10/10/2023 Crypto Market Analysis & Trend: Neutral
The cryptocurrency market shows a neutral trend going into the next eight hours. Data sets reveal remarkable consistency in the Fear and Greed Indicators among different sources with a slight leaning towards greed. This indicates a moderate risk-taking appetite among traders.
Mining indicators show stability with negligible daily variations in difficulty, rewards, and block counts. Some cryptocurrencies such as Binance and Bitcoin show minor daily capitalization drops accompanied by increases in trading volumes. Such behavior often suggests uncertainty among traders as they seem to be actively repositioning their portfolios. This conjecture is further supported by the substantial increase in Bitcoin and Ethereum address activities.
Any significant changes in these primary cryptocurrencies often precede broader market shifts as they constitute a significant portion of the market capitalization. The slight negative skew in terms of daily news sentiment also suggests cautious trading sentiment.
What is important
The market indicators collectively suggest strong trader engagement with the market, but also a level of uncertainty. As traders juggle between assets, this could lead to significant volatility in the near term. Bitcoin and Ethereum address activities are particularly important in this respect.
Keeping an eye on major news, especially those with negative sentiments, can help to anticipate these market trajectories. Finally, the Fear and Greed Indicators continue to be crucial as they reflect the broader market sentiment.
Latest Crypto News – Top 5
- Crypto Firms at Risk of Shut Down as Venture Funding Plunges 63%– A significant decrease in funding for crypto firms indicates a challenging financial environment. This could force several firms to shut down, marking a pivotal moment in the market.
- Upbit Faced Nearly 160,000 Hacking Attempts in First Half of 2023– The large number of hacking attempts against Upbit, a renowned crypto exchange, underscores the cybersecurity threats faced by the crypto ecosystem.
- Fidelity Labels Bitcoin Most Secure and Decentralized Crypto– Fidelity affirmed Bitcoin’s position as the most secure and decentralized digital asset, bolstering the long-term trust and confidence in the cryptocurrency market.
- Bitmain Pauses Employee Salary Payments: Report– Bitmain, a major player in the crypto mining industry, has reportedly paused employee salary payments, highlighting the financial troubles facing the sector.
- SEC Says Crypto Assets Have No ´Inherent Value´ in New Court Motion Against Coinbase– In a new blow to the coin marketplaces, SEC announced via a court motion that crypto assets have no inherent value. This could largely impact investor sentiment and spur regulatory dialogue.
Factors Driving the Growth – Market Sentiment
While the positive keywords mainly revolve around buzzwords like ‘cryptocurrency market,’ ‘bitcoin,’ and influencers like ‘Elon Musk,’ the negative keywords display a broader concern for the market overall, with Ethereum and price-related matters being the leading concerns among the cryptocurrency community.
Positive Terms – Sentiment Analysis
| Occurrences | Keyword |
|---|---|
| 9 | cryptocurrency market |
| 6 | bitcoin |
| 4 | btc |
| 4 | elon musk |
| 3 | binance |
| 3 | solana |
| 2 | analyst |
| 2 | coinshares |
| 2 | copy trading |
| 2 | crypto analyst |
Negative Terms – Sentiment Analysis
| Occurrences | Keyword |
|---|---|
| 10 | crypto |
| 9 | bitcoin |
| 7 | cryptocurrency market |
| 6 | ethereum |
| 5 | price |
| 3 | binance |
| 3 | cryptocurrency |
| 3 | ethereum foundation |
| 3 | ftx |
| 3 | hacking attempts |
Crypto Fear & Greed Index
On several dates, the Fear and Greed Index hovers around the 50 point mark, showing balanced sentiment among investors. This balance tells us that the market isn’t favoring one direction over another. Investors are neither too bullish nor too bearish on cryptocurrencies, rendering the market in a state of equilibrium.
| Date | Value | Variation | Source |
|---|---|---|---|
| 10/10/2023 00:00:00 | 50pt | 0pt | Alternative.me |
| 09/10/2023 00:00:00 | 50pt | 0pt | Alternative.me |
| 08/10/2023 00:00:00 | 49pt | 0pt | Alternative.me |
| 08/10/2023 00:00:00 | 50pt | 1pt | Alternative.me |
| 10/10/2023 00:00:00 | 50pt | 0pt | BitDegree.org |
| 09/10/2023 00:00:00 | 50pt | 1pt | BitDegree.org |
| 08/10/2023 00:00:00 | 49pt | 0pt | BitDegree.org |
| 10/10/2023 00:00:00 | 65pt | -3pt | BtcTools.io |
| 09/10/2023 16:00:00 | 68pt | 3pt | BtcTools.io |
| 09/10/2023 08:00:00 | 65pt | 2pt | BtcTools.io |
| 09/10/2023 00:00:00 | 63pt | -1pt | BtcTools.io |
| 08/10/2023 00:00:00 | 64pt | -1pt | BtcTools.io |
| 08/10/2023 00:00:00 | 65pt | 0pt | BtcTools.io |
| 07/10/2023 16:00:00 | 65pt | 0pt | BtcTools.io |
| 10/10/2023 00:00:00 | 50pt | 0pt | Coinstats.app |
| 09/10/2023 00:00:00 | 50pt | 0pt | Coinstats.app |
| 08/10/2023 00:00:00 | 50pt | 0pt | Coinstats.app |
| 10/10/2023 00:00:00 | 50pt | 0pt | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 50pt | 0pt | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 50pt | 0pt | LookIntoBitcoin.com |
| 10/10/2023 00:00:00 | 50pt | 0pt | Milkroad.com |
| 09/10/2023 00:00:00 | 50pt | 0pt | Milkroad.com |
| 08/10/2023 00:00:00 | 49pt | 0pt | Milkroad.com |
| 08/10/2023 00:00:00 | 50pt | 1pt | Milkroad.com |
Bitcoin: Active Addresses
Bitcoin Active Addresses have fluctuated more considerably as it experienced negative percentage variations successively, showcasing traders’ active movement within the market. The existence of a large number of addresses with comparatively significant bitcoin balances illustrates Bitcoin’s dominant share in the market.
| Date | Value | Variation | Address | Source |
|---|---|---|---|---|
| 09/10/2023 00:00:00 | 923,063 | -1.14% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 933,577 | -2.20% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 954,107 | -2.27% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 06/10/2023 00:00:00 | 975,790 | -1.98% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 12,343,374 | -0.06% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 12,351,106 | -0.01% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 12,352,661 | -0.12% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 06/10/2023 00:00:00 | 12,367,848 | -0.04% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 4,488,516 | 0.02% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 4,487,470 | -0.01% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 4,487,744 | -0.11% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 06/10/2023 00:00:00 | 4,492,891 | -0.04% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 1,019,596 | 0.02% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 1,019,372 | 0.02% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 1,019,120 | -0.26% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 06/10/2023 00:00:00 | 1,021,792 | 0.00% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 157,179 | -0.01% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 157,192 | 0.06% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 157,100 | -0.21% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 06/10/2023 00:00:00 | 157,425 | 0.08% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 15,868 | 0.08% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 15,856 | -0.08% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 15,868 | -0.01% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 06/10/2023 00:00:00 | 15,869 | 0.05% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 2,012 | 0.00% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 2,012 | 0.00% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 2,012 | 0.10% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 06/10/2023 00:00:00 | 2,010 | 0.10% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
Economic events to move the cryptocurrency market
In the given period, several economic events have high and moderate impacts, most relating to the USD. With the majority of cryptocurrencies being paired with the USD, these events can significantly influence the cryptocurrency market.
| Date | Impact | Event |
|---|---|---|
| 11/10/2023 12:30:00 | High | PPI-Final Demand Ex-Food, Energy & Trade Services – M/M |
| 11/10/2023 12:30:00 | High | PPI-Final Demand Ex-Food & Energy – M/M |
| 11/10/2023 12:30:00 | High | PPI-Final Demand Ex-Food & Energy – Y/Y |
| 11/10/2023 12:30:00 | High | PPI-Final Demand Ex-Food, Energy & Trade Services – Y/Y |
| 11/10/2023 12:30:00 | High | PPI-Final Demand PPI-FD – Y/Y |
| 11/10/2023 12:30:00 | High | PPI-Final Demand PPI-FD – M/M |
| 10/10/2023 22:00:00 | Moderate | USD – FOMC Member Daly Speaks |
| 10/10/2023 19:00:00 | Moderate | USD – FOMC Member Kashkari Speaks |
| 10/10/2023 17:30:00 | Moderate | USD – Fed Waller Speaks |
| 10/10/2023 17:00:00 | Moderate | USD – Fed Waller Speaks |
| 10/10/2023 17:00:00 | Moderate | USD – 3-Year Note Auction |
| 10/10/2023 16:30:00 | Moderate | EUR – German Buba Balz Speaks |
| 10/10/2023 13:30:00 | Moderate | USD – FOMC Member Bostic Speaks |
| 10/10/2023 12:00:00 | Moderate | EUR – ECB President Lagarde Speaks |
| 10/10/2023 08:30:00 | Moderate | GBP – Labour Productivity (Q2) |
| 10/10/2023 00:30:00 | Moderate | AUD – NAB Business Confidence (Sep) |
| 10/10/2023 00:30:00 | Moderate | AUD – Building Approvals (MoM) |
| 09/10/2023 23:50:00 | Moderate | JPY – Current Account n.s.a. (Aug) |
| 09/10/2023 23:50:00 | Moderate | JPY – Adjusted Current Account (Aug) |
| 09/10/2023 23:01:00 | Moderate | GBP – BRC Retail Sales Monitor (YoY) (Sep) |
| 09/10/2023 20:00:00 | Moderate | GBP – BoE MPC Member Mann |
| 09/10/2023 09:15:00 | Moderate | EUR – ECB´s Enria Speaks |
Cryptocurrency Prices
Market prices show some fluctuation across leading cryptocurrencies. Bitcoin experienced a minor daily price drop, Ethereum saw a more significant decline, while Binance Coin’s prices remained fairly stable. These fluctuations reflect the market’s current neutral state.
| Date | Cryptocurrency | Price | Price Variation | 24h Variation | 24h Variation Difference | 24h Volatility | 24h Volatility Difference |
|---|---|---|---|---|---|---|---|
| 10/10/2023 00:00:00 | Bitcoin | 27,590.12 | -1.18% | -0.83 | -0.66% | 2.67 | 1.20% |
| 09/10/2023 00:00:00 | Bitcoin | 27,917.05 | -0.14% | -0.17 | -0.33% | 1.47 | 0.83% |
| 08/10/2023 00:00:00 | Bitcoin | 27,956.67 | 0.00% | 0.16 | 0.00% | 0.65 | 0.00% |
| 10/10/2023 00:00:00 | Ethereum | 1,580.14 | -3.34% | -2.85 | -2.60% | 5.82 | 4.26% |
| 09/10/2023 00:00:00 | Ethereum | 1,632.84 | -0.04% | -0.25 | 0.40% | 1.56 | 0.55% |
| 08/10/2023 00:00:00 | Ethereum | 1,633.56 | 0.00% | -0.65 | 0.00% | 1.01 | 0.00% |
| 10/10/2023 00:00:00 | Binance Coin | 205.80 | -2.72% | -2.42 | -1.95% | 5.05 | 3.13% |
| 09/10/2023 00:00:00 | Binance Coin | 211.40 | -0.43% | -0.47 | 0.09% | 1.92 | 0.83% |
| 08/10/2023 00:00:00 | Binance Coin | 212.30 | 0.00% | -0.56 | 0.00% | 1.09 | 0.00% |
Cryptocurrency Capitalization and Volume
Capitalization and volume data reveal an intriguing trend. While both Bitcoin and Ethereum have seen a decrease in capitalization, they’ve experienced an increase in trading volume. Binance Coin’s capitalization and volume, however, showed the opposite pattern.
| Date | Cryptocurrency | Capitalization | Capitalization Variation | Volume | Volume Variation |
|---|---|---|---|---|---|
| 10/10/2023 00:00:00 | Binance Coin | 31,663,076,066 | -2.77% | 475,288,217 | 47.01% |
| 09/10/2023 00:00:00 | Binance Coin | 32,540,141,230 | -0.37% | 251,859,887 | 37.36% |
| 08/10/2023 00:00:00 | Binance Coin | 32,659,136,495 | -0.57% | 157,757,874 | -63.09% |
| 10/10/2023 00:00:00 | Bitcoin | 538,282,690,588 | -1.25% | 13,417,496,252 | 35.70% |
| 09/10/2023 00:00:00 | Bitcoin | 544,989,660,642 | -0.12% | 8,627,631,924 | 33.82% |
| 08/10/2023 00:00:00 | Bitcoin | 545,619,681,437 | 0.06% | 5,710,114,932 | -138.27% |
| 10/10/2023 00:00:00 | Ethereum | 190,023,356,510 | -3.37% | 10,827,113,052 | 52.75% |
| 09/10/2023 00:00:00 | Ethereum | 196,420,396,271 | -0.07% | 5,115,302,161 | 24.11% |
| 08/10/2023 00:00:00 | Ethereum | 196,552,291,634 | -0.70% | 3,881,873,808 | -72.17% |
| 10/10/2023 00:00:00 | Tether | 83,524,066,604 | 0.01% | 20,058,533,111 | 61.05% |
| 09/10/2023 00:00:00 | Tether | 83,516,000,504 | -0.01% | 7,812,779,878 | -12.27% |
| 08/10/2023 00:00:00 | Tether | 83,525,460,691 | 0.13% | 8,771,563,056 | -86.95% |
Cryptocurrency Exchanges Volume and Variation
Exchange volumes show considerable variability, with Binance and Bybit leading the daily turnover. Despite the daily volatility, all exchanges show an overall positive active trading engagement.
| Date | Exchange | Volume | Variation |
|---|---|---|---|
| 10/10/2023 00:00:00 | Binance | 214,125 | 38.26% |
| 09/10/2023 00:00:00 | Binance | 132,195 | 15.31% |
| 08/10/2023 00:00:00 | Binance | 111,961 | -72.60% |
| 10/10/2023 00:00:00 | Binance US | 306 | 47.17% |
| 09/10/2023 00:00:00 | Binance US | 162 | 21.82% |
| 08/10/2023 00:00:00 | Binance US | 126 | -152.85% |
| 10/10/2023 00:00:00 | Bitfinex | 6,461 | 81.13% |
| 09/10/2023 00:00:00 | Bitfinex | 1,219 | 3.49% |
| 08/10/2023 00:00:00 | Bitfinex | 1,177 | -216.21% |
| 10/10/2023 00:00:00 | Bybit | 43,026 | 55.69% |
| 09/10/2023 00:00:00 | Bybit | 19,063 | 28.21% |
| 08/10/2023 00:00:00 | Bybit | 13,685 | -164.59% |
| 10/10/2023 00:00:00 | Coinbase | 30,518 | 58.14% |
| 09/10/2023 00:00:00 | Coinbase | 12,776 | 17.46% |
| 08/10/2023 00:00:00 | Coinbase | 10,546 | -178.38% |
| 10/10/2023 00:00:00 | Crypto.com | 13,299 | 42.30% |
| 09/10/2023 00:00:00 | Crypto.com | 7,673 | 22.75% |
| 08/10/2023 00:00:00 | Crypto.com | 5,927 | -125.85% |
| 10/10/2023 00:00:00 | Gate.io | 22,310 | 43.42% |
| 09/10/2023 00:00:00 | Gate.io | 12,623 | 18.32% |
| 08/10/2023 00:00:00 | Gate.io | 10,310 | -111.99% |
| 10/10/2023 00:00:00 | Kraken | 18,581 | 72.29% |
| 09/10/2023 00:00:00 | Kraken | 5,148 | 8.14% |
| 08/10/2023 00:00:00 | Kraken | 4,729 | -253.67% |
| 10/10/2023 00:00:00 | KuCoin | 9,785 | 40.58% |
| 09/10/2023 00:00:00 | KuCoin | 5,815 | 0.97% |
| 08/10/2023 00:00:00 | KuCoin | 5,759 | -51.76% |
| 10/10/2023 00:00:00 | OKX | 34,213 | 61.99% |
| 09/10/2023 00:00:00 | OKX | 13,006 | 9.53% |
| 08/10/2023 00:00:00 | OKX | 11,766 | -98.05% |
Mining – Blockchain Technology
The mining data shows stability in terms of the difficulty, blocks, and block rewards. The hash rate, however, shows significant percentage variation on a day-to-day basis, but maintains periodic stability.
| Item | 10/10/2023 | 09/10/2023 | 08/10/2023 | 07/10/2023 | 06/10/2023 | 05/10/2023 | 04/10/2023 |
|---|---|---|---|---|---|---|---|
| Difficulty | 57.32T | 57.32T | 57.32T | 57.32T | 57.32T | 57.32T | 57.32T |
| Difficulty Variation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.35% |
| Blocks | 811.45K | 811.29K | 811.14K | 810.97K | 810.81K | 810.67K | 810.54K |
| 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 | 447.37B | 421.72B | 484.41B | 455.91B | 398.93B | 370.43B | 467.31B |
| Hash Rate GB Variation | 5.73% | -14.86% | 5.88% | 12.50% | 7.14% | -26.15% | 5.82% |
Conclusion
The cryptocurrency market in the next eight hours is likely to remain neutral amidst the apparent uncertainty reflected in several indicators. While the Fear and Greed Index shows a balanced sentiment among investors, address activities and news sentiments suggest a reasonable amount of wariness.
Despite some fluctuations, the stable mining data suggests an active commitment to the leading cryptocurrency, Bitcoin. It’s essential to keep an eye on the news as the negative sentiments from major events might influence market movements.
So What
The neutral state of the market in the face of minor fluctuations suggests that the market is looking for clear-cut signals to determine its next course. As a result, any major news developments or regulatory announcements could have more significant impacts than they ordinarily would. Markets might also tend to react more sensitively to global economic signs, including the USD-related economic events, creating potential market volatility.
What next?
Given the market’s current state, traders should remain vigilant and reactive. The probability of unpredictable swings remains high, and developments anywhere in the crypto ecosystem could tip the scales. Long-term investors should note that while this period of uncertainty persists, the inherent potential of the digital asset class and its role in future financial systems remains unchanged.
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.
