πŸ“ƒ Jul 17, 2024 – ASIA Cryptocurrency Market 8h Daily Trend Forecast

Crypto Market Analysis & Trend: Trending Up

The cryptocurrency market is currently experiencing an upward trend, with positive developments across various aspects. Bitcoin, the leading cryptocurrency, has shown resilience and steady growth, reaching a price of $65,206.03, indicating a 0.63% increase. Ethereum has also seen a notable surge, reaching $3,447.14, despite a slight decline of 1.30%.

This trend can be attributed to several factors. Firstly, there is growing optimism among traders and investors, with many predicting further price increases for both Bitcoin and Ethereum. In addition, the launch of Bitcoin ETFs has contributed to increased institutional interest and investment in cryptocurrencies. These ETF inflows, surpassing $16 billion, demonstrate growing confidence in the market. Furthermore, the recent rise in Solana’s price, surging from $450 to $840, has garnered attention and further boosted market sentiment.

Positive market sentiment is further supported by key indicators. Fear and Greed Indicators reveal a prevailing sense of greed in the market, with indicators consistently above the threshold for greed. Similarly, Bitcoin Address Indicators indicate positive growth in active addresses, signaling increased participation and engagement in the cryptocurrency ecosystem.

In terms of market capitalization and volume, the major cryptocurrencies are also experiencing positive trends. Bitcoin, Ethereum, and Tether have demonstrated consistent growth in capitalization and trading volume. Notably, Binance and Coinbase have emerged as dominant exchanges, recording significant volumes.

Mining indicators underline the stability and ongoing development of the cryptocurrency ecosystem. Difficulty levels have remained steady, indicating a robust network and consistent mining activity. Additionally, the hash rate has shown varying patterns, reflecting market dynamics and the computational capacity of miners.

Overall, the current upward trend in the cryptocurrency market is supported by concrete evidence and holds promising prospects for the future. However, it is essential to remain vigilant and monitor market developments closely for any potential fluctuations or downside risks.

What is important

The current state of the cryptocurrency market is characterized by a positive trend, indicating growth and increasing investor confidence. Key factors contributing to this trend include the rising prices of Bitcoin and Ethereum, with Bitcoin surpassing $65,000 and Ethereum reaching $3,500 once again. These price increases are matched by growing institutional interest, as seen in the significant inflows into Bitcoin ETFs, surpassing $16 billion.

Furthermore, positive market sentiment is reinforced by indicators such as the Fear and Greed Index, which consistently shows a prevailing sense of greed, and Bitcoin Address Indicators, which reveal an increase in active addresses. These indicators demonstrate increased participation and engagement within the cryptocurrency market.

Market capitalizations and volumes of major cryptocurrencies, including Bitcoin, Ethereum, and Tether, have also been on the rise, reflecting a broader increase in trading activity and market interest. Exchanges such as Binance and Coinbase have emerged as dominant players, recording significant trading volumes that contribute to overall market growth.

Mining indicators, such as difficulty levels and hash rates, are stable and indicate consistent mining activity, highlighting the overall health of the cryptocurrency ecosystem. These factors collectively point to a positive market outlook, with potential growth opportunities in the near future.

Top 5 – Latest Headlines & Cryptocurrency News

  1. Bitcoin Price Picks Up Pace: Can It Break Above $65K?– Bitcoin price is predicted to reach $65K.
  2. Ethereum Price Rockets to $3,500 Again: Can Bulls Ignite a Higher Surge?– The price of Ethereum has surged to $3,500.
  3. Analyst Says Solana Price Could Rise 450% To $840 – Here Are The Drivers– SolanaΒ΄s price has risen from $450 to $840.
  4. Bitcoin indicators flash Β΄greed and FOMOΒ΄ as ETF inflows top $300M– Bitcoin price indicators show greed and FOMO as BTC ETF inflows surpass $300 million.
  5. Bitcoin traders forecast Β΄splendidΒ΄ bullish price action now that BTC is above $65K– Bitcoin traders are optimistic about the price action as BTC surpasses $65k.

Factors DrivingΒ the Growth – Market Sentiment

Positive sentiment dominates news coverage in the cryptocurrency market. Bitcoin remains widely discussed, with forecasts of reaching $65,000 and positive price action. Ethereum has also gained attention, achieving a surge to $3,500. Solana’s price increase to $840 has been a focal point, signaling potential drivers for further growth. Additionally, positive developments such as Bitcoin ETF inflows and bullish price action predictions fuel optimistic market sentiment. It is worth noting that negative sentiment is present surrounding Mt. Gox, with transfers resulting in price drops and liquidation.

Positive Terms – Sentiment Analysis

OccurrencesKeyword
45bitcoin
13ethereum
8cryptocurrency market
8price
7solana
6$65k
6kraken
5bitcoin etf
5mt. gox
5pepe

Negative Terms – Sentiment Analysis

OccurrencesKeyword
15bitcoin
11craig wright
7mt. gox
5cryptocurrency market
4$8 million
4satoshi nakamoto
3crypto
3north korean hackers
3perjury
3tether

Crypto Investor Fear & Greed Index

The Fear and Greed Indicators consistently show a sense of greed among market participants, with indicators consistently above the threshold for greed. This sentiment is driven by positive price actions, institutional inflows, and positive forecasts for Bitcoin and Ethereum. Greed indicators reflect market confidence and an expectation of further growth in the cryptocurrency market.

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 16:00:0054pt7ptBtcTools.io
2024-07-16 08:00:0047pt-11ptBtcTools.io
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 00:00:0045pt0ptBtcTools.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

Bitcoin Address Indicators demonstrate positive growth in active addresses, indicating increasing participation and engagement within the cryptocurrency ecosystem. The total number of Bitcoin addresses has consistently increased, suggesting a growing user base and interest in Bitcoin. This is a positive sign for the market as it denotes an expanding network and potential for further adoption.

DateAddressesVariationIndicatorSource
2024-07-16 19:00:001,306,779,6290.00%Total Addressesbitaps.com
2024-07-16 19:00:001,254,427,1830.00%Zero Balance Addressesbitaps.com
2024-07-16 19:00:00737,2880.16%Bitcoin Active Addressesbtc.com
2024-07-16 19:00:00540,5440.00%Addresses with over 0bitaps.com
2024-07-16 19:00:00219,3790.00%Addresses with over 0.0000001bitaps.com
2024-07-16 19:00:003,529,8840.00%Addresses with over 0.000001bitaps.com
2024-07-16 19:00:0010,464,3450.00%Addresses with over 0.00001bitaps.com
2024-07-16 19:00:0013,344,055-0.02%Addresses with over 0.0001bitaps.com
2024-07-16 19:00:0011,679,7510.01%Addresses with over 0.001bitaps.com
2024-07-16 19:00:008,016,8970.01%Addresses with over 0.01bitaps.com
2024-07-16 19:00:003,546,3480.00%Addresses with over 0.1bitaps.com
2024-07-16 19:00:00858,3210.00%Addresses with over 1bitaps.com
2024-07-16 19:00:00137,065-0.01%Addresses with over 10bitaps.com
2024-07-16 19:00:0013,795-0.02%Addresses with over 100bitaps.com
2024-07-16 19:00:001,9580.00%Addresses with over 1,000bitaps.com
2024-07-16 19:00:001000.00%Addresses with over 10,000bitaps.com
2024-07-16 19:00:0040.00%Addresses with over 100,000bitaps.com

Economic events to move the cryptocurrency market

The economic events in the cryptocurrency market have mainly focused on the release of important reports and indicators. For instance, the EIA Petroleum Status Report reveals crucial data on crude oil inventories, distillate inventories, and gasoline inventories. Industrial production and housing starts and permits reports provide insights into the manufacturing sector and the housing market, respectively. These economic events contribute to market analysis and decision-making processes, offering valuable information to market participants.

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)

Crypto Assets Prices

Price movements in the cryptocurrency market have shown an upward trend in the last 24 hours. Bitcoin’s price has picked up pace, reaching $65,206.03, while Ethereum has experienced a surge to $3,447.14. Other cryptocurrencies, such as XRP and Dogecoin, have also exhibited positive price movements. These price increases are supported by investor optimism, positive news sentiment, and the overall positive state of the market.

DateCryptocurrencyPricePrice Variation24h Variation24h Variation Difference24h Volatility24h Volatility Difference
2024-07-16 23:43:00Bitcoin65,206.030.63%0.74-5.83%4.83-2.08%
2024-07-15 23:43:00Bitcoin64,795.995.72%6.583.39%6.923.16%
2024-07-14 23:43:00Bitcoin61,092.022.88%3.190.70%3.760.14%
2024-07-16 23:43:00Ethereum3,447.14-1.30%-1.04-8.63%4.54-3.51%
2024-07-15 23:43:00Ethereum3,491.796.66%7.604.98%8.054.73%
2024-07-14 23:43:00Ethereum3,259.212.41%2.621.13%3.320.48%
2024-07-16 23:43:00Binance Coin576.50-1.73%-1.50-9.14%5.97-1.94%
2024-07-15 23:43:00Binance Coin586.506.87%7.635.06%7.914.80%
2024-07-14 23:43:00Binance Coin546.202.45%2.572.78%3.110.81%

CryptocurrencyΒ Capitalization and Volume

The market capitalizations and volumes of major cryptocurrencies have been on the rise, reflecting growing trading activity and increasing investor interest. Bitcoin, Ethereum, and Tether have all shown consistent growth in capitalization and trading volume. Exchanges like Binance, Bitfinex, and Coinbase have recorded significant trading volumes, underscoring their dominant positions in the market. These capitalization trends indicate a positive market outlook and highlight the ongoing growth of the cryptocurrency ecosystem.

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

Exchanges play a crucial role in the cryptocurrency market, and major platforms such as Binance, Binance US, Bitfinex, and Coinbase have demonstrated substantial trading volumes in the last 24 hours. These exchanges have shown positive variations in trading volume, indicating heightened market activity. The significant presence of exchanges like Kraken, Crypto.com, and Gate.io further contributes to market liquidity and reflects the extent of cryptocurrency trading.

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

Mining in the cryptocurrency market remains stable, with indicators such as difficulty levels and hash rates reflecting steady activity. The difficulty of mining has been relatively consistent, highlighting the reliability and security of the network. Meanwhile, hash rates have exhibited fluctuations, suggesting market dynamics and shifts in computational mining capacity. These mining indicators maintain the overall stability and growth potential of the cryptocurrency ecosystem.

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 is currently experiencing a positive trend, with Bitcoin and Ethereum leading the way in terms of price growth and market capitalization. This trend is supported by institutional inflows, positive market sentiment, and strong performances from various cryptocurrencies. The Fear and Greed Indicators indicate a prevailing sense of greed among market participants, highlighting the overall confidence in the market’s upward trajectory. Additionally, the increasing number of active Bitcoin addresses and growing trading volumes on major exchanges further underline the market’s growth potential.

It is important to note that the cryptocurrency market is subject to volatility and constantly changing dynamics. Investors and traders should stay informed, monitor market developments, and conduct thorough analysis before making any investment decisions.

So What

The current state of the cryptocurrency market has several implications for market participants. Firstly, it signals opportunities for investors and traders to capitalize on the ongoing upward trend. Cryptocurrencies such as Bitcoin and Ethereum show strong potential for further growth and returns. Additionally, positive market sentiment and increasing institutional interest provide a favorable environment for market participants. However, it is crucial to approach investments in cryptocurrencies with caution and conduct thorough research to mitigate risks associated with market volatility and potential downside risks.

What next?

Looking ahead, the cryptocurrency market is expected to continue its positive trajectory, driven by factors such as institutional investment, positive price action, and growing adoption. Market participants should keep a close eye on forthcoming economic events, regulatory developments, and technological advancements that could impact the market. Additionally, monitoring price movements, market capitalizations, and trading volumes will provide valuable insights into the market’s overall direction. It is essential to stay informed and adapt strategies based on changing market conditions to maximize opportunities 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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