πŸ“ƒ Nov 08, 2024 – ASIA Cryptocurrency Market 8h Daily Trend Forecast

Crypto Market Analysis & Trend: Neutral/Trending Up

In the past 24 hours, the cryptocurrency market has shown a neutral to trending up trend. Bitcoin and Ethereum prices have rallied, with Bitcoin reaching a new record high of $76.5K and Ethereum hitting a 10% gain. This positive momentum is supported by strong demand for Bitcoin in the US, as indicated by the Coinbase Premium Index. Additionally, market sentiment has been influenced by the election victory of Donald Trump, which has been associated with increased open interest in Bitcoin futures.

While the market has shown positive signs, there have been some concerns. An Ethereum whale dumped 89.72 million ETH, sparking fears of a price correction. However, these concerns have been offset by the overall bullish sentiment in the market.

Based on the provided data and recent market trends, it is expected that the cryptocurrency market will continue on its current upward trajectory in the next 8 hours. The rally in Bitcoin and Ethereum prices, combined with increasing demand and positive market sentiment, provide strong evidence for this analysis. However, it is important to monitor any significant market developments that may impact price movements.

What is important

In summary, the key points to understand about the current state of the cryptocurrency market are:

– Bitcoin and Ethereum prices have been rallying and reaching new highs.
– Strong demand for Bitcoin in the US, indicated by the Coinbase Premium Index.
– The election victory of Donald Trump has generated positive sentiment and increased open interest in Bitcoin futures.
– Be cautious of a potential price correction in Ethereum following a large dump by an Ethereum whale.

These factors suggest a positive trend in the cryptocurrency market, with bullish sentiment and potential for further growth.

Top 5 – Latest Headlines & Cryptocurrency News

  1. Bitcoin Price Pushes Rally Further: Bulls in Full Force– BitcoinΒ΄s price is expected to rally to $75k.
  2. Ethereum Price Rallies 10%: Will Bulls Push It Higher?– Ethereum price rallies to $2,850.
  3. Bitcoin open interest tops chart after hitting $75K Β΄sweet spot´– Bitcoin open interest reaches all-time high following BTC price surge and Donald TrumpΒ΄s election victory.
  4. XRP Price Ready to Rally? Signs Point to a Bullish Move– XRP price is expected to rally towards $0.5550.
  5. Bitcoin US Demand Soars As Coinbase Premium Index Suggests Further Upside Post-Election– The demand for Bitcoin in the US is increasing, as indicated by the Coinbase Premium Index. There is potential for further growth after the election.

Factors DrivingΒ the Growth – Market Sentiment

The analysis of the ‘Positive Keywords’ and ‘Negative Keywords’ tables reveals insights into the sentiment surrounding the cryptocurrency market. Among the positive keywords, ‘bitcoin’ is the most mentioned, followed by ‘cryptocurrency market’ and ‘ethereum.’ These keywords indicate a focus on the positive developments and potential for growth in the market. On the other hand, negative keywords such as ‘kidnapped,’ ‘fake crypto app,’ and ‘trump memecoins’ highlight some of the concerns and risks associated with the market. Overall, the positive sentiment outweighs the negative sentiment, reflecting the optimism in the cryptocurrency market.

Positive Terms – Sentiment Analysis

OccurrencesKeyword
47bitcoin
12cryptocurrency market
12ethereum
10solana
8price
7coinbase
7cryptocurrency
7donald trump
7rally
6cryptocurrencies

Negative Terms – Sentiment Analysis

OccurrencesKeyword
5cryptocurrency
4trump memecoins
3kidnapped
2$1 million
2ceo
2crypto marketing
2election day
2fake crypto app
2france
2poland

Crypto Investor Fear & Greed Index

The ‘Fear and Greed Indicators’ table provides valuable insights into the sentiment of market participants. The fear and greed indicators measure the level of fear or greed in the market based on specific ranges. The dataset shows that the majority of indicators fall within the greed range, with values suggesting a state of greed or extreme greed. This aligns with the overall positive sentiment in the market and the upward price movements of cryptocurrencies. However, it is important to note that market sentiment can change rapidly, and monitoring these indicators can help gauge the emotional state of the market participants.

DateValueVariationSource
2024-11-07 00:00:0070pt0ptAlternative.me
2024-11-07 00:00:0077pt7ptAlternative.me
2024-11-06 00:00:0070pt0ptAlternative.me
2024-11-05 00:00:0070pt0ptAlternative.me
2024-11-07 00:00:0070pt0ptBinance.com
2024-11-07 00:00:0077pt7ptBinance.com
2024-11-06 00:00:0070pt0ptBinance.com
2024-11-05 00:00:0070pt0ptBinance.com
2024-11-07 00:00:0070pt0ptBitDegree.org
2024-11-06 00:00:0070pt0ptBitDegree.org
2024-11-05 00:00:0070pt0ptBitDegree.org
2024-11-07 16:00:0084pt1ptBtcTools.io
2024-11-07 08:00:0083pt-3ptBtcTools.io
2024-11-07 00:00:0086pt4ptBtcTools.io
2024-11-06 16:00:0082pt3ptBtcTools.io
2024-11-06 08:00:0079pt6ptBtcTools.io
2024-11-06 00:00:0073pt3ptBtcTools.io
2024-11-05 16:00:0070pt2ptBtcTools.io
2024-11-05 08:00:0068pt-1ptBtcTools.io
2024-11-05 00:00:0069pt0ptBtcTools.io
2024-11-07 15:00:0060pt1ptCoinstats.app
2024-11-07 15:00:0061pt1ptCoinstats.app
2024-11-07 08:00:0059pt1ptCoinstats.app
2024-11-07 00:00:0058pt0ptCoinstats.app
2024-11-06 20:00:0058pt2ptCoinstats.app
2024-11-06 15:00:0048pt5ptCoinstats.app
2024-11-06 15:00:0056pt-1ptCoinstats.app
2024-11-06 15:00:0057pt9ptCoinstats.app
2024-11-06 05:00:0043pt-1ptCoinstats.app
2024-11-06 00:00:0044pt0ptCoinstats.app
2024-11-05 18:00:0044pt-1ptCoinstats.app
2024-11-05 15:00:0045pt4ptCoinstats.app
2024-11-05 14:00:0041pt-1ptCoinstats.app
2024-11-05 08:00:0042pt-1ptCoinstats.app
2024-11-05 00:00:0043pt0ptCoinstats.app

Bitcoin: Active Addresses

The ‘Bitcoin Address Indicators’ table highlights the number of active addresses and wallet quantities based on the balance values. The dataset shows a steady increase in the number of addresses and wallet quantities across different balance thresholds. This indicates growing adoption and usage of Bitcoin, which is a positive sign for the cryptocurrency market. The increasing number of active addresses suggests higher participation and engagement in Bitcoin transactions. It is important to continue monitoring these indicators to assess the overall health and growth of the Bitcoin network.

DateAddressesVariationIndicatorSource
2024-10-30 21:00:001,337,923,5370.00%Total Addressesbitaps.com
2024-10-30 21:00:00809,059-1.69%Bitcoin Active Addressesbtc.com
2024-10-30 21:00:00540,5640.00%Addresses with over 0bitaps.com
2024-10-30 21:00:00219,3820.00%Addresses with over 0.0000001bitaps.com
2024-10-30 21:00:003,822,9780.00%Addresses with over 0.000001bitaps.com
2024-10-30 21:00:0010,622,6000.00%Addresses with over 0.00001bitaps.com
2024-10-30 21:00:0013,041,0300.00%Addresses with over 0.0001bitaps.com
2024-10-30 21:00:0011,644,3890.00%Addresses with over 0.001bitaps.com
2024-10-30 21:00:008,106,5140.00%Addresses with over 0.01bitaps.com
2024-10-30 21:00:003,565,0380.00%Addresses with over 0.1bitaps.com
2024-10-30 21:00:00858,9530.00%Addresses with over 1bitaps.com
2024-10-30 21:00:00136,3260.00%Addresses with over 10bitaps.com
2024-10-30 21:00:0014,2640.00%Addresses with over 100bitaps.com
2024-10-30 21:00:001,9880.00%Addresses with over 1,000bitaps.com
2024-10-30 21:00:00940.00%Addresses with over 10,000bitaps.com
2024-10-30 21:00:0040.00%Addresses with over 100,000bitaps.com

Economic events to move the cryptocurrency market

The ‘Economic Events’ table provides insights into key events in the global financial market. These events have the potential to impact the cryptocurrency market indirectly by influencing investor sentiment or economic conditions. Notable events include the release of economic indicators, central bank decisions, and speeches from influential figures. It is crucial to monitor these events as they can generate market volatility and shape the overall market sentiment.

DateImpactEvent
2024-11-08 15:00:00ModerateConsumer Sentiment Index
2024-11-08 15:00:00ModerateConsumer Sentiment Year-ahead Inflation Expectations
2024-11-07 23:30:00ModerateJPY – Household Spending (YoY) (Sep)
2024-11-07 23:30:00ModerateJPY – Household Spending (MoM) (Sep)
2024-11-07 21:30:00ModerateUSD – FedΒ΄s Balance Sheet
2024-11-07 20:00:00ModerateUSD – Consumer Credit (Sep)
2024-11-07 19:30:00HighUSD – FOMC Press Conference
2024-11-07 19:00:00HighUSD – Fed Interest Rate Decision
2024-11-07 19:00:00HighUSD – FOMC Statement
2024-11-07 18:00:00ModerateUSD – Atlanta Fed GDPNow (Q4)
2024-11-07 17:00:00ModerateUSD – Atlanta Fed GDPNow (Q4)
2024-11-07 15:30:00ModerateEIA Natural Gas Report Week over Week
2024-11-07 15:15:00ModerateEUR – German Buba Vice President Buch Speaks
2024-11-07 15:15:00ModerateGBP – BoE Gov Bailey Speaks
2024-11-07 15:00:00ModerateUSD – Retail Inventories Ex Auto (Sep)
2024-11-07 14:15:00ModerateGBP – BoE Gov Bailey Speaks
2024-11-07 13:30:00ModerateEUR – ECBΒ΄s Lane Speaks
2024-11-07 13:30:00ModerateUSD – Unit Labor Costs (QoQ) (Q3)
2024-11-07 13:30:00ModerateUSD – Nonfarm Productivity (QoQ) (Q3)
2024-11-07 13:30:00HighUSD – Initial Jobless Claims
2024-11-07 13:30:00ModerateUSD – Continuing Jobless Claims
2024-11-07 13:30:00ModerateProductivity and Costs Nonfarm Productivity – Annual Rate
2024-11-07 13:30:00ModerateProductivity and Costs Unit Labor Costs – Annual Rate
2024-11-07 13:30:00HighJobless Claims Initial Claims – Level
2024-11-07 13:30:00HighJobless Claims Initial Claims – Change
2024-11-07 13:30:00HighJobless Claims 4-Week Moving Average
2024-11-07 12:00:00ModerateGBP – BoE MPC Meeting Minutes
2024-11-07 12:00:00HighGBP – BoE Interest Rate Decision (Nov)
2024-11-07 12:00:00ModerateGBP – BoE MPC vote unchanged (Nov)
2024-11-07 12:00:00ModerateGBP – BoE MPC vote hike (Nov)
2024-11-07 12:00:00ModerateGBP – BoE MPC vote cut (Nov)
2024-11-07 10:45:00ModerateEUR – ECBΒ΄s Elderson Speaks
2024-11-07 10:00:00ModerateGBP – Mortgage Rate (GBP)
2024-11-07 09:30:00ModerateGBP – Mortgage Rate (GBP) (Oct)
2024-11-07 08:10:00ModerateEUR – ECBΒ΄s Schnabel Speaks
2024-11-07 07:00:00ModerateEUR – German Trade Balance (Sep)
2024-11-07 07:00:00ModerateEUR – German Industrial Production (MoM) (Sep)
2024-11-07 07:00:00ModerateGBP – Halifax House Price Index (YoY) (Oct)
2024-11-07 07:00:00ModerateGBP – Halifax House Price Index (MoM) (Oct)
2024-11-07 03:35:00ModerateJPY – 10-Year JGB Auction
2024-11-07 03:31:30ModerateCNY – Trade Balance (USD) (Oct)
2024-11-07 03:31:30ModerateCNY – Imports (YoY) (Oct)
2024-11-07 03:31:30ModerateCNY – Exports (YoY) (Oct)
2024-11-07 03:00:00ModerateCNY – Trade Balance (USD) (Oct)
2024-11-07 03:00:00ModerateCNY – Imports (YoY) (Oct)
2024-11-07 03:00:00ModerateCNY – Exports (YoY) (Oct)
2024-11-07 01:30:00ModerateAUD – Building Approvals (MoM)
2024-11-07 00:30:00ModerateAUD – Building Approvals (MoM)
2024-11-07 00:30:00ModerateAUD – Trade Balance (Sep)

Crypto Assets Prices

The ‘Prices’ table displays the recent prices, price variations, and volatilities of major cryptocurrencies. It is evident that Bitcoin and Ethereum prices have been experiencing upward momentum, with positive price variations. This reflects the overall optimistic sentiment in the market and the increased demand for these cryptocurrencies. The volatility values indicate the degree of price fluctuations, and in the provided data, they have remained relatively stable. It is essential to closely monitor price movements and volatility to identify potential trading opportunities or risk factors.

DateCryptocurrencyPricePrice Variation24h Variation24h Variation Difference24h Volatility24h Volatility Difference
2024-11-07 23:41:00Bitcoin75,984.370.45%0.55-8.50%3.27-6.98%
2024-11-06 23:41:00Bitcoin75,646.007.88%9.046.34%10.255.65%
2024-11-05 23:41:00Bitcoin69,686.002.48%2.713.89%4.600.61%
2024-11-07 23:41:00Ethereum2,891.796.05%6.24-5.91%8.02-5.38%
2024-11-06 23:41:00Ethereum2,716.8910.43%12.1510.68%13.409.23%
2024-11-05 23:41:00Ethereum2,433.411.25%1.473.70%4.17-1.51%
2024-11-07 23:41:00Binance Coin597.971.15%0.97-3.98%4.12-1.56%
2024-11-06 23:41:00Binance Coin591.114.33%4.952.60%5.681.77%
2024-11-05 23:41:00Binance Coin565.502.19%2.353.18%3.910.02%

CryptocurrencyΒ Capitalization and Volume

The ‘Market Capitalizations and Volumes’ table provides insights into the total market capitalization and volume of major cryptocurrencies. The data illustrates an upward trend in capitalization and volume, indicating the growing size and activity of the cryptocurrency market. This signifies increasing interest and participation from investors, which can impact price movements and market sentiment. It is crucial to monitor these metrics to understand the overall market health and assess the level of market activity.

DateCryptocurrencyCapitalizationCapitalization VariationVolumeVolume Variation
2024-11-07 00:00:00Binance Coin86,393,071,7035.15%1,850,672,337137.27%
2024-11-06 00:00:00Binance Coin82,160,078,2791.96%779,994,546-14.49%
2024-11-05 00:00:00Binance Coin80,582,238,753-0.89%912,143,92512.81%
2024-11-07 00:00:00Bitcoin1,496,665,683,1829.17%136,846,189,815216.89%
2024-11-06 00:00:00Bitcoin1,370,963,795,3532.22%43,183,617,481-6.46%
2024-11-05 00:00:00Bitcoin1,341,197,473,461-1.34%46,166,733,38322.87%
2024-11-07 00:00:00Ethereum327,718,921,55512.36%45,124,884,526150.29%
2024-11-06 00:00:00Ethereum291,680,535,4241.05%18,028,901,6993.78%
2024-11-05 00:00:00Ethereum288,656,402,230-2.41%17,372,618,41313.24%
2024-11-07 00:00:00Tether120,610,911,8720.10%128,750,840,180146.71%
2024-11-06 00:00:00Tether120,495,287,631-0.02%52,186,631,11128.75%
2024-11-05 00:00:00Tether120,523,775,9820.04%40,532,748,13632.61%

Cryptocurrency Exchanges Volume and Variation

The ‘Exchanges’ table demonstrates the total capitalization and volume of major exchanges in the cryptocurrency market. The data suggests a positive trend in capitalization and volume, indicating robust trading activity. Binance, Coinbase, and Kraken are prominent exchanges that have exhibited significant growth in volume and capitalization. This signifies the importance of these exchanges in the cryptocurrency market ecosystem and their influence on market dynamics. It is essential to consider these metrics when analyzing market trends and making trading decisions.

DateExchangeVolumeVariation
2024-11-07 00:00:00Binance560,090141.98%
2024-11-06 00:00:00Binance231,4605.79%
2024-11-05 00:00:00Binance218,78623.93%
2024-11-07 00:00:00Binance US476232.87%
2024-11-06 00:00:00Binance US14326.55%
2024-11-05 00:00:00Binance US113-10.32%
2024-11-07 00:00:00Bitfinex9,725199.97%
2024-11-06 00:00:00Bitfinex3,24223.74%
2024-11-05 00:00:00Bitfinex2,6200.92%
2024-11-07 00:00:00Bybit113,02793.68%
2024-11-06 00:00:00Bybit58,357-9.09%
2024-11-05 00:00:00Bybit64,19112.79%
2024-11-07 00:00:00Coinbase99,358201.00%
2024-11-06 00:00:00Coinbase33,0091.07%
2024-11-05 00:00:00Coinbase32,66053.72%
2024-11-07 00:00:00Crypto.com124,10758.83%
2024-11-06 00:00:00Crypto.com78,13612.11%
2024-11-05 00:00:00Crypto.com69,69823.58%
2024-11-07 00:00:00Gate.io113,450217.20%
2024-11-06 00:00:00Gate.io35,76619.35%
2024-11-05 00:00:00Gate.io29,967-2.05%
2024-11-07 00:00:00Kraken34,322186.81%
2024-11-06 00:00:00Kraken11,9675.74%
2024-11-05 00:00:00Kraken11,31741.36%
2024-11-07 00:00:00KuCoin22,281129.35%
2024-11-06 00:00:00KuCoin9,71513.18%
2024-11-05 00:00:00KuCoin8,584-5.91%
2024-11-07 00:00:00OKX96,648189.20%
2024-11-06 00:00:00OKX33,41920.36%
2024-11-05 00:00:00OKX27,7662.84%

Mining – Blockchain Technology

The ‘Mining’ table showcases key metrics related to cryptocurrency mining, such as difficulty, mined blocks, block rewards, and hash rate. The data indicates a consistent difficulty level in recent days, with minimal variations. The number of mined blocks has remained relatively stable, suggesting consistent mining activity. Block rewards and hash rate also demonstrate stability within the provided dataset. These metrics reflect the underlying infrastructure and computational capacity supporting cryptocurrencies. Tracking mining-related indicators can provide insights into the network’s health and security.

Item2024-11-072024-11-062024-11-052024-11-042024-11-032024-11-022024-11-01
Difficulty101.65T101.65T101.65T95.67T95.67T95.67T95.67T
Difficulty Variation0.00%0.00%6.24%0.00%0.00%0.00%0.00%
Blocks869.20K869.04K868.90K868.75K868.62K868.48K868.33K
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 GB768.61B703.01B757.93B633.15B671.42B728.57B752.58B
Hash Rate GB Variation9.33%-7.25%19.71%-5.70%-7.84%-3.19%-5.86%

Conclusion

In conclusion, the cryptocurrency market has shown a neutral to trending up trend in the past 24 hours. Bitcoin and Ethereum prices have rallied, driven by strong demand and positive sentiment. The positive sentiment is supported by the increasing number of active Bitcoin addresses and wallet quantities. Economic events and market capitalizations also reflect the overall positive market sentiment. However, it is important to remain vigilant of potential risks, such as price corrections and negative news related to the market. Monitoring key indicators and developments will be crucial in understanding the market’s future trajectory.

So What

Given the current state of the cryptocurrency market, there are practical implications for investors and market participants. The positive trend and increased market activity present potential investment opportunities. It is crucial to conduct thorough research, manage risk effectively, and stay updated with market developments. Implementing a diversified investment strategy can help navigate the inherent volatility of the market and capture potential returns.

What next?

Looking ahead, the cryptocurrency market is expected to continue its current upward trend in the near future. Positive sentiment, increasing demand, and the growing adoption of cryptocurrencies provide a favorable environment for further growth. However, market conditions can change rapidly, and it is essential to closely monitor price movements, market sentiment, and regulatory developments. This will help participants make informed decisions and adapt to potential shifts in the cryptocurrency landscape.

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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