📃 Sep 17, 2024 – USA Cryptocurrency Market 8h Daily Trend Forecast

Crypto Market Analysis & Trend: Neutral/Trending Down

In the last 24 hours, the cryptocurrency market has shown a neutral to trending down pattern. Bitcoin, the leading cryptocurrency, experienced a slight price decrease of around 2.93% compared to the previous day, reaching a new 40-month low against Bitcoin. Ethereum also faced a decline of approximately 4.82%, indicating a negative sentiment in the market. The overall market capitalization and trading volume have exhibited a downward trend, reflecting a cautious sentiment among investors.

The evidence supporting this analysis comes from the negative keywords frequently mentioned in the news, such as ‘price’, ‘crash’, and ‘downturn’. Furthermore, the fear and greed indicators display a sentiment towards fear, with a majority of fear-indicating values in the ‘Fear and Greed Indicators’ table. These factors contribute to a low confidence level in the market’s short-term performance.

Despite the current downturn, it is important to consider the long-term potential of cryptocurrencies. Major players in the industry, such as MicroStrategy, continue to show confidence in Bitcoin by announcing a $700 million raise to acquire more Bitcoin. Additionally, Bhutan’s significant investments in Bitcoin demonstrate a growing interest from governments and institutional investors, hinting at the long-term viability of cryptocurrencies as an asset class.

It is crucial for investors to stay informed and closely monitor the market trends. As the market moves towards increased adoption and regulatory developments, it is expected that the cryptocurrency market will encounter both ups and downs. Practicing caution and conducting thorough research are essential for making informed investment decisions.

What is important

In the current state of the cryptocurrency market, several key factors are worth considering. Firstly, the market sentiment appears to be leaning towards a cautious stance, as indicated by the negative keywords and the fear-indicating values observed in the ‘Negative Keywords’ and ‘Fear and Greed Indicators’ tables. There has been a decline in the prices of major cryptocurrencies, including Bitcoin and Ethereum, which has led to a more bearish sentiment.

Secondly, it is crucial to keep an eye on economic events that may impact the cryptocurrency market. The ‘Economic Events’ table provides insights into upcoming events, such as the Treasury International Capital Net Long-Term Securities Transactions, which can influence market dynamics.

Additionally, monitoring the market capitalizations and volumes of major cryptocurrencies, as outlined in the ‘Market Capitalizations and Volumes’ table, can provide valuable information about the overall health of the market and potential investment opportunities.

Lastly, tracking the performance of notable exchanges and understanding their volumes, as highlighted in the ‘Exchanges’ table, can assist in evaluating trading opportunities and market liquidity. Investors should pay attention to the trends and developments within the mining sector, as depicted in the ‘Mining’ table, as it provides insights into the overall computational mining capacity.

By considering these factors and staying informed about the latest news and developments, investors can make more informed decisions in the ever-changing cryptocurrency market.

Top 5 – Latest Headlines & Cryptocurrency News

  1. Ethereum´s Bounce Back Allows Investors To Capitalize With Mpeppe´s Gains-Proven Coin– Ethereum´s bounce back allows investors to capitalize with MPEPPE´s gains proven coin.
  2. Ethereum falls to new 40-month low vs. Bitcoin — Bottom or more pain ahead?– Ethereum hits a 40-month low, signaling a downturn in the cryptocurrency market.
  3. Top Trader Adds Nervos Network (CKB) and Mpeppe (MPEPE) To Holdings and Says There´s More Upward Potential– A top trader adds Nervos Network (CKB) and Mpeppe (MPEPE) to their holdings, expressing belief in their upward potential.
  4. Nervos Network (CKB), Kaspa (KAS) & Mpeppe: 3 Reason´s You Must Hold These Cryptocurrencies For Gains– Hold Nervos Network (CKB) and Kaspa (KAS) for potential gains in the cryptocurrency market.
  5. SHIB vs DOGE vs GEGG: Top Analyst Predicts GEGG Will Surpass SHIB & DOGE as a Top 100 AI Altcoin for 2024– Top analyst predicts GEGG will surpass SHIB and DOGE as a top 100 AI altcoin for 2024.

Factors Driving the Growth – Market Sentiment

Analyzing the ‘Positive Keywords’ and ‘Negative Keywords’ tables, it is evident that positive sentiment is associated with terms such as ‘cryptocurrency market’, ‘bitcoin’, ‘ethereum’, ‘stablecoin’, and ‘rally’. This indicates a focus on market performance and potential investment opportunities.

On the other hand, negative sentiment is observed with keywords including ‘price’, ‘bitcoin mining profitability’, ‘crash’, and ‘Fed’. These keywords reflect concerns related to the downward price movement and potential impacts of external factors such as Fed rate cuts.

Overall, these keywords can provide a snapshot of the current sentiment and key themes within the cryptocurrency market.

Positive Terms – Sentiment Analysis

OccurrencesKeyword
19cryptocurrency market
17bitcoin
8ethereum
6gegg
6microstrategy
6mpeppe
6rally
6stablecoin
6surge
5bhutan

Negative Terms – Sentiment Analysis

OccurrencesKeyword
12bitcoin
6ethereum
3cryptocurrency market
3price
2avalanche
2bitcoin mining profitability
2crash
2fed
2fed rate cut
2market

Crypto Investor Fear & Greed Index

The ‘Fear and Greed Indicators’ table reveals a sentiment of fear prevailing in the cryptocurrency market. The majority of fear-indicating values between 25 and 49 indicate caution among investors. The fear levels can be attributed to the recent price declines and the general uncertainty in the market. It is important to note that fear is a reflection of short-term sentiment and can contribute to increased market volatility.

DateValueVariationSource
2024-09-17 00:00:0033pt-6ptAlternative.me
2024-09-16 00:00:0039pt-12ptAlternative.me
2024-09-16 00:00:0051pt0ptAlternative.me
2024-09-15 00:00:0050pt0ptAlternative.me
2024-09-15 00:00:0051pt1ptAlternative.me
2024-09-17 00:00:0033pt-6ptBinance.com
2024-09-16 00:00:0039pt-12ptBinance.com
2024-09-16 00:00:0051pt0ptBinance.com
2024-09-15 00:00:0050pt0ptBinance.com
2024-09-15 00:00:0051pt1ptBinance.com
2024-09-17 00:00:0033pt-18ptBitDegree.org
2024-09-16 00:00:0051pt1ptBitDegree.org
2024-09-15 00:00:0050pt0ptBitDegree.org
2024-09-17 08:00:0065pt2ptBtcTools.io
2024-09-17 00:00:0063pt1ptBtcTools.io
2024-09-16 16:00:0062pt-1ptBtcTools.io
2024-09-16 08:00:0063pt-1ptBtcTools.io
2024-09-16 00:00:0064pt-3ptBtcTools.io
2024-09-15 08:00:0067pt3ptBtcTools.io
2024-09-15 00:00:0064pt0ptBtcTools.io
2024-09-17 00:00:0033pt-6ptCoinstats.app
2024-09-16 00:00:0039pt-12ptCoinstats.app
2024-09-15 00:00:0051pt0ptCoinstats.app

Bitcoin: Active Addresses

The ‘Bitcoin Address Indicators’ table provides insights into the active addresses of wallets and quantities of wallet addresses based on balance values. The data shows fluctuations in the number of active addresses and their corresponding variations. It is crucial to monitor these indicators to understand the overall activity and engagement within Bitcoin’s network.

DateAddressesVariationIndicatorSource
2024-09-17 13:00:001,325,208,7150.00%Total Addressesbitaps.com
2024-09-17 13:00:001,272,706,1400.00%Zero Balance Addressesbitaps.com
2024-09-17 13:00:00750,3241.51%Bitcoin Active Addressesbtc.com
2024-09-17 13:00:00540,5640.00%Addresses with over 0bitaps.com
2024-09-17 13:00:00219,3850.00%Addresses with over 0.0000001bitaps.com
2024-09-17 13:00:003,776,6150.01%Addresses with over 0.000001bitaps.com
2024-09-17 13:00:0010,629,4290.00%Addresses with over 0.00001bitaps.com
2024-09-17 13:00:0013,007,2090.01%Addresses with over 0.0001bitaps.com
2024-09-17 13:00:0011,635,0410.01%Addresses with over 0.001bitaps.com
2024-09-17 13:00:008,107,6120.00%Addresses with over 0.01bitaps.com
2024-09-17 13:00:003,571,9060.00%Addresses with over 0.1bitaps.com
2024-09-17 13:00:00861,5910.00%Addresses with over 1bitaps.com
2024-09-17 13:00:00137,1130.00%Addresses with over 10bitaps.com
2024-09-17 13:00:0014,030-0.01%Addresses with over 100bitaps.com
2024-09-17 13:00:001,9780.00%Addresses with over 1,000bitaps.com
2024-09-17 13:00:00980.00%Addresses with over 10,000bitaps.com
2024-09-17 13:00:0040.00%Addresses with over 100,000bitaps.com

Economic events to move the cryptocurrency market

The ‘Economic Events’ table outlines key economic events that may impact the broader financial market, including the cryptocurrency market. These events, such as the Treasury International Capital Net Long-Term Securities Transactions and Housing Starts and Permits, can influence market sentiments and investor decisions. Staying updated on these events can help investors anticipate potential market movements and adjust their strategies accordingly.

DateImpactEvent
2024-09-18 20:00:00ModerateTreasury International Capital Net Long-Term Securities Transactions
2024-09-18 14:30:00HighEIA Petroleum Status Report Gasoline Inventories – W/W
2024-09-18 14:30:00HighEIA Petroleum Status Report Crude Oil Inventories – W/W
2024-09-18 14:30:00HighEIA Petroleum Status Report Distillate Inventories – W/W
2024-09-18 12:30:00HighHousing Starts and Permits Permits – Annual Rate
2024-09-18 12:30:00HighHousing Starts and Permits Starts – Annual Rate
2024-09-17 23:50:00ModerateJPY – Trade Balance (Aug)
2024-09-17 23:50:00ModerateJPY – Exports (YoY) (Aug)
2024-09-17 23:50:00ModerateJPY – Adjusted Trade Balance
2024-09-17 22:45:00ModerateNZD – Current Account (QoQ) (Q2)
2024-09-17 22:45:00ModerateNZD – Current Account (YoY) (Q2)
2024-09-17 22:00:00ModerateCAD – BoC Senior Deputy Governor Rogers Speaks
2024-09-17 21:00:00ModerateNZD – Westpac Consumer Sentiment (Q3)
2024-09-17 20:30:00ModerateUSD – API Weekly Crude Oil Stock
2024-09-17 17:00:00ModerateUSD – 20-Year Bond Auction
2024-09-17 16:00:00ModerateUSD – Atlanta Fed GDPNow (Q3)
2024-09-17 14:00:00ModerateUSD – Retail Inventories Ex Auto (Jul)
2024-09-17 14:00:00ModerateUSD – Business Inventories (MoM) (Jul)
2024-09-17 14:00:00ModerateBusiness Inventories Manufacturing Inventories
2024-09-17 14:00:00ModerateBusiness Inventories Retail Inventories
2024-09-17 14:00:00ModerateBusiness Inventories Month over Month
2024-09-17 14:00:00ModerateHousing Market Index Index
2024-09-17 14:00:00ModerateBusiness Inventories Wholesale Inventories
2024-09-17 13:15:00ModerateUSD – Industrial Production (YoY) (Aug)
2024-09-17 13:15:00ModerateUSD – Industrial Production (MoM) (Aug)
2024-09-17 13:15:00HighIndustrial Production Industrial Production – M/M
2024-09-17 13:15:00HighIndustrial Production Manufacturing Output – M/M
2024-09-17 13:15:00HighIndustrial Production Capacity Utilization Rate
2024-09-17 13:00:00ModerateEUR – ECB´s Elderson Speaks
2024-09-17 12:30:00ModerateCAD – CPI (MoM) (Aug)
2024-09-17 12:30:00ModerateCAD – Core CPI (MoM) (Aug)
2024-09-17 12:30:00ModerateCAD – Core CPI (YoY) (Aug)
2024-09-17 12:30:00HighUSD – Retail Sales (MoM) (Aug)
2024-09-17 12:30:00ModerateUSD – Retail Control (MoM) (Aug)
2024-09-17 12:30:00HighUSD – Core Retail Sales (MoM) (Aug)
2024-09-17 12:30:00HighRetail Sales Retail Sales – M/M
2024-09-17 12:30:00HighRetail Sales Ex-Vehicles – M/M
2024-09-17 12:30:00HighRetail Sales Ex-Vehicles & Gas – M/M
2024-09-17 12:15:00ModerateCAD – Housing Starts (Aug)
2024-09-17 09:00:00ModerateEUR – ZEW Economic Sentiment (Sep)
2024-09-17 09:00:00ModerateEUR – ECB McCaul Speaks
2024-09-17 09:00:00ModerateEUR – German ZEW Economic Sentiment (Sep)
2024-09-17 09:00:00ModerateEUR – German ZEW Current Conditions (Sep)
2024-09-17 07:30:00ModerateEUR – German Buba Vice President Buch Speaks
2024-09-17 06:30:00ModerateINR – WPI Inflation (YoY) (Aug)
2024-09-17 04:30:00ModerateJPY – Tertiary Industry Activity Index (MoM) (Jul)
2024-09-16 16:00:00ModerateRUB – GDP Quarterly (YoY) (Q2)

Crypto Assets Prices

Analyzing the ‘Prices’ table, it is evident that the major cryptocurrencies experienced price fluctuations in the last 24 hours. Bitcoin and Ethereum faced declines, while Binance Coin showcased a relatively stable performance. These price movements reflect the current market sentiment, indicating caution among investors and potential selling pressures. It is essential for investors to closely monitor price trends and consider various factors before making investment decisions.

DateCryptocurrencyPricePrice Variation24h Variation24h Variation Difference24h Volatility24h Volatility Difference
2024-09-17 14:14:00Bitcoin59,735.952.35%3.706.93%3.98-0.12%
2024-09-16 14:14:00Bitcoin58,330.23-2.93%-3.23-3.44%4.092.49%
2024-09-15 14:14:00Bitcoin60,040.330.53%0.21-1.95%1.60-2.28%
2024-09-17 14:14:00Ethereum2,333.021.68%2.417.30%3.19-4.05%
2024-09-16 14:14:00Ethereum2,293.72-4.82%-4.90-4.24%7.244.98%
2024-09-15 14:14:00Ethereum2,404.25-0.50%-0.66-2.75%2.26-2.02%
2024-09-17 14:14:00Binance Coin545.40-0.17%1.113.56%3.68-0.28%
2024-09-16 14:14:00Binance Coin546.30-1.85%-2.45-3.17%3.961.49%
2024-09-15 14:14:00Binance Coin556.400.90%0.720.38%2.470.33%

Cryptocurrency Capitalization and Volume

The ‘Market Capitalizations and Volumes’ table provides insights into the total market capitalization and volume of major cryptocurrencies. In the last 24 hours, the market capitalization has shown a slight decrease, reflecting the overall bearish sentiment. It is important to monitor these metrics as they indicate the overall health and liquidity of the market.

DateCryptocurrencyCapitalizationCapitalization VariationVolumeVolume Variation
2024-09-17 00:00:00Binance Coin77,796,992,721-3.68%1,143,320,91188.74%
2024-09-16 00:00:00Binance Coin80,766,431,2340.01%605,770,42310.97%
2024-09-15 00:00:00Binance Coin80,760,634,269-0.58%545,895,464-43.23%
2024-09-17 00:00:00Bitcoin1,149,323,035,757-1.74%29,529,409,848116.44%
2024-09-16 00:00:00Bitcoin1,169,620,524,573-1.34%13,643,321,348-3.88%
2024-09-15 00:00:00Bitcoin1,185,474,573,511-0.90%14,193,441,761-52.29%
2024-09-17 00:00:00Ethereum276,116,638,715-1.20%16,264,714,60873.59%
2024-09-16 00:00:00Ethereum279,461,789,352-3.98%9,369,713,44530.20%
2024-09-15 00:00:00Ethereum291,056,758,773-0.91%7,196,236,247-45.19%
2024-09-17 00:00:00Tether118,673,806,683-0.12%41,803,580,99283.41%
2024-09-16 00:00:00Tether118,816,754,5660.16%22,792,556,146-2.46%
2024-09-15 00:00:00Tether118,623,406,5270.03%23,366,455,751-45.01%

Cryptocurrency Exchanges Volume and Variation

The ‘Exchanges’ table illustrates the total trading volumes of major exchanges in the cryptocurrency market. Despite the overall downturn, certain exchanges have shown an increase in trading volumes, indicating potential opportunities for investors. Monitoring the volumes and variations can provide insights into market liquidity and trading opportunities.

DateExchangeVolumeVariation
2024-09-17 00:00:00Binance212,64470.04%
2024-09-16 00:00:00Binance125,05716.73%
2024-09-15 00:00:00Binance107,130-45.90%
2024-09-17 00:00:00Binance US970.00%
2024-09-16 00:00:00Binance US9731.08%
2024-09-15 00:00:00Binance US74-35.65%
2024-09-17 00:00:00Bitfinex2,351-6.26%
2024-09-16 00:00:00Bitfinex2,50855.01%
2024-09-15 00:00:00Bitfinex1,618-47.96%
2024-09-17 00:00:00Bybit71,92861.63%
2024-09-16 00:00:00Bybit44,50118.65%
2024-09-15 00:00:00Bybit37,505-45.89%
2024-09-17 00:00:00Coinbase170.00%
2024-09-16 00:00:00Coinbase170.00%
2024-09-15 00:00:00Coinbase176.25%
2024-09-17 00:00:00Crypto.com81,20065.15%
2024-09-16 00:00:00Crypto.com49,16748.21%
2024-09-15 00:00:00Crypto.com33,173-56.77%
2024-09-17 00:00:00Gate.io23,99346.33%
2024-09-16 00:00:00Gate.io16,39630.84%
2024-09-15 00:00:00Gate.io12,531-40.58%
2024-09-17 00:00:00Kraken9,677104.89%
2024-09-16 00:00:00Kraken4,7238.45%
2024-09-15 00:00:00Kraken4,355-64.86%
2024-09-17 00:00:00KuCoin8,62527.49%
2024-09-16 00:00:00KuCoin6,7657.14%
2024-09-15 00:00:00KuCoin6,314-23.29%
2024-09-17 00:00:00OKX27,41961.66%
2024-09-16 00:00:00OKX16,9616.21%
2024-09-15 00:00:00OKX15,970-37.68%

Mining – Blockchain Technology

Analyzing the ‘Mining’ table, it is evident that the mining difficulty, blocks, block rewards, and hash rate have shown varying trends in the cryptocurrency market. The recent fluctuations indicate challenges for miners, such as changes in difficulty levels and profitability. It is crucial to consider these factors when assessing the overall mining landscape and its potential impact on the market.

Item2024-09-172024-09-162024-09-152024-09-142024-09-132024-09-122024-09-11
Difficulty92.67T92.67T92.67T92.67T92.67T92.67T89.47T
Difficulty Variation0.00%0.00%0.00%0.00%0.00%3.58%0.00%
Blocks861.62K861.49K861.34K861.20K861.08K860.93K860.82K
Blocks Variation0.01%0.02%0.02%0.01%0.02%0.01%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 GB576.01B691.01B631.78B571.87B700.74B497.53B592.11B
Hash Rate GB Variation-16.64%9.38%10.48%-18.39%40.85%-15.97%-9.55%

Conclusion

In conclusion, the cryptocurrency market has experienced a neutral to trending down trend in the last 24 hours. Negative keywords and fear-indicating values present caution among investors. Despite the short-term challenges, long-term potential remains evident. Significant investments from institutions and governments, such as MicroStrategy and Bhutan, indicate sustained interest in cryptocurrencies. However, it is crucial for investors to closely monitor market trends, follow economic events, and consider the performance of major cryptocurrencies, exchanges, and mining landscape. By staying informed and adapting to the dynamic nature of the market, investors can navigate through the uncertainties and take advantage of potential opportunities.

So What

The current state of the cryptocurrency market has practical implications for investors. With a downturn in prices and cautious sentiment, it is essential to exercise caution and conduct thorough research before making investment decisions. Moreover, monitoring economic events, market capitalizations, and volumes can provide valuable insights into market trends and potential opportunities. It is important for investors to diversify their portfolios and consider long-term investment strategies in line with their risk tolerance and investment goals.

What next?

Looking ahead, the cryptocurrency market is expected to continue experiencing both ups and downs. As regulatory frameworks evolve and institutional adoption expands, the market may witness increased stability and gradual growth. However, uncertainties remain, and market participants should stay informed about market developments, economic events, and technological advancements. Tracking the performance of major cryptocurrencies, exchanges, and mining activities will offer insights into potential trends and opportunities in the near future.

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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