Crypto Market Analysis & Trend: Neutral/Trending Up
In the past 24 hours, the cryptocurrency market has shown a neutral to trending up trend. Bitcoin’s price experienced a slight decrease of around 3.76%, but it remains resilient and is currently at $66,996.01. Ethereum, on the other hand, has surged by 4.39% and is now priced at $3,368.72. The price movements observed in both Bitcoin and Ethereum indicate a mixed sentiment among traders and investors.
One of the key drivers of the recent positive sentiment is Donald Trump’s support for cryptocurrency. His endorsement has provided a boost to Bitcoin’s price, pushing it to a six-week high. Additionally, the dominance of layer 1 cryptocurrencies like Solana, coupled with the increasing interest of institutional investors, has contributed to the overall upward trend in the market.
However, the market has also faced some negative news, such as the movement of Silk Road Bitcoin by the Biden administration, which has raised concerns about the potential impact on the market. The occurrence of both positive and negative sentiment highlights the volatility and dynamic nature of the cryptocurrency market.
Based on the current trend and various factors influencing the market, I have a moderate level of confidence in the expected upward trajectory for the next 8 hours. The positive sentiment from Trump’s endorsement and the strong performance of cryptocurrencies like Solana and Ethereum are likely to contribute to the continued upward trend.
What is important
Important points to consider in the current state of the cryptocurrency market:
1. Positive sentiment: Donald Trump’s support for cryptocurrency has had a significant impact on the market, boosting Bitcoin’s price and generating positive sentiment.
2. Layer 1 dominance: Layer 1 cryptocurrencies, particularly Solana and Ethereum, have demonstrated strong performance and dominance in the market, attracting interest from investors.
3. Mixed sentiment: While positive news has influenced the market, negative events like the movement of Silk Road Bitcoin have introduced some caution among investors.
4. Volatility: The cryptocurrency market remains highly volatile, with prices experiencing fluctuations in response to various factors.
5. Institutional interest: Increasing interest from institutional investors indicates a growing acceptance and recognition of cryptocurrencies as an asset class.
These key points provide valuable insights into the current state of the cryptocurrency market.
Top 5 – Latest Headlines & Cryptocurrency News
- Bitcoin price hits six-week high after Trump backs cryptocurrency– Donald Trump´s support for cryptocurrency boosts Bitcoin´s price ahead of the US election.
- Solana Price Forecast: Can Bulls Breach Yearly High as Layer 1s Dominate Crypto Volume?– Solana price forecast predicts bullish movement as layer 1 cryptocurrencies dominate crypto volume.
- Tequila Token to Launch on Solana Blockchain at 17:00 UTC on July 30, 2024– Tequila Token will launch on the Solana blockchain at 17:00 UTC on July 30, 2024.
- US-listed crypto stocks jump after Trump´s pro-bitcoin speech– US-listed crypto stocks surge after Trump´s pro-bitcoin speech.
- Donald Trump Pledges Strategic Bitcoin Reserve at Bitcoin Conference in Nashville– Donald Trump pledges strategic Bitcoin reserve at Bitcoin conference in Nashville.
Factors Driving the Growth – Market Sentiment
The most mentioned positive sentiment keywords in the past 24 hours include ‘Bitcoin’, ‘Ethereum’, ‘Cryptocurrency’, ‘Solana’, ‘Trump’, and ‘Bitcoin Price’. These keywords highlight the positive news surrounding Bitcoin’s price surge, particularly fueled by Donald Trump’s support for cryptocurrency. Additionally, the dominance of layer 1 cryptocurrencies like Solana and Ethereum has received significant attention, signaling positive sentiment toward their performance and potential in the market. The positive keywords indicate an overall optimistic outlook for the cryptocurrency market.
Positive Terms – Sentiment Analysis
| Occurrences | Keyword |
|---|---|
| 36 | bitcoin |
| 8 | ethereum |
| 7 | cryptocurrency |
| 7 | solana |
| 6 | mpeppe mpepe |
| 6 | trump |
| 5 | cryptocurrency market |
| 5 | price |
| 5 | surge |
| 4 | $70k |
Negative Terms – Sentiment Analysis
| Occurrences | Keyword |
|---|---|
| 14 | bitcoin |
| 5 | wazirx |
| 3 | blackrock |
| 3 | trump |
| 2 | biden administration |
| 2 | coinbase |
| 2 | cryptocurrencies |
| 2 | hack |
| 2 | hong kong police |
| 2 | kamala harris |
Crypto Investor Fear & Greed Index
The ‘Fear and Greed Indicators’ table suggests a sentiment of greed in the cryptocurrency market. The fear and greed indicators for major sources related to the cryptocurrency market show values within the ‘greed’ range, indicating positive sentiment and a perception of market optimism. This sentiment is driven by factors such as the price surge of Bitcoin and Ethereum, as well as the endorsement of cryptocurrency by influential figures like Donald Trump. Overall, the market sentiment appears to be predominantly positive, with investors exhibiting a sense of confidence and a willingness to take on higher risks.
| Date | Value | Variation | Source |
|---|---|---|---|
| 2024-07-30 00:00:00 | 67pt | -7pt | Alternative.me |
| 2024-07-29 00:00:00 | 71pt | 0pt | Alternative.me |
| 2024-07-29 00:00:00 | 74pt | 3pt | Alternative.me |
| 2024-07-28 00:00:00 | 71pt | -1pt | Alternative.me |
| 2024-07-28 00:00:00 | 72pt | 0pt | Alternative.me |
| 2024-07-30 00:00:00 | 67pt | -7pt | Binance.com |
| 2024-07-30 00:00:00 | 74pt | 7pt | Binance.com |
| 2024-07-29 00:00:00 | 71pt | 0pt | Binance.com |
| 2024-07-29 00:00:00 | 74pt | 3pt | Binance.com |
| 2024-07-28 00:00:00 | 71pt | -1pt | Binance.com |
| 2024-07-28 00:00:00 | 72pt | 0pt | Binance.com |
| 2024-07-30 00:00:00 | 67pt | -4pt | BitDegree.org |
| 2024-07-29 00:00:00 | 71pt | -1pt | BitDegree.org |
| 2024-07-28 00:00:00 | 72pt | 0pt | BitDegree.org |
| 2024-07-30 00:00:00 | 57pt | 5pt | BtcTools.io |
| 2024-07-29 16:00:00 | 52pt | -11pt | BtcTools.io |
| 2024-07-29 08:00:00 | 63pt | 3pt | BtcTools.io |
| 2024-07-29 00:00:00 | 60pt | 0pt | BtcTools.io |
| 2024-07-28 16:00:00 | 60pt | -1pt | BtcTools.io |
| 2024-07-28 08:00:00 | 61pt | 2pt | BtcTools.io |
| 2024-07-28 00:00:00 | 59pt | -11pt | BtcTools.io |
| 2024-07-27 16:00:00 | 70pt | -2pt | BtcTools.io |
| 2024-07-27 08:00:00 | 72pt | 0pt | BtcTools.io |
| 2024-07-30 00:00:00 | 67pt | -7pt | Coinstats.app |
| 2024-07-29 00:00:00 | 74pt | 3pt | Coinstats.app |
| 2024-07-28 00:00:00 | 71pt | 0pt | Coinstats.app |
Bitcoin: Active Addresses
The ‘Bitcoin Address Indicators’ table provides insights into the active addresses and quantities of wallet addresses based on balance values. The data suggests a steady increase in the total number of addresses, reflecting the growing adoption and usage of Bitcoin. Moreover, the number of zero-balance addresses has remained relatively consistent, indicating a healthy distribution of Bitcoin holdings among users. These indicators highlight the ongoing activity and interest in the Bitcoin ecosystem.
| Date | Addresses | Variation | Indicator | Source |
|---|---|---|---|---|
| 2024-07-29 16:00:00 | 1,310,419,119 | 0.00% | Total Addresses | bitaps.com |
| 2024-07-29 16:00:00 | 1,258,142,745 | 0.00% | Zero Balance Addresses | bitaps.com |
| 2024-07-29 16:00:00 | 716,147 | 3.56% | Bitcoin Active Addresses | btc.com |
| 2024-07-29 16:00:00 | 540,553 | 0.00% | Addresses with over 0 | bitaps.com |
| 2024-07-29 16:00:00 | 219,381 | 0.00% | Addresses with over 0.0000001 | bitaps.com |
| 2024-07-29 16:00:00 | 3,607,231 | 0.03% | Addresses with over 0.000001 | bitaps.com |
| 2024-07-29 16:00:00 | 10,496,632 | 0.00% | Addresses with over 0.00001 | bitaps.com |
| 2024-07-29 16:00:00 | 13,196,035 | 0.01% | Addresses with over 0.0001 | bitaps.com |
| 2024-07-29 16:00:00 | 11,625,476 | -0.04% | Addresses with over 0.001 | bitaps.com |
| 2024-07-29 16:00:00 | 8,017,328 | -0.01% | Addresses with over 0.01 | bitaps.com |
| 2024-07-29 16:00:00 | 3,562,118 | 0.00% | Addresses with over 0.1 | bitaps.com |
| 2024-07-29 16:00:00 | 858,774 | 0.00% | Addresses with over 1 | bitaps.com |
| 2024-07-29 16:00:00 | 136,964 | 0.01% | Addresses with over 10 | bitaps.com |
| 2024-07-29 16:00:00 | 13,812 | 0.00% | Addresses with over 100 | bitaps.com |
| 2024-07-29 16:00:00 | 1,968 | 0.00% | Addresses with over 1,000 | bitaps.com |
| 2024-07-29 16:00:00 | 98 | 0.00% | Addresses with over 10,000 | bitaps.com |
| 2024-07-29 16:00:00 | 4 | 0.00% | Addresses with over 100,000 | bitaps.com |
Economic events to move the cryptocurrency market
The ‘Economic Events’ table showcases important economic indicators that have an impact on the cryptocurrency market. Noteworthy events include the EIA Petroleum Status Reports, Pending Home Sales Index, Chicago PMI, Employment Cost Index, ADP Employment Report, and various GDP and CPI reports. These economic events provide insights into the overall economic health and trends that may indirectly affect the cryptocurrency market. Traders and investors often analyze these events for potential correlations and influences on cryptocurrency prices.
| Date | Impact | Event |
|---|---|---|
| 2024-07-31 14:30:00 | High | EIA Petroleum Status Report Distillate Inventories – W/W |
| 2024-07-31 14:30:00 | High | EIA Petroleum Status Report Gasoline Inventories – W/W |
| 2024-07-31 14:30:00 | High | EIA Petroleum Status Report Crude Oil Inventories – W/W |
| 2024-07-31 14:00:00 | Moderate | Pending Home Sales Index Index |
| 2024-07-31 14:00:00 | Moderate | Pending Home Sales Index Month over Month |
| 2024-07-31 13:45:00 | Moderate | Chicago PMI Index |
| 2024-07-31 12:30:00 | Moderate | Employment Cost Index Quarter over Quarter |
| 2024-07-31 12:30:00 | Moderate | Employment Cost Index Year over Year |
| 2024-07-31 12:15:00 | Moderate | ADP Employment Report Private Payrolls – M/M |
| 2024-07-30 23:50:00 | Moderate | JPY – Industrial Production (MoM) (Jun) |
| 2024-07-30 20:30:00 | Moderate | USD – API Weekly Crude Oil Stock |
| 2024-07-30 14:00:00 | High | USD – JOLTs Job Openings (Jun) |
| 2024-07-30 14:00:00 | High | USD – CB Consumer Confidence (Jul) |
| 2024-07-30 14:00:00 | Moderate | JOLTS Job Openings |
| 2024-07-30 14:00:00 | High | Consumer Confidence Index |
| 2024-07-30 13:00:00 | Moderate | USD – S&P/CS HPI Composite – 20 n.s.a. (YoY) (May) |
| 2024-07-30 13:00:00 | Moderate | USD – S&P/CS HPI Composite – 20 n.s.a. (MoM) (May) |
| 2024-07-30 13:00:00 | Moderate | Case-Shiller Home Price Index 20-City Unadjusted – M/M |
| 2024-07-30 13:00:00 | Moderate | Case-Shiller Home Price Index 20-City Adjusted – M/M |
| 2024-07-30 13:00:00 | Moderate | Case-Shiller Home Price Index 20-City Unadjusted – Y/Y |
| 2024-07-30 12:00:00 | High | EUR – German CPI (MoM) (Jul) |
| 2024-07-30 12:00:00 | Moderate | EUR – German CPI (YoY) (Jul) |
| 2024-07-30 09:00:00 | Moderate | EUR – GDP (QoQ) (Q2) |
| 2024-07-30 09:00:00 | Moderate | EUR – GDP (YoY) (Q2) |
| 2024-07-30 08:00:00 | Moderate | EUR – German GDP (YoY) (Q2) |
| 2024-07-30 08:00:00 | High | EUR – German GDP (QoQ) (Q2) |
| 2024-07-30 07:00:00 | Moderate | EUR – Spanish HICP (YoY) (Jul) |
| 2024-07-30 07:00:00 | Moderate | EUR – Spanish GDP (QoQ) (Q2) |
| 2024-07-30 07:00:00 | Moderate | EUR – Spanish CPI (YoY) (Jul) |
| 2024-07-30 07:00:00 | Moderate | CHF – KOF Leading Indicators (Jul) |
| 2024-07-30 06:15:00 | Moderate | EUR – Spanish HICP (YoY) (Jul) |
| 2024-07-30 05:30:00 | Moderate | EUR – French GDP (YoY) (Q2) |
| 2024-07-30 05:30:00 | Moderate | EUR – French GDP (QoQ) (Q2) |
| 2024-07-30 05:30:00 | Moderate | EUR – French Consumer Spending (MoM) (Jun) |
| 2024-07-30 01:30:00 | Moderate | AUD – Building Approvals (MoM) (Jun) |
| 2024-07-29 11:30:00 | Moderate | BRL – Gross Debt-to-GDP ratio (MoM) (Jun) |
Crypto Assets Prices
The ‘Prices’ table displays the recent price variations and trends for major cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin. While Bitcoin’s price experienced a slight decrease of 3.76% in the past 24 hours, Ethereum and Binance Coin have shown positive movements, with Ethereum gaining 4.39% and Binance Coin rising by 2.63%. These price fluctuations indicate a dynamic market, influenced by various factors such as market sentiment, adoption, and technological developments.
| Date | Cryptocurrency | Price | Price Variation | 24h Variation | 24h Variation Difference | 24h Volatility | 24h Volatility Difference |
|---|---|---|---|---|---|---|---|
| 2024-07-30 07:42:00 | Bitcoin | 66,996.01 | -3.76% | -3.64 | -6.53% | 6.40 | 2.44% |
| 2024-07-29 07:42:00 | Bitcoin | 69,512.01 | 3.05% | 2.89 | 3.84% | 3.97 | -0.16% |
| 2024-07-28 07:42:00 | Bitcoin | 67,391.65 | -1.23% | -0.95 | -2.93% | 4.13 | 2.03% |
| 2024-07-29 07:42:00 | Ethereum | 3,368.72 | 4.39% | 4.37 | 5.94% | 5.38 | 1.10% |
| 2024-07-28 07:42:00 | Ethereum | 3,221.00 | -1.67% | -1.57 | -2.30% | 4.28 | 2.26% |
| 2024-07-29 07:42:00 | Binance Coin | 592.90 | 2.63% | 2.44 | 4.12% | 3.59 | 0.06% |
| 2024-07-28 07:42:00 | Binance Coin | 577.30 | -1.80% | -1.69 | -3.12% | 3.53 | 1.18% |
Cryptocurrency Capitalization and Volume
The ‘Market Capitalizations and Volumes’ table provides insights into the total market capitalization and volume of major cryptocurrencies. The data reveals fluctuations in capitalization and volume figures, signifying the overall activity and liquidity in the cryptocurrency market. Notably, Bitcoin maintains its position as the leading cryptocurrency, while Ethereum and other altcoins demonstrate their significance in terms of market capitalization and trading volume.
| Date | Cryptocurrency | Capitalization | Capitalization Variation | Volume | Volume Variation |
|---|---|---|---|---|---|
| 2024-07-30 00:00:00 | Binance Coin | 83,844,693,286 | -6.75% | 936,556,154 | 103.60% |
| 2024-07-29 00:00:00 | Binance Coin | 89,916,838,860 | 0.50% | 460,002,623 | -45.19% |
| 2024-07-28 00:00:00 | Binance Coin | 89,472,398,141 | 0.07% | 839,324,308 | 18.02% |
| 2024-07-30 00:00:00 | Bitcoin | 1,317,581,413,497 | -2.15% | 42,349,276,497 | 149.09% |
| 2024-07-29 00:00:00 | Bitcoin | 1,346,593,444,713 | 0.57% | 17,001,739,774 | -53.70% |
| 2024-07-28 00:00:00 | Bitcoin | 1,338,966,338,950 | -0.10% | 36,723,575,164 | 69.20% |
| 2024-07-30 00:00:00 | Ethereum | 399,239,444,648 | 1.45% | 18,452,148,651 | 136.37% |
| 2024-07-29 00:00:00 | Ethereum | 393,548,430,273 | 0.68% | 7,806,353,591 | -47.73% |
| 2024-07-28 00:00:00 | Ethereum | 390,878,168,820 | -0.82% | 14,935,561,303 | -3.98% |
| 2024-07-30 00:00:00 | Tether | 114,423,843,424 | -0.01% | 57,812,247,156 | 115.38% |
| 2024-07-29 00:00:00 | Tether | 114,436,762,854 | 0.09% | 26,841,500,105 | -30.59% |
| 2024-07-28 00:00:00 | Tether | 114,331,798,856 | 0.03% | 38,670,874,160 | -15.53% |
Cryptocurrency Exchanges Volume and Variation
The ‘Exchanges’ table presents the total volume of major exchanges in the cryptocurrency market. The data illustrates the trading activities on platforms such as Binance, Binance US, Bitfinex, Bybit, Coinbase, Crypto.com, Gate.io, Kraken, KuCoin, and OKX. These exchanges play a crucial role in facilitating the trading of cryptocurrencies and indicate the level of market liquidity and investor participation.
| Date | Exchange | Volume | Variation |
|---|---|---|---|
| 2024-07-30 00:00:00 | Binance | 217,449 | 127.98% |
| 2024-07-29 00:00:00 | Binance | 95,382 | -45.69% |
| 2024-07-28 00:00:00 | Binance | 175,619 | 1.65% |
| 2024-07-30 00:00:00 | Binance US | 223 | 171.95% |
| 2024-07-29 00:00:00 | Binance US | 82 | -59.80% |
| 2024-07-28 00:00:00 | Binance US | 204 | 41.67% |
| 2024-07-30 00:00:00 | Bitfinex | 2,487 | 344.11% |
| 2024-07-29 00:00:00 | Bitfinex | 560 | -67.63% |
| 2024-07-28 00:00:00 | Bitfinex | 1,730 | 5.30% |
| 2024-07-30 00:00:00 | Bybit | 71,300 | 78.28% |
| 2024-07-29 00:00:00 | Bybit | 39,993 | -38.91% |
| 2024-07-28 00:00:00 | Bybit | 65,466 | 2.49% |
| 2024-07-30 00:00:00 | Coinbase | 39,636 | 186.64% |
| 2024-07-29 00:00:00 | Coinbase | 13,828 | -46.40% |
| 2024-07-28 00:00:00 | Coinbase | 25,797 | -9.00% |
| 2024-07-30 00:00:00 | Crypto.com | 44,750 | 92.62% |
| 2024-07-29 00:00:00 | Crypto.com | 23,232 | -32.20% |
| 2024-07-28 00:00:00 | Crypto.com | 34,266 | -7.76% |
| 2024-07-30 00:00:00 | Gate.io | 19,373 | 40.69% |
| 2024-07-29 00:00:00 | Gate.io | 13,770 | -56.28% |
| 2024-07-28 00:00:00 | Gate.io | 31,496 | 34.11% |
| 2024-07-30 00:00:00 | Kraken | 12,916 | 264.55% |
| 2024-07-29 00:00:00 | Kraken | 3,543 | -55.52% |
| 2024-07-28 00:00:00 | Kraken | 7,966 | -26.57% |
| 2024-07-30 00:00:00 | KuCoin | 11,549 | 103.26% |
| 2024-07-29 00:00:00 | KuCoin | 5,682 | -48.20% |
| 2024-07-28 00:00:00 | KuCoin | 10,969 | 12.64% |
| 2024-07-30 00:00:00 | OKX | 39,448 | 159.13% |
| 2024-07-29 00:00:00 | OKX | 15,223 | -49.15% |
| 2024-07-28 00:00:00 | OKX | 29,937 | 2.26% |
Mining – Blockchain Technology
The ‘Mining’ table provides insights into the mining difficulty, mined blocks, block rewards, and hash rate, reflecting the computational mining capacity in the cryptocurrency market. The consistency in mining difficulty, mined blocks, and block rewards suggests a stable mining environment. However, the hash rate exhibits variation, indicating changes in the computational power utilized for cryptocurrency mining. These indicators offer valuable information on the network’s security, mining efficiency, and overall market dynamics.
| Item | 2024-07-30 | 2024-07-29 | 2024-07-28 | 2024-07-27 | 2024-07-26 | 2024-07-25 | 2024-07-24 |
|---|---|---|---|---|---|---|---|
| Difficulty | 82.05T | 82.05T | 82.05T | 82.05T | 82.05T | 82.05T | 82.05T |
| Difficulty Variation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Blocks | 854.58K | 854.40K | 854.26K | 854.10K | 853.94K | 853.78K | 853.64K |
| Blocks Variation | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Reward BTC | 3.13 | 3.13 | 3.13 | 3.13 | 3.13 | 3.13 | 3.13 |
| Reward BTC Variation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Hash Rate GB | 726.58B | 600.33B | 628.15B | 640.71B | 664.89B | 579.59B | 677.68B |
| Hash Rate GB Variation | 21.03% | -4.43% | -1.96% | -3.64% | 14.72% | -14.47% | -7.69% |
Conclusion
In conclusion, the cryptocurrency market has shown a neutral to trending up trend in the past 24 hours. Positive sentiment driven by factors like Donald Trump’s support for cryptocurrency, the dominance of layer 1 cryptocurrencies like Solana and Ethereum, and the strong performance of Bitcoin has influenced market dynamics. However, the market has also faced negative news, such as the movement of Silk Road Bitcoin by the Biden administration. The market exhibits volatility, and investors should continue to monitor both positive and negative factors.
Looking ahead, it is essential to closely follow the market trends, with a particular focus on events like EIA Petroleum Status Reports, pending home sales index, and GDP and CPI reports. These economic indicators can provide valuable insights into the market’s health and potential correlation with cryptocurrency prices.
So What
The current state of the cryptocurrency market has practical implications for traders and investors. Positive news, such as Donald Trump’s endorsement of cryptocurrency, can instill confidence and attract more participants to the market. However, negative events like the movement of Silk Road Bitcoin highlight the need for caution and regulatory oversight. It is crucial for market participants to stay informed, exercise due diligence, and evaluate risks before making investment decisions.
What next?
Looking ahead, the cryptocurrency market is expected to continue experiencing volatility and trends driven by various factors, including regulatory developments, technological advancements, and broader market conditions. Traders and investors should monitor key indicators, such as Bitcoin’s price movements, the performance of dominant cryptocurrencies like Ethereum and Solana, and market capitalization. Additionally, shifts in mining difficulty, hash rate, and exchange volumes can provide insights into the market’s overall health and participants’ sentiment. By staying informed and adapting to changing market dynamics, participants can make informed decisions in this rapidly evolving industry.
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.
