πŸ“ƒ Nov 08, 2023 – ASIA Cryptocurrency Market 8h Daily Trend Forecast - (3)

Crypto Market Analysis & Trend: Neutral/Trending Up

The cryptocurrency market is showing signs of stability and gradual upward movement in the next 8 hours. Evidence from the analysis of various data tables suggests that several cryptocurrencies, including Bitcoin, Ethereum, and Cardano, are experiencing positive momentum. The positive sentiment is supported by the increase in their market capitalizations, trading volumes, and the surge in TVL for Cardano. Additionally, the news highlights the growing popularity and successful listings of certain cryptocurrencies on major exchanges, such as Bitcoin Ordinals on Binance. However, it is important to note that there are also negative keywords and news related to Coinbase’s decision to cease support for Bitcoin SV and the blocking of Coinbase website in Kazakhstan. These factors may introduce some level of volatility and potential negative impact on the market. Overall, the evidence is moderately confident in the positive trend, but caution should be exercised due to the mixed sentiment in the market.

What is important

The current state of the cryptocurrency market is characterized by moderate stability with a trend towards positive growth. Important factors to consider include the market capitalizations and trading volumes of major cryptocurrencies such as Bitcoin, Ethereum, and Cardano. The increase in TVL for Cardano further reinforces its popularity and potential for growth. Additionally, the recent listings of certain cryptocurrencies on major exchanges, including Binance and Coinbase, indicate growing interest in the market. However, negative events such as Coinbase ceasing support for Bitcoin SV and the blocking of Coinbase website in Kazakhstan introduce some level of uncertainty. It is crucial for investors to remain vigilant and consider these factors when making investment decisions.

Top 5 – Latest Headlines & Cryptocurrency News

  1. Cardano TVL Overtakes Bitcoin, With Surge to $240M– Cardano TVL surpasses Bitcoin with a surge to $240M.
  2. Crypto : Le XRP de Ripple dΓ©trΓ΄ne les rois Bitcoin et Ethereum– XRP, the cryptocurrency by Ripple, surpasses Bitcoin and Ethereum in popularity.
  3. Coinbase Website Blocked in Kazakhstan Amidst Crypto Securities Law Enforcement– The Coinbase website has been blocked in Kazakhstan due to the countryΒ΄s enforcement of crypto securities law.
  4. Bitcoin Ordinals see resurgence on Binance listing– Bitcoin ordinals are experiencing a resurgence following a listing on Binance.
  5. Bitcoin Ordinals Trading Hits 6-Month Peak as ORDI Token Surges on Binance Listing– Bitcoin trading volume reaches a 6-month high, and ORD token surges after being listed on Binance.

Factors DrivingΒ the Growth – Market Sentiment

The analysis of positive keywords reflects the ongoing success and positive sentiment towards cryptocurrencies such as Binance Coin, Cardano, and XRP. These cryptocurrencies have been mentioned frequently in a positive context, indicating growing popularity and positive market performance. On the other hand, negative keywords related to Coinbase and Bitcoin SV suggest potential challenges and negative sentiment associated with these entities. It is important to consider both positive and negative keywords to obtain a comprehensive view of the cryptocurrency market sentiment.

Positive Terms – Sentiment Analysis

OccurrencesKeyword
59binance
53bitcoin
39cryptocurrency market
22xrp
19cardano
16ethereum
14chainlink
14cryptocurrency
14cryptocurrency exchange
13price

Negative Terms – Sentiment Analysis

OccurrencesKeyword
32coinbase
20bitcoin
14kazakhstan
13cryptocurrency market
11bitcoin sv
8ava labs
7ethereum
5blocked
4bitcoin network
4delist

Crypto Investor Fear & Greed Index

The Fear and Greed Indicators table provides insights into the market sentiment based on fear and greed levels. As of the latest data, most values fall within the range of greed, indicating a relatively positive sentiment. It is worth noting that extreme fear and extreme greed are not prevalent in the current market. The data suggests that investors generally have a positive outlook, but caution and careful monitoring of market conditions are still necessary.

DateValueVariationSource
2023-11-08 00:00:0066pt-2ptAlternative.me
2023-11-08 00:00:0068pt0ptAlternative.me
2023-11-07 00:00:0068pt-6ptAlternative.me
2023-11-07 00:00:0074pt0ptAlternative.me
2023-11-06 00:00:0070pt0ptAlternative.me
2023-11-06 00:00:0074pt4ptAlternative.me
2023-11-08 00:00:0068pt0ptBitDegree.org
2023-11-07 15:00:0068pt-6ptBitDegree.org
2023-11-07 00:00:0074pt0ptBitDegree.org
2023-11-06 15:00:0074pt4ptBitDegree.org
2023-11-06 00:00:0070pt0ptBitDegree.org
2023-11-08 00:00:0078pt2ptBtcTools.io
2023-11-07 16:00:0076pt1ptBtcTools.io
2023-11-07 00:00:0075pt-2ptBtcTools.io
2023-11-06 16:00:0077pt-2ptBtcTools.io
2023-11-06 08:00:0079pt-1ptBtcTools.io
2023-11-06 00:00:0080pt3ptBtcTools.io
2023-11-05 16:00:0077pt-1ptBtcTools.io
2023-11-05 08:00:0078pt0ptBtcTools.io
2023-11-08 00:00:0066pt-2ptCoinstats.app
2023-11-07 00:00:0068pt-6ptCoinstats.app
2023-11-06 00:00:0070pt0ptCoinstats.app
2023-11-06 00:00:0074pt4ptCoinstats.app

Bitcoin: Active Addresses

The Bitcoin Address Indicators table showcases the activity and growth in Bitcoin addresses. The dataset reveals an increasing number of addresses with different balance values, indicating the expanding Bitcoin community. This growth is particularly notable for addresses with small balances, suggesting a broad participation of retail investors. The data also shows a consistent number of active addresses, highlighting the ongoing usage and engagement in the Bitcoin network.

DateAddressesVariationIndicatorSource
2023-11-08 01:00:001,210,733,5650.00%Total Addressesbitaps.com
2023-11-08 01:00:00943,122-1.86%Bitcoin Active Addressesbtc.com
2023-11-08 01:00:00540,5080.00%Addresses with over 0bitaps.com
2023-11-08 01:00:00219,6260.00%Addresses with over 0.0000001bitaps.com
2023-11-08 01:00:002,724,3550.00%Addresses with over 0.000001bitaps.com
2023-11-08 01:00:009,310,4710.00%Addresses with over 0.00001bitaps.com
2023-11-08 01:00:0012,164,3690.00%Addresses with over 0.0001bitaps.com
2023-11-08 01:00:0011,375,8870.00%Addresses with over 0.001bitaps.com
2023-11-08 01:00:007,782,0260.00%Addresses with over 0.01bitaps.com
2023-11-08 01:00:003,475,8370.00%Addresses with over 0.1bitaps.com
2023-11-08 01:00:00860,9720.00%Addresses with over 1bitaps.com
2023-11-08 01:00:00139,9660.00%Addresses with over 10bitaps.com
2023-11-08 01:00:0013,9600.00%Addresses with over 100bitaps.com
2023-11-08 01:00:001,9140.00%Addresses with over 1,000bitaps.com
2023-11-08 01:00:001060.00%Addresses with over 10,000bitaps.com
2023-11-08 01:00:0040.00%Addresses with over 100,000bitaps.com

Economic events to move the cryptocurrency market

The Economic Events table provides insights into key events related to the global financial market, including jobless claims, trade balances, and interest rate decisions. These events have the potential to influence the cryptocurrency market due to their impact on the overall economy and investor sentiment. The data suggests a mix of positive and negative events, creating a complex landscape for the cryptocurrency market. It is essential for investors to stay updated on these events to understand potential market movements.

DateImpactEvent
2023-11-09 15:30:00ModerateEIA Natural Gas Report Week over Week
2023-11-09 13:30:00HighJobless Claims Initial Claims – Change
2023-11-09 13:30:00HighJobless Claims Initial Claims – Level
2023-11-09 13:30:00HighJobless Claims 4-Week Moving Average
2023-11-08 23:50:00ModerateJPY – Current Account n.s.a. (Sep)
2023-11-08 23:50:00ModerateJPY – Adjusted Current Account (Sep)
2023-11-08 21:45:00ModerateNZD – Electronic Card Retail Sales (MoM)
2023-11-08 18:40:00ModerateUSD – FOMC Member Williams Speaks
2023-11-08 18:00:00ModerateUSD – 10-Year Note Auction
2023-11-08 16:30:00ModerateUSD – Atlanta Fed GDPNow (Q4)
2023-11-08 15:30:00ModerateUSD – Cushing Crude Oil Inventories
2023-11-08 15:30:00HighUSD – Crude Oil Inventories
2023-11-08 15:30:00HighEIA Petroleum Status Report Distillate Inventories – W/W
2023-11-08 15:30:00HighEIA Petroleum Status Report Crude Oil Inventories – W/W
2023-11-08 15:30:00HighEIA Petroleum Status Report Gasoline Inventories – W/W
2023-11-08 14:15:00HighUSD – Fed Chair Powell Speaks
2023-11-08 14:00:00ModerateEUR – ECBΒ΄s Enria Speaks
2023-11-08 13:30:00ModerateCAD – Building Permits (MoM) (Sep)
2023-11-08 12:00:00ModerateBRL – Retail Sales (MoM) (Sep)
2023-11-08 12:00:00ModerateBRL – Retail Sales (YoY) (Sep)
2023-11-08 11:30:00ModerateBRL – Gross Debt-to-GDP ratio (MoM) (Sep)
2023-11-08 11:00:00ModerateEUR – German Buba President Nagel Speaks
2023-11-08 10:00:00ModerateEUR – Eurogroup Meetings
2023-11-08 09:30:00ModerateEUR – German 10-Year Bund Auction
2023-11-08 09:30:00ModerateGBP – BoE Gov Bailey Speaks
2023-11-08 08:45:00ModerateCAD – BoC Gov Council Member Lane Speaks
2023-11-08 07:00:00ModerateEUR – German CPI (YoY) (Oct)
2023-11-08 07:00:00HighEUR – German CPI (MoM) (Oct)
2023-11-08 02:00:00ModerateNZD – Inflation Expectations (QoQ)
2023-11-08 00:30:00ModerateAUD – Building Approvals (MoM)
2023-11-07 22:00:00ModerateUSD – API Weekly Crude Oil Stock
2023-11-07 21:30:00ModerateUSD – API Weekly Crude Oil Stock
2023-11-07 19:30:00ModerateEUR – German Buba President Nagel Speaks
2023-11-07 18:00:00ModerateUSD – 3-Year Note Auction
2023-11-07 17:30:00ModerateUSD – Atlanta Fed GDPNow (Q4)
2023-11-07 17:00:00ModerateUSD – FOMC Member Williams Speaks
2023-11-07 17:00:00ModerateUSD – EIA Short-Term Energy Outlook
2023-11-07 16:30:00ModerateUSD – Atlanta Fed GDPNow (Q4)
2023-11-07 16:15:00ModerateUSD – Atlanta Fed GDPNow (Q4)
2023-11-07 16:00:00ModerateUSD – Atlanta Fed GDPNow (Q4)
2023-11-07 16:00:00ModerateCAD – BoC Deputy Gov Kozicki Speaks
2023-11-07 15:00:00ModerateUSD – Fed Waller Speaks
2023-11-07 13:30:00ModerateEUR – ECBΒ΄s Enria Speaks
2023-11-07 13:30:00ModerateUSD – Trade Balance (Sep)
2023-11-07 13:30:00ModerateUSD – Imports
2023-11-07 13:30:00ModerateUSD – Exports
2023-11-07 13:30:00HighInternational Trade in Goods and Services Balance
2023-11-07 12:30:00ModerateBRL – Gross Debt-to-GDP ratio (MoM) (Sep)
2023-11-07 12:30:00ModerateUSD – FOMC Member Kashkari Speaks
2023-11-07 12:15:00ModerateEUR – ECB McCaul Speaks
2023-11-07 11:30:00ModerateBRL – Gross Debt-to-GDP ratio (MoM) (Sep)
2023-11-07 11:00:00ModerateGBP – Mortgage Rate (GBP)
2023-11-07 10:30:00ModerateGBP – Mortgage Rate (GBP) (Oct)
2023-11-07 10:30:00ModerateRUB – Interest Rate Decision (Nov)
2023-11-07 09:50:00ModerateGBP – Mortgage Rate (GBP) (Oct)
2023-11-07 08:35:00ModerateEUR – ECBΒ΄s De Guindos Speaks
2023-11-07 08:15:00ModerateEUR – ECBΒ΄s De Guindos Speaks
2023-11-07 07:00:00ModerateEUR – German Industrial Production (MoM) (Sep)
2023-11-07 07:00:00ModerateGBP – Halifax House Price Index (MoM) (Oct)
2023-11-07 07:00:00ModerateGBP – Halifax House Price Index (YoY) (Oct)
2023-11-07 03:30:00ModerateAUD – RBA Rate Statement
2023-11-07 03:30:00HighAUD – RBA Interest Rate Decision (Nov)
2023-11-07 03:00:00ModerateCNY – Trade Balance (USD) (Oct)
2023-11-07 03:00:00ModerateCNY – Imports (YoY) (Oct)
2023-11-07 03:00:00ModerateCNY – Exports (YoY) (Oct)

Crypto Assets Prices

The Prices table highlights the price movements of major cryptocurrencies. It reveals both positive and negative variations in prices across different timeframes. Bitcoin and Ethereum exhibit mixed price movements, while other cryptocurrencies, such as Binance Coin and XRP, demonstrate both positive and negative variations. These price movements reflect the dynamic nature of the cryptocurrency market, which is influenced by various factors including market demand, investor sentiment, and market conditions.

DateCryptocurrencyPricePrice Variation24h Variation24h Variation Difference24h Volatility24h Volatility Difference
2023-11-08 01:05:00Bitcoin35,366.221.23%1.221.05%3.952.37%
2023-11-07 01:05:00Bitcoin34,932.24-0.39%0.160.16%1.59-1.12%
2023-11-06 01:05:00Bitcoin35,067.710.25%0.01-0.60%2.710.77%
2023-11-08 01:05:00Ethereum1,886.78-0.35%-0.35-0.76%3.060.61%
2023-11-07 01:05:00Ethereum1,893.39-0.13%0.41-1.82%2.45-1.13%
2023-11-06 01:05:00Ethereum1,895.892.41%2.221.40%3.581.16%
2023-11-08 01:05:00Binance Coin246.70-2.31%-1.95-5.48%4.42-1.63%
2023-11-07 01:05:00Binance Coin252.402.77%3.531.23%6.053.20%
2023-11-06 01:05:00Binance Coin245.402.93%2.29-0.96%2.85-1.02%

CryptocurrencyΒ Capitalization and Volume

The Market Capitalizations and Volumes table provides insights into the total market capitalization and volume of major cryptocurrencies. The data showcases the capitalization and volume trends across different cryptocurrencies, allowing investors to understand the market share and liquidity of each cryptocurrency. The analysis reveals positive trends in capitalization and volume for certain cryptocurrencies, indicating growing interest and market activity.

DateCryptocurrencyCapitalizationCapitalization VariationVolumeVolume Variation
2023-11-08 00:00:00Binance Coin37,895,449,567-2.95%796,202,6260.92%
2023-11-07 00:00:00Binance Coin39,048,585,9093.93%788,958,51138.15%
2023-11-06 00:00:00Binance Coin37,571,179,1272.87%571,101,13953.86%
2023-11-08 00:00:00Bitcoin692,355,209,2841.14%18,749,342,47448.31%
2023-11-07 00:00:00Bitcoin684,571,819,4480.02%12,641,723,626-1.10%
2023-11-06 00:00:00Bitcoin684,435,042,203-0.12%12,782,169,75333.22%
2023-11-08 00:00:00Ethereum226,863,534,380-0.77%15,892,733,60827.05%
2023-11-07 00:00:00Ethereum228,631,885,1750.41%12,508,691,223-3.45%
2023-11-06 00:00:00Ethereum227,703,485,0721.92%12,955,520,16547.55%
2023-11-08 00:00:00Tether86,121,382,4090.88%31,315,311,06221.93%
2023-11-07 00:00:00Tether85,371,206,042-0.06%25,682,726,32749.06%
2023-11-06 00:00:00Tether85,418,595,715-0.03%17,229,624,06426.76%

Cryptocurrency Exchanges Volume and Variation

The Exchanges table demonstrates the volume and variation of major cryptocurrency exchanges. It offers insights into the trading volume and trends of different exchanges, providing valuable information on market liquidity and investor activity. The data showcases both positive and negative variations, suggesting a dynamic and competitive exchange landscape.

DateExchangeVolumeVariation
2023-11-08 00:00:00Binance277,28517.43%
2023-11-07 00:00:00Binance236,1196.72%
2023-11-06 00:00:00Binance221,26142.51%
2023-11-08 00:00:00Binance US55911.55%
2023-11-07 00:00:00Binance US50124.01%
2023-11-06 00:00:00Binance US40468.91%
2023-11-08 00:00:00Bitfinex3,49934.66%
2023-11-07 00:00:00Bitfinex2,599-0.37%
2023-11-06 00:00:00Bitfinex2,60841.81%
2023-11-08 00:00:00Bybit41,96415.38%
2023-11-07 00:00:00Bybit36,3695.58%
2023-11-06 00:00:00Bybit34,44853.92%
2023-11-08 00:00:00Coinbase48,52726.64%
2023-11-07 00:00:00Coinbase38,31835.19%
2023-11-06 00:00:00Coinbase28,34357.05%
2023-11-08 00:00:00Crypto.com22,9643.51%
2023-11-07 00:00:00Crypto.com22,18511.95%
2023-11-06 00:00:00Crypto.com19,81650.57%
2023-11-08 00:00:00Gate.io32,18313.69%
2023-11-07 00:00:00Gate.io28,30810.08%
2023-11-06 00:00:00Gate.io25,71542.34%
2023-11-08 00:00:00Kraken21,32612.18%
2023-11-07 00:00:00Kraken19,01155.03%
2023-11-06 00:00:00Kraken12,26240.65%
2023-11-08 00:00:00KuCoin20,46221.49%
2023-11-07 00:00:00KuCoin16,84314.40%
2023-11-06 00:00:00KuCoin14,72248.95%
2023-11-08 00:00:00OKX57,04825.46%
2023-11-07 00:00:00OKX45,4701.02%
2023-11-06 00:00:00OKX45,01040.40%

Mining – Blockchain Technology

The Mining table reveals important metrics related to mining activity in the cryptocurrency market, including mining difficulty, mined blocks, block rewards, and hash rate. The data reflects the status of the mining ecosystem and its impact on the network’s security and efficiency. The analysis suggests stability in mining difficulty, consistent block rewards, and varying hash rates, indicating the ongoing participation of miners in securing the network.

Item2023-11-082023-11-072023-11-062023-11-052023-11-042023-11-032023-11-02
Difficulty62.46T62.46T62.46T62.46T62.46T62.46T62.46T
Difficulty Variation0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Blocks815.77K815.64K815.51K815.35K815.18K815.04K814.90K
Blocks Variation0.02%0.02%0.02%0.02%0.02%0.02%0.02%
Reward BTC6.256.256.256.256.256.256.25
Reward BTC Variation0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Hash Rate GB412.98B391.24B506.13B518.55B409.87B450.24B462.66B
Hash Rate GB Variation5.56%-22.70%-2.40%26.52%-8.97%-2.68%-3.87%

Conclusion

In conclusion, the cryptocurrency market is demonstrating a neutral/trending up trend in the next 8 hours. The evidence suggests moderate stability and positive momentum in various aspects, including market capitalizations, trading volumes, and select news articles highlighting the success of certain cryptocurrencies. However, caution is advised due to the presence of negative keywords and news that introduce potential volatility. It is crucial for investors to stay informed, monitor market conditions, and be aware of the factors impacting the cryptocurrency market.

So What

The current state of the cryptocurrency market has practical implications for investors. It is important for investors to remain vigilant and informed about market conditions and developments. Key considerations include analyzing market trends, monitoring news events, and assessing the sentiment surrounding different cryptocurrencies. This information can guide investment decisions and help manage risks effectively.

What next?

Looking ahead, the cryptocurrency market may continue its gradual upward movement with consistent positive sentiment. However, the presence of negative events and sentiments highlights the need for cautious optimism. It is crucial to remain updated with market developments, regulatory changes, and technological advancements that can impact the cryptocurrency market. As the market evolves, investors should adapt their strategies and continue to analyze market trends and indicators.

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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