | Bybit | 13,254 | -186.70% |
| 30/09/2023 00:00:00 | Bybit | 37,998 | -12.17% |
| 29/09/2023 00:00:00 | Bybit | 42,620 | 11.86% |
| 01/10/2023 00:00:00 | Coinbase | 15,425 | -103.67% |
| 30/09/2023 00:00:00 | Coinbase | 31,417 | -38.58% |
| 29/09/2023 00:00:00 | Coinbase | 43,539 | 22.58% |
| 01/10/2023 00:00:00 | Crypto.com | 6,374 | -104.94% |
| 30/09/2023 00:00:00 | Crypto.com | 13,062 | 1.26% |
| 29/09/2023 00:00:00 | Crypto.com | 12,898 | 25.36% |
| 01/10/2023 00:00:00 | Gate.io | 12,804 | -46.11% |
| 30/09/2023 00:00:00 | Gate.io | 18,708 | -21.17% |
| 29/09/2023 00:00:00 | Gate.io | 22,668 | 11.76% |
| 01/10/2023 00:00:00 | Kraken | 5,797 | -224.49% |
| 30/09/2023 00:00:00 | Kraken | 18,810 | -3.55% |
| 29/09/2023 00:00:00 | Kraken | 19,477 | 1.89% |
| 01/10/2023 00:00:00 | KuCoin | 6,737 | -41.54% |
| 30/09/2023 00:00:00 | KuCoin | 9,536 | -6.57% |
| 29/09/2023 00:00:00 | KuCoin | 10,162 | 4.95% |
| 01/10/2023 00:00:00 | OKX | 15,407 | -91.36% |
| 30/09/2023 00:00:00 | OKX | 29,482 | -21.27% |
| 29/09/2023 00:00:00 | OKX | 35,753 | 15.74% |
Mining – Blockchain Technology
The mining difficulty remained consistent, blocks mined showed an increase, and Reward BTC was steady, but there was a severe decline in the hash rate. The lower hash rate could indicate lesser computational power being used to mine bitcoins and can be considered indicative of the predicted market slowdown.
| Item | 01/10/2023 | 30/09/2023 | 29/09/2023 | 28/09/2023 | 27/09/2023 | 26/09/2023 | 25/09/2023 |
|---|---|---|---|---|---|---|---|
| Difficulty | 57.12T | 57.12T | 57.12T | 57.12T | 57.12T | 57.12T | 57.12T |
| Difficulty Variation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Blocks | 810.08K | 809.94K | 809.79K | 809.65K | 809.49K | 809.36K | 809.21K |
| Blocks Variation | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Reward BTC | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 |
| Reward BTC Variation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Hash Rate GB | 389.00B | 417.40B | 411.72B | 445.79B | 380.49B | 403.20B | 411.72B |
| Hash Rate GB Variation | -7.30% | 1.36% | -8.28% | 14.65% | -5.97% | -2.11% | -7.59% |
Conclusion
In conclusion, numerous factors contribute to a tentative low to neutral trend outlook for the cryptocurrency market over the next eight hours. Key indicators such as a decline in exchange volumes, an overarching sense of investor fear, decreasing Bitcoin address activity, and minor reductions in cryptocurrency values subtly point to a likely drop in market activity. Despite these suggestive indicators, the fluid nature of cryptocurrency markets necessitates continuous monitoring of market indicators and regular reassessments of the market sentiment and trend outlook.
So What
The possible downturn suggests caution for both existing investors who may want to delay selling their holdings due to potentially lower returns, and prospective investors who could consider waiting for a more favourable market condition for entry. The immediate future appears to reflect a temporary cooling down period in cryptocurrency trading activities.
What next?
The cryptocurrency market, with its innate volatility, has weathered multiple ebbs and flows, and the possible anticipated downturn is likely part of this ongoing trend cycle. The critical takeaway is to remain vigilant, monitor market indicators and sentiments, and adapt investment strategies to navigate through the dynamic cryptocurrency waters in these uncertain times.
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.
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.
