📃 Nov 08, 2024 – USA 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 price variations and has been influenced by external factors such as the recent U.S. election results and statements from influential figures like Senator Lummis and the Trump family. The market has responded positively to these developments, with crypto stocks and Bitcoin experiencing a rally. Additionally, the return of Trump to power has revived optimism for XRP, Solana, and Litecoin ETFs.

However, it is important to note that the market remains volatile, as shown by recent fluctuations in Ethereum’s price due to an ETH whale dumping a significant amount of coins. This event has raised concerns about a potential price correction in the market. The launch of Coinbase’s Wrapped Bitcoin on the Solana blockchain and the public mainnet release of Eclipse’s SVM L2 on Ethereum are positive developments that reflect the growing adoption and innovation in the crypto industry.

Overall, the analysis of the current trend is based on recent news and market indicators. However, it is essential to monitor the market closely and consider various factors that can impact its direction.

What is important

Key takeaways:

– Positive sentiment is observed in the market due to recent developments such as the renewed optimism after the U.S. election results and the support for cryptocurrencies from influential figures like Senator Lummis and the Trump family.

– The launch of Coinbase’s Wrapped Bitcoin on the Solana blockchain and the public mainnet release of Eclipse’s SVM L2 on Ethereum indicate the growing adoption and innovation in the cryptocurrency market.

– Price volatility remains a significant factor, as seen in recent fluctuations in Ethereum’s price due to an ETH whale dumping a substantial amount of coins.

– It is crucial to keep track of market indicators and news to make informed decisions and manage the risks associated with investing in cryptocurrencies.

– The cryptocurrency market continues to evolve rapidly, with new technologies and market dynamics shaping its future.

Top 5 – Latest Headlines & Cryptocurrency News

  1. Crypto stocks and Bitcoin rally after Trump´s victory– Crypto stocks and Bitcoin rally after Trump´s victory. Details here…
  2. Senator Lummis pushes for U.S. Bitcoin Reserve, echoes Trump´s crypto support– Senator Lummis supports a U.S. Bitcoin reserve and echoes Trump´s crypto support.
  3. Dos and Don´ts: Finance Minister Explains Russia´s Cryptocurrency Strategy– Russia´s Finance Minister explains the country´s cryptocurrency strategy.
  4. JPMorgan Chase Forecasts ´Additional Upside´ for Bitcoin, Crypto and Gold As Trump Retakes White House: Report– JPMorgan Chase predicts further gains for Bitcoin, crypto, and gold as Trump returns to the White House.
  5. Coinbase Brings Bitcoin to Solana with cbBTC– Coinbase has added support for Bitcoin on the Solana blockchain.

Factors Driving the Growth – Market Sentiment

Based on the analysis of the ‘Positive Keywords’ and ‘Negative Keywords’ tables, the most mentioned positive sentiment keywords in the news within the last 24 hours are ‘bitcoin,’ ‘ethereum,’ ‘cryptocurrency market,’ ‘solana,’ ‘cardano,’ and ‘rally.’ These keywords reflect the positive sentiment in the market driven by developments such as the U.S. election results, support for cryptocurrencies from influential figures, and the launch of innovative projects.

On the other hand, the most mentioned negative sentiment keywords include ‘crypto,’ ‘ceo,’ ‘kidnapped,’ ‘$1 million,’ ‘arrested,’ and ‘bitcoin rally.’ These keywords highlight negative incidents or concerns in the market, such as regulatory scrutiny and criminal activities.

Positive Terms – Sentiment Analysis

OccurrencesKeyword
44bitcoin
13ethereum
12cryptocurrency market
12solana
10cryptocurrency
10price
9cardano
9detroit
8rally
8trump

Negative Terms – Sentiment Analysis

OccurrencesKeyword
5cryptocurrency
4ceo
4kidnapped
2$1 million
2arrested
2bitcoin
2bitcoin rally
2california
2convicted
2nigerian crypto crackdown

Crypto Investor Fear & Greed Index

Analyzing the ‘Fear and Greed Indicators’ table, the fear and greed indicators for the available sources show a mixed sentiment within the last 24 hours. Alternative.me’s indicators suggest that the market sentiment swings between fear and greed, while Binance.com and BitDegree.org do not provide data for this period. The fear and greed indicators provide insights into the market sentiment but should be considered alongside other factors such as price movements and news developments to have a comprehensive understanding of the market dynamics.

DateValueVariationSource
2024-11-08 00:00:0075pt-2ptAlternative.me
2024-11-08 00:00:0077pt0ptAlternative.me
2024-11-07 00:00:0070pt0ptAlternative.me
2024-11-07 00:00:0077pt7ptAlternative.me
2024-11-06 00:00:0070pt0ptAlternative.me
2024-11-08 00:00:0075pt-2ptBinance.com
2024-11-08 00:00:0077pt0ptBinance.com
2024-11-07 00:00:0070pt0ptBinance.com
2024-11-07 00:00:0077pt7ptBinance.com
2024-11-06 00:00:0070pt0ptBinance.com
2024-11-08 00:00:0077pt7ptBitDegree.org
2024-11-07 00:00:0070pt0ptBitDegree.org
2024-11-06 00:00:0070pt0ptBitDegree.org
2024-11-08 00:00:0084pt0ptBtcTools.io
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 16:00:0070pt0ptBtcTools.io
2024-11-08 05:00:0059pt-1ptCoinstats.app
2024-11-08 00:00:0060pt-1ptCoinstats.app
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 15:00:0045pt0ptCoinstats.app

Bitcoin: Active Addresses

Analyzing the ‘Bitcoin Address Indicators’ table, the addresses with various balance thresholds show different patterns. The number of addresses increases as the balance threshold decreases, highlighting the distribution of Bitcoin wealth across a larger number of addresses. This indicates a broader participation and decentralization of ownership in the Bitcoin network. The total number of addresses also continues to grow, indicating ongoing interest and adoption of Bitcoin.

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 relevant economic indicators and events impacting the cryptocurrency market. Some notable events within the last 24 hours include the release of CFTC speculative net positions for various currencies, the U.S. Baker Hughes Total Rig Count, and the WASDE Report. These events can influence market sentiment, particularly when they involve major currencies or impact macroeconomic factors that affect the broader financial market.

DateImpactEvent
2024-11-08 19:30:00ModerateEUR – CFTC EUR speculative net positions
2024-11-08 19:30:00ModerateJPY – CFTC JPY speculative net positions
2024-11-08 19:30:00ModerateBRL – CFTC BRL speculative net positions
2024-11-08 19:30:00ModerateAUD – CFTC AUD speculative net positions
2024-11-08 19:30:00ModerateUSD – CFTC S&P 500 speculative net positions
2024-11-08 19:30:00ModerateUSD – CFTC Nasdaq 100 speculative net positions
2024-11-08 19:30:00ModerateUSD – CFTC Gold speculative net positions
2024-11-08 19:30:00ModerateUSD – CFTC Crude Oil speculative net positions
2024-11-08 19:30:00ModerateGBP – CFTC GBP speculative net positions
2024-11-08 18:00:00ModerateUSD – U.S. Baker Hughes Total Rig Count
2024-11-08 18:00:00ModerateUSD – U.S. Baker Hughes Oil Rig Count
2024-11-08 17:00:00ModerateUSD – WASDE Report
2024-11-08 16:00:00ModerateUSD – FOMC Member Bowman Speaks
2024-11-08 15:00:00ModerateUSD – Retail Inventories Ex Auto (Sep)
2024-11-08 15:00:00ModerateUSD – Michigan Consumer Sentiment (Nov)
2024-11-08 15:00:00ModerateUSD – Michigan Consumer Expectations (Nov)
2024-11-08 15:00:00ModerateUSD – Michigan 5-Year Inflation Expectations (Nov)
2024-11-08 15:00:00ModerateUSD – Michigan 1-Year Inflation Expectations (Nov)
2024-11-08 15:00:00ModerateConsumer Sentiment Index
2024-11-08 15:00:00ModerateConsumer Sentiment Year-ahead Inflation Expectations
2024-11-08 13:30:00ModerateCAD – Unemployment Rate (Oct)
2024-11-08 13:30:00ModerateCAD – Employment Change (Oct)
2024-11-08 12:15:00ModerateGBP – BoE MPC Member Pill Speaks
2024-11-08 12:00:00ModerateBRL – CPI (YoY) (Oct)
2024-11-08 10:00:00ModerateEUR – EU Leaders Summit
2024-11-08 09:30:00ModerateEUR – ECB McCaul Speaks
2024-11-08 09:00:00ModerateCHF – SECO Consumer Climate (Q4)
2024-11-08 08:00:00ModerateCHF – SECO Consumer Climate (Q4)
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 – Fed´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)

Crypto Assets Prices

The ‘Prices’ table reflects price variations, 24-hour volume, and volatility for major cryptocurrencies. The recent analysis shows positive trends in the prices of Bitcoin, Ethereum, and Binance Coin. However, it is important to note that price volatility remains a characteristic of the market, as indicated by fluctuations and variations in these cryptocurrencies’ prices. The 24-hour volume and volatility provide insights into market liquidity and trading activity, essential factors to consider when assessing market conditions.

DateCryptocurrencyPricePrice Variation24h Variation24h Variation Difference24h Volatility24h Volatility Difference
2024-11-08 14:23:00Bitcoin76,060.611.62%1.660.04%2.91-1.01%
2024-11-07 14:23:00Bitcoin74,832.191.24%1.62-4.02%3.93-5.78%
2024-11-06 14:23:00Bitcoin73,906.366.61%5.634.71%9.716.32%
2024-11-08 14:23:00Ethereum2,939.984.32%5.28-2.35%6.32-3.99%
2024-11-07 14:23:00Ethereum2,813.036.95%7.621.64%10.300.03%
2024-11-06 14:23:00Ethereum2,617.616.51%5.986.11%10.276.14%
2024-11-08 14:23:00Binance Coin599.511.29%1.56-0.39%2.76-2.79%
2024-11-07 14:23:00Binance Coin591.771.79%1.95-0.40%5.550.12%
2024-11-06 14:23:00Binance Coin581.203.33%2.351.61%5.432.06%

Cryptocurrency Capitalization and Volume

Analyzing the ‘Market Capitalizations and Volumes’ table, it is observed that the total market capitalization has experienced positive variations for major cryptocurrencies such as Bitcoin, Ethereum, and Tether. This indicates increased market confidence and investments in these cryptocurrencies. The total volume also shows fluctuations, reflecting changing levels of trading activity. Understanding these capitalization and volume trends can provide insights into the overall sentiment and participation of investors in the cryptocurrency market.

DateCryptocurrencyCapitalizationCapitalization VariationVolumeVolume Variation
2024-11-08 00:00:00Binance Coin87,347,454,5381.10%1,129,603,171-38.96%
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%
2024-11-08 00:00:00Bitcoin1,503,021,876,6470.42%70,227,206,295-48.68%
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%
2024-11-08 00:00:00Ethereum348,483,799,9766.34%38,201,587,014-15.34%
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%
2024-11-08 00:00:00Tether121,575,251,9170.80%67,040,890,997-47.93%
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%

Cryptocurrency Exchanges Volume and Variation

The ‘Exchanges’ table presents information on the total volume and variations in trading for major exchanges. The analysis shows mixed trends, with variations in trading volume across different exchanges. It is important to consider the role of exchanges in facilitating cryptocurrency trading and the impact of trading volumes on market liquidity and pricing dynamics.

DateExchangeVolumeVariation
2024-11-08 00:00:00Binance334,781-40.23%
2024-11-07 00:00:00Binance560,090141.98%
2024-11-06 00:00:00Binance231,4605.79%
2024-11-08 00:00:00Binance US221-53.57%
2024-11-07 00:00:00Binance US476232.87%
2024-11-06 00:00:00Binance US14326.55%
2024-11-08 00:00:00Bitfinex4,394-54.82%
2024-11-07 00:00:00Bitfinex9,725199.97%
2024-11-06 00:00:00Bitfinex3,24223.74%
2024-11-08 00:00:00Bybit75,648-33.07%
2024-11-07 00:00:00Bybit113,02793.68%
2024-11-06 00:00:00Bybit58,357-9.09%
2024-11-08 00:00:00Coinbase67,094-32.47%
2024-11-07 00:00:00Coinbase99,358201.00%
2024-11-06 00:00:00Coinbase33,0091.07%
2024-11-08 00:00:00Crypto.com98,226-20.85%
2024-11-07 00:00:00Crypto.com124,10758.83%
2024-11-06 00:00:00Crypto.com78,13612.11%
2024-11-08 00:00:00Gate.io64,647-43.02%
2024-11-07 00:00:00Gate.io113,450217.20%
2024-11-06 00:00:00Gate.io35,76619.35%
2024-11-08 00:00:00Kraken18,679-45.58%
2024-11-07 00:00:00Kraken34,322186.81%
2024-11-06 00:00:00Kraken11,9675.74%
2024-11-08 00:00:00KuCoin15,520-30.34%
2024-11-07 00:00:00KuCoin22,281129.35%
2024-11-06 00:00:00KuCoin9,71513.18%
2024-11-08 00:00:00OKX51,084-47.14%
2024-11-07 00:00:00OKX96,648189.20%
2024-11-06 00:00:00OKX33,41920.36%

Mining – Blockchain Technology

The ‘Mining’ table provides insights into important indicators related to the computational mining capacity in the cryptocurrency market. Notable data points indicate variations in mining difficulty, mined blocks, block rewards, and hash rate. These indicators reflect the overall mining activity and the level of computational power supporting the cryptocurrency networks. By understanding these indicators, we can gain insights into the overall health and security of the underlying blockchain networks.

Item2024-11-082024-11-072024-11-062024-11-052024-11-042024-11-032024-11-02
Difficulty101.65T101.65T101.65T101.65T95.67T95.67T95.67T
Difficulty Variation0.00%0.00%0.00%6.24%0.00%0.00%0.00%
Blocks869.35K869.20K869.04K868.90K868.75K868.62K868.48K
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 GB783.79B768.61B703.01B757.93B633.15B671.42B728.57B
Hash Rate GB Variation1.97%9.33%-7.25%19.71%-5.70%-7.84%-3.19%

Conclusion

In conclusion, the cryptocurrency market has seen a neutral to trending up trend in the last 24 hours. Positive sentiment is clear, driven by recent developments such as the U.S. election results, support for cryptocurrencies from influential figures, and innovative projects and partnerships within the crypto industry. However, price volatility remains a significant factor, as observed in fluctuations and variations in the prices of major cryptocurrencies. It is essential to monitor market indicators, news developments, and other factors to make informed decisions and manage the risks associated with investing in cryptocurrencies.

So What

The current state of the cryptocurrency market has practical implications for various stakeholders. Investors should exercise caution and carefully analyze market trends, news developments, and indicators to make informed decisions. Traders can take advantage of price volatility and trading opportunities presented by market fluctuations. The growing adoption of cryptocurrencies and blockchain technology indicates the need for continued research, innovation, and regulatory considerations to foster a sustainable and secure ecosystem. Market participants should stay updated and adapt to the evolving landscape to navigate the potential risks and opportunities.

What next?

Looking ahead, the cryptocurrency market is expected to remain dynamic and subject to various factors and developments. Regulatory actions, macroeconomic trends, technological advancements, and global events will continue to influence market sentiment and performance. It is important to closely monitor these factors and stay informed about the latest news and updates to adapt strategies accordingly. Additionally, market participants should be prepared for potential price volatility and consider diversifying their portfolios to manage risks. Overall, the future of the cryptocurrency market remains promising, driven by increasing adoption, innovation, and growing financial interest in the digital asset space.

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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