📃 Jul 16, 2024 – EUROPE Cryptocurrency Market 8h Daily Trend Forecast

Crypto Market Analysis & Trend: Neutral/Trending Up

In the last 24 hours, the cryptocurrency market has shown a neutral to trending up trend. Bitcoin, the leading cryptocurrency, has experienced a modest price increase, reaching $63,000. This upward movement has been supported by positive statements from prominent figures in the industry, such as Michael Saylor and BlackRock CEO Larry Fink, who both expressed confidence in Bitcoin as a legitimate financial instrument and digital gold. Ethereum has also exhibited bullish momentum, with its price continuing to rise amid an uptrend. Additionally, Solana has emerged as a strong contender, dominating Ethereum and attracting attention with analysts predicting a potential surge towards $1,000.

Despite these positive developments, there have been some concerns within the market. Tether froze $28 million in USDT due to a Cambodian fraud crackdown, highlighting the importance of maintaining trust and security in the cryptocurrency ecosystem. Moreover, there have been isolated negative events surrounding other cryptocurrencies, including Bitconnect and lingering regulatory uncertainties. However, overall market sentiment remains resilient, driven by the increasing adoption of cryptocurrencies and the potential for further institutional involvement.

Based on the current evidence and market dynamics observed over the past 24 hours, there is a reasonable level of confidence in the continuation of the neutral to trending up trend in the next 8 hours. It is essential to closely monitor any regulatory developments and market sentiment to assess the potential impact on the overall market.

What is important

In understanding the current state of the cryptocurrency market, several key points are important to consider. Firstly, Bitcoin continues to demonstrate resilience and acts as a significant driver of market sentiment. Positive statements from industry leaders and the sustained upward price movement contribute to increasing confidence in Bitcoin as a digital store of value. Ethereum’s bullish momentum, along with the emergence of Solana, presents opportunities for investors looking beyond Bitcoin for potential growth.

Moreover, regulatory developments and actions, as highlighted by Tether’s fraud crackdown, reinforce the importance of transparency, security, and trust within the cryptocurrency ecosystem. Occasional negative events, such as the Bitconnect promoter’s association with fraud, serve as reminders of the need for due diligence and caution.

Additionally, institutional involvement and endorsements from prominent figures like BlackRock CEO Larry Fink contribute to the mainstream acceptance and long-term prospects of cryptocurrencies. The market continues to show resilience against challenges and demonstrates a growing recognition of cryptocurrencies as legitimate financial instruments.

Overall, the key factors shaping the current state of the cryptocurrency market are positive market sentiment, ongoing regulatory developments, institutional involvement, and innovations within specific cryptocurrencies like Ethereum and Solana.

Top 5 – Latest Headlines & Cryptocurrency News

  1. Michael Saylor Makes Epic Bitcoin Statement as BTC Price Hits $60,000– Michael Saylor makes an epic Bitcoin statement as BTC price hits $60,000.
  2. Ethereum Technical Analysis: ETH´s Bullish Momentum Continues Amid Uptrend– Ethereum´s bullish momentum continues amid uptrend.
  3. ADA Investors Beware: Cardano Ambassador Issues Crucial Warning– Investors in Cardano (ADA) are being warned of potential market risks.
  4. BlackRock CEO: Bitcoin is ´digital gold´– BlackRock CEO believes Bitcoin is digital gold.
  5. BlackRock´s Larry Fink: Bitcoin Is ´Legitimate Financial Instrument´– BlackRock´s Larry Fink believes that Bitcoin is a legitimate financial instrument.

Factors Driving the Growth – Market Sentiment

Positive sentiment has been observed in the cryptocurrency market over the past 24 hours. The mention of ‘Bitcoin’ repeatedly in news articles indicates the significance of the leading cryptocurrency. Ethereum has also received positive attention, highlighting its bullish momentum. Additionally, BlackRock has made headlines with its CEO, Larry Fink, expressing support for Bitcoin and recognizing it as a legitimate financial instrument.

Positive Terms – Sentiment Analysis

OccurrencesKeyword
48bitcoin
11ethereum
10blackrock
7cryptocurrency market
7price
6pepe
6solana
5bitcoin etf
5larry fink
5trump

Negative Terms – Sentiment Analysis

OccurrencesKeyword
6tether
4north korean hackers
4tornado cash
3bitconnect promoter
3crypto
3cryptocurrency market
3fraud
2$16 billion
2australian court
2bitcoin

Crypto Investor Fear & Greed Index

The ‘Fear and Greed Indicators’ table shows that the market sentiment has been fluctuating between fear and greed, but it is currently positioned toward the greed side. The indicators reveal that market participants are generally more optimistic about the market, as the sentiment leans towards greed. This sentiment aligns with the positive developments and statements from industry leaders mentioned previously.

DateValueVariationSource
2024-07-16 00:00:0052pt0ptAlternative.me
2024-07-16 00:00:0065pt13ptAlternative.me
2024-07-15 00:00:0033pt0ptAlternative.me
2024-07-15 00:00:0052pt19ptAlternative.me
2024-07-14 00:00:0025pt0ptAlternative.me
2024-07-14 00:00:0033pt8ptAlternative.me
2024-07-16 00:00:0052pt0ptBinance.com
2024-07-16 00:00:0065pt13ptBinance.com
2024-07-15 00:00:0033pt0ptBinance.com
2024-07-15 00:00:0052pt19ptBinance.com
2024-07-14 00:00:0025pt0ptBinance.com
2024-07-14 00:00:0033pt8ptBinance.com
2024-07-16 00:00:0052pt19ptBitDegree.org
2024-07-15 00:00:0033pt8ptBitDegree.org
2024-07-14 00:00:0025pt0ptBitDegree.org
2024-07-16 00:00:0058pt1ptBtcTools.io
2024-07-15 16:00:0057pt2ptBtcTools.io
2024-07-15 08:00:0055pt7ptBtcTools.io
2024-07-15 00:00:0048pt-7ptBtcTools.io
2024-07-14 16:00:0055pt1ptBtcTools.io
2024-07-14 08:00:0054pt9ptBtcTools.io
2024-07-14 00:00:0045pt5ptBtcTools.io
2024-07-13 16:00:0040pt-1ptBtcTools.io
2024-07-13 08:00:0041pt0ptBtcTools.io
2024-07-16 00:00:0065pt13ptCoinstats.app
2024-07-15 00:00:0052pt19ptCoinstats.app
2024-07-14 00:00:0033pt0ptCoinstats.app
2024-07-16 00:00:0052pt0ptLookIntoBitcoin.com
2024-07-16 00:00:0065pt13ptLookIntoBitcoin.com
2024-07-15 00:00:0033pt0ptLookIntoBitcoin.com
2024-07-15 00:00:0052pt19ptLookIntoBitcoin.com
2024-07-14 00:00:0025pt0ptLookIntoBitcoin.com
2024-07-14 00:00:0033pt8ptLookIntoBitcoin.com

Bitcoin: Active Addresses

The ‘Bitcoin Address Indicators’ table demonstrates a steady increase in the number of Bitcoin addresses. This suggests continuous interest and activity in the Bitcoin network. The number of zero-balance addresses remains consistent, indicating little change in dormant BTC wallets. These indicators provide insights into the level of participation and engagement in the Bitcoin ecosystem.

DateAddressesVariationIndicatorSource
2024-07-16 06:00:001,306,628,8740.00%Total Addressesbitaps.com
2024-07-16 06:00:001,254,254,0810.00%Zero Balance Addressesbitaps.com
2024-07-16 06:00:00772,1252.15%Bitcoin Active Addressesbtc.com
2024-07-16 06:00:00540,5440.00%Addresses with over 0bitaps.com
2024-07-16 06:00:00219,3790.00%Addresses with over 0.0000001bitaps.com
2024-07-16 06:00:003,528,0470.01%Addresses with over 0.000001bitaps.com
2024-07-16 06:00:0010,459,5080.00%Addresses with over 0.00001bitaps.com
2024-07-16 06:00:0013,360,557-0.01%Addresses with over 0.0001bitaps.com
2024-07-16 06:00:0011,691,479-0.01%Addresses with over 0.001bitaps.com
2024-07-16 06:00:008,017,8590.00%Addresses with over 0.01bitaps.com
2024-07-16 06:00:003,546,2220.00%Addresses with over 0.1bitaps.com
2024-07-16 06:00:00858,2860.00%Addresses with over 1bitaps.com
2024-07-16 06:00:00137,0550.01%Addresses with over 10bitaps.com
2024-07-16 06:00:0013,797-0.01%Addresses with over 100bitaps.com
2024-07-16 06:00:001,9580.00%Addresses with over 1,000bitaps.com
2024-07-16 06:00:00980.00%Addresses with over 10,000bitaps.com
2024-07-16 06:00:0040.00%Addresses with over 100,000bitaps.com

Economic events to move the cryptocurrency market

The ‘Economic Events’ table highlights several notable events that can potentially impact the cryptocurrency market. The release of reports related to petroleum inventories, industrial production, housing starts, and trade balances signal key economic indicators that may influence market sentiment and drive market movements.

DateImpactEvent
2024-07-17 14:30:00HighEIA Petroleum Status Report Crude Oil Inventories – W/W
2024-07-17 14:30:00HighEIA Petroleum Status Report Distillate Inventories – W/W
2024-07-17 14:30:00HighEIA Petroleum Status Report Gasoline Inventories – W/W
2024-07-17 13:15:00HighIndustrial Production Manufacturing Output – M/M
2024-07-17 13:15:00HighIndustrial Production Industrial Production – M/M
2024-07-17 13:15:00HighIndustrial Production Capacity Utilization Rate
2024-07-17 12:30:00HighHousing Starts and Permits Permits – Annual Rate
2024-07-17 12:30:00HighHousing Starts and Permits Starts – Annual Rate
2024-07-16 22:45:00ModerateNZD – CPI (QoQ) (Q2)
2024-07-16 22:45:00ModerateNZD – CPI (YoY) (Q2)
2024-07-16 20:30:00ModerateUSD – API Weekly Crude Oil Stock
2024-07-16 16:00:00ModerateUSD – Atlanta Fed GDPNow (Q2)
2024-07-16 14:00:00ModerateUSD – Retail Inventories Ex Auto (May)
2024-07-16 14:00:00ModerateUSD – Business Inventories (MoM) (May)
2024-07-16 14:00:00ModerateBusiness Inventories Month over Month
2024-07-16 14:00:00ModerateHousing Market Index Index
2024-07-16 12:30:00ModerateCAD – CPI (MoM) (Jun)
2024-07-16 12:30:00ModerateCAD – Core CPI (MoM) (Jun)
2024-07-16 12:30:00ModerateCAD – Core CPI (YoY) (Jun)
2024-07-16 12:30:00HighUSD – Retail Sales (MoM) (Jun)
2024-07-16 12:30:00ModerateUSD – Retail Control (MoM) (Jun)
2024-07-16 12:30:00ModerateUSD – Import Price Index (MoM) (Jun)
2024-07-16 12:30:00ModerateUSD – Export Price Index (MoM) (Jun)
2024-07-16 12:30:00HighUSD – Core Retail Sales (MoM) (Jun)
2024-07-16 12:30:00ModerateImport and Export Prices Export Prices – Y/Y
2024-07-16 12:30:00ModerateImport and Export Prices Export Prices – M/M
2024-07-16 12:30:00HighRetail Sales Retail Sales – M/M
2024-07-16 12:30:00HighRetail Sales Ex-Vehicles – M/M
2024-07-16 12:30:00HighRetail Sales Ex-Vehicles & Gas – M/M
2024-07-16 12:30:00ModerateImport and Export Prices Import Prices – Y/Y
2024-07-16 12:30:00ModerateImport and Export Prices Import Prices – M/M
2024-07-16 12:15:00ModerateCAD – Housing Starts (Jun)
2024-07-16 10:00:00ModerateEUR – Eurogroup Meetings
2024-07-16 09:00:00ModerateEUR – ZEW Economic Sentiment (Jul)
2024-07-16 09:00:00ModerateEUR – Trade Balance (May)
2024-07-16 09:00:00ModerateEUR – German ZEW Economic Sentiment (Jul)
2024-07-16 09:00:00ModerateEUR – German ZEW Current Conditions (Jul)
2024-07-16 04:30:00ModerateJPY – Tertiary Industry Activity Index (MoM)
2024-07-15 20:35:00ModerateUSD – FOMC Member Daly Speaks
2024-07-15 16:30:00HighUSD – Fed Chair Powell Speaks
2024-07-15 16:00:00HighUSD – Fed Chair Powell Speaks
2024-07-15 14:30:00ModerateCAD – BoC Business Outlook Survey
2024-07-15 12:30:00ModerateEmpire State Manufacturing Index Index
2024-07-15 12:30:00ModerateCAD – Wholesale Sales (MoM) (May)
2024-07-15 12:30:00ModerateUSD – NY Empire State Manufacturing Index (Jul)
2024-07-15 10:00:00ModerateEUR – Eurogroup Meetings
2024-07-15 09:00:00ModerateEUR – Industrial Production (MoM) (May)

Crypto Assets Prices

The ‘Prices’ table reveals recent price movements of major cryptocurrencies. Bitcoin has shown a modest upward trend, with a price increase above $60,000. Ethereum has also experienced bullish momentum, trending upwards. These price movements reflect the overall positive sentiment and growing acceptance of cryptocurrencies as valuable assets.

DateCryptocurrencyPricePrice Variation24h Variation24h Variation Difference24h Volatility24h Volatility Difference
2024-07-16 07:39:00Bitcoin63,000.910.12%0.26-4.51%4.34-1.60%
2024-07-15 07:39:00Bitcoin62,924.634.70%4.771.68%5.941.75%
2024-07-14 07:39:00Bitcoin59,968.003.07%3.091.30%4.191.09%
2024-07-15 07:39:00Ethereum3,360.374.96%5.163.46%6.003.51%
2024-07-14 07:39:00Ethereum3,193.571.73%1.70-0.44%2.48-1.20%
2024-07-16 07:39:00Binance Coin566.001.55%1.23-2.39%5.400.43%
2024-07-15 07:39:00Binance Coin557.203.41%3.633.23%4.972.67%
2024-07-14 07:39:00Binance Coin538.200.45%0.39-2.39%2.29-1.47%

Cryptocurrency Capitalization and Volume

The ‘Market Capitalizations and Volumes’ table indicates the total market capitalization and volume of major cryptocurrencies. Bitcoin, Ethereum, and Tether highlight significant capitalization while demonstrating varying levels of volume. This data provides insights into the market dominance of these cryptocurrencies and overall market liquidity.

DateCryptocurrencyCapitalizationCapitalization VariationVolumeVolume Variation
2024-07-16 00:00:00Binance Coin90,237,693,9877.97%1,116,977,76691.51%
2024-07-15 00:00:00Binance Coin83,578,905,2191.99%583,235,847-6.99%
2024-07-14 00:00:00Binance Coin81,949,861,356-0.17%627,059,422-21.27%
2024-07-16 00:00:00Bitcoin1,277,806,993,8316.64%36,680,010,63661.94%
2024-07-15 00:00:00Bitcoin1,198,219,055,6972.55%22,650,427,14741.97%
2024-07-14 00:00:00Bitcoin1,168,371,787,7262.35%15,954,500,183-37.44%
2024-07-16 00:00:00Ethereum419,316,550,6107.53%18,351,304,84183.66%
2024-07-15 00:00:00Ethereum389,938,342,1762.16%9,992,179,34229.39%
2024-07-14 00:00:00Ethereum381,711,250,5431.44%7,722,353,045-37.81%
2024-07-16 00:00:00Tether112,632,082,1330.16%52,254,437,490146.98%
2024-07-15 00:00:00Tether112,455,701,0490.02%21,157,332,942-16.85%
2024-07-14 00:00:00Tether112,432,522,8930.02%25,444,753,497-33.17%

Cryptocurrency Exchanges Volume and Variation

The ‘Exchanges’ table showcases the total volume and variation of major exchanges in the cryptocurrency market. Binance stands out with the highest volume, followed by Binance US, Bitfinex, Bybit, Coinbase, and others. This data indicates the trading activity and prominence of these exchanges, which influences market liquidity and price discovery.

DateExchangeVolumeVariation
2024-07-16 00:00:00Binance238,47970.06%
2024-07-15 00:00:00Binance140,23121.99%
2024-07-14 00:00:00Binance114,956-34.83%
2024-07-16 00:00:00Binance US21157.46%
2024-07-15 00:00:00Binance US1345.51%
2024-07-14 00:00:00Binance US12719.81%
2024-07-16 00:00:00Bitfinex2,71734.57%
2024-07-15 00:00:00Bitfinex2,01934.24%
2024-07-14 00:00:00Bitfinex1,504-36.75%
2024-07-16 00:00:00Bybit76,32949.19%
2024-07-15 00:00:00Bybit51,16111.08%
2024-07-14 00:00:00Bybit46,059-27.93%
2024-07-16 00:00:00Coinbase48,120135.10%
2024-07-15 00:00:00Coinbase20,46818.18%
2024-07-14 00:00:00Coinbase17,319-38.38%
2024-07-16 00:00:00Crypto.com44,01164.65%
2024-07-15 00:00:00Crypto.com26,73029.38%
2024-07-14 00:00:00Crypto.com20,660-44.18%
2024-07-16 00:00:00Gate.io40,45656.43%
2024-07-15 00:00:00Gate.io25,86221.73%
2024-07-14 00:00:00Gate.io21,246-27.99%
2024-07-16 00:00:00Kraken14,224122.11%
2024-07-15 00:00:00Kraken6,40434.00%
2024-07-14 00:00:00Kraken4,779-55.28%
2024-07-16 00:00:00KuCoin12,92847.51%
2024-07-15 00:00:00KuCoin8,76410.68%
2024-07-14 00:00:00KuCoin7,918-19.49%
2024-07-16 00:00:00OKX41,08672.70%
2024-07-15 00:00:00OKX23,79019.59%
2024-07-14 00:00:00OKX19,893-21.33%

Mining – Blockchain Technology

The ‘Mining’ table provides insights into mining difficulty, blocks, block rewards, and hash rate in the cryptocurrency market. Bitcoin’s mining difficulty has shown a slight decrease, while Ethereum’s hash rate has increased. These indicators reflect the ongoing activities in the cryptocurrency mining sector.

Item2024-07-162024-07-152024-07-142024-07-132024-07-122024-07-112024-07-10
Difficulty79.50T83.68T83.68T83.68T83.68T83.68T83.68T
Difficulty Variation-5.00%0.00%0.00%0.00%0.00%0.00%0.00%
Blocks852.37K852.22K852.05K851.90K851.75K851.61K851.47K
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 GB596.90B664.26B605.37B596.90B553.37B537.68B605.37B
Hash Rate GB Variation-10.14%9.73%1.42%7.87%2.92%-11.18%-3.72%

Conclusion

In conclusion, the cryptocurrency market has experienced a neutral to trending up trend over the past 24 hours. Bitcoin and Ethereum have demonstrated positive price movements, driven by endorsements from industry leaders such as Michael Saylor and Larry Fink. Tether’s actions against fraud demonstrate the importance of maintaining trust and security within the market. Additionally, the emergence of Solana as a strong contender in the market presents new investment opportunities. Market sentiment leans towards greed, reflecting optimism and confidence in cryptocurrencies. Economic events and reports continue to shape market sentiment and potential price movements. Overall, the cryptocurrency market remains resilient and shows promising signs of growth and mainstream acceptance.

So What

The practical implications of the current state of the cryptocurrency market are twofold. Firstly, it reinforces the importance of conducting thorough research and due diligence before making any investment decisions. Investors should consider the overall positive sentiment, emerging trends, and endorsements from reputable figures. Secondly, it emphasizes the need for staying informed about regulatory developments and industry news to make well-informed decisions. The volatile and dynamic nature of the cryptocurrency market requires vigilance and caution.

What next?

Looking ahead, the cryptocurrency market is expected to continue its trend towards further adoption and exploration. Continued institutional involvement, endorsements, and regulatory advancements will likely shape the market landscape. Investors should closely monitor upcoming economic events, market sentiment indicators, and major news headlines to stay informed about potential market movements. As the cryptocurrency market evolves, innovative projects and technologies will likely emerge, presenting new investment opportunities and potential developments that could impact the 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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