11/10/2023 Crypto Market Analysis & Trend: Low
Over the last 24 hours, the cryptocurrency market has shown a downward trajectory, as evident from the ‘Price’ data set.
Particularly, notable cryptocurrencies like Bitcoin and Ethereum have exhibited negative price variations, with Bitcoin dipping by 0.73% and Ethereum by 0.80%.
This decline suggests an increased selling pressure in the market, which can be affirmatively associated with the prevailing sentiments captured by the ‘Negative Keywords’ data.
An evident rise in negative sentiment keywords like ‘Hamas’, ‘fraud’, ‘Binace’, and ‘warning’ indicates a growing concern among investors and stakeholders, potentially driving this bearish market trend.
However, the duration of this trend primarily depends on how the market responds to these negative cues and sentiments in the next 8 hours.
What is important
The current state of the cryptocurrency market is dominated by negative sentiments, primarily triggered by security concerns and market manipulations.
This has largely impacted the price trends of major cryptocurrencies, with both Bitcoin and Ethereum experiencing price dips.
The ‘Fear and Greed Indicators’ also exhibit figures representing ‘fear,’ suggesting a cautious and risk-averse market behavior.
Latest Crypto News – Top 5
- Israeli Authorities Freeze Hamas-Linked Crypto Accounts with Binance´s Assistance: Report– Israeli authorities freeze Hamas-linked crypto accounts with Binance´s assistance.
- Binance CEO´s Risky Bet: $1 Billion Rescue Fund Crashes– Binance CEO´s $1 billion rescue fund crashes.
- Standard Chartered´s Research Predicts Ethereum to Hit $8K by 2026 and Eyes $35K Long-Term– Standard Chartered´s research predicts Ethereum to hit $8k by 2026 and eyes $35k long term
- FTX Founder Sam Bankman-Fried Accused Of Inducing Criminal Behavior By Caroline Ellison– Bankman-Fried, the founder of FTX, has been accused of criminal activity
- Jim Cramer thinks ´Mr. Bitcoin is about to go down big´– Jim Cramer thinks Mr. Bitcoin is about to go down big
Factors Driving the Growth – Market Sentiment
An analysis of the ‘Positive Keywords’ and ‘Negative Keywords’ tables reveals a surge in negativity within the market.
Although positive events like potential Bitcoin growth are still being discussed, the emphasis on negative incidents, such as security concerns (Hamas, fraud warnings), market manipulations, and decreased trust in prominent market players (Binance), is significantly higher.
Positive Terms – Sentiment Analysis
| Occurrences | Keyword |
|---|---|
| 7 | cryptocurrency market |
| 4 | bitcoin |
| 2 | 2023 |
| 2 | ethereum |
| 2 | standard chartered |
| 2 | stocks |
| 2 | xrp |
| 1 | $120,000 |
| 1 | $1b |
| 1 | $20m |
Negative Terms – Sentiment Analysis
| Occurrences | Keyword |
|---|---|
| 9 | bitcoin |
| 7 | cryptocurrency market |
| 6 | ethereum |
| 6 | hamas |
| 5 | sam bankman-fried |
| 4 | binance |
| 4 | ftx |
| 4 | israel |
| 4 | jim cramer |
| 4 | warning |
Crypto Fear & Greed Index
A significant share of Fear and Greed Indicators is in the ‘fear’ zone, representing market insecurity.
This can be linked to the increased chatter around negative events and sentiments in the market, prompting the investors to tread cautiously.
| Date | Value | Variation | Source |
|---|---|---|---|
| 11/10/2023 00:00:00 | 47pt | -3pt | Alternative.me |
| 11/10/2023 00:00:00 | 50pt | 0pt | Alternative.me |
| 10/10/2023 00:00:00 | 50pt | 0pt | Alternative.me |
| 09/10/2023 00:00:00 | 50pt | 0pt | Alternative.me |
| 11/10/2023 00:00:00 | 50pt | 0pt | BitDegree.org |
| 10/10/2023 00:00:00 | 50pt | 0pt | BitDegree.org |
| 09/10/2023 00:00:00 | 50pt | 0pt | BitDegree.org |
| 11/10/2023 08:00:00 | 65pt | 2pt | BtcTools.io |
| 11/10/2023 00:00:00 | 63pt | -1pt | BtcTools.io |
| 10/10/2023 16:00:00 | 64pt | -1pt | BtcTools.io |
| 10/10/2023 00:00:00 | 65pt | -3pt | BtcTools.io |
| 09/10/2023 16:00:00 | 68pt | 3pt | BtcTools.io |
| 09/10/2023 08:00:00 | 65pt | 2pt | BtcTools.io |
| 09/10/2023 00:00:00 | 63pt | 0pt | BtcTools.io |
| 11/10/2023 00:00:00 | 47pt | -3pt | Coinstats.app |
| 10/10/2023 00:00:00 | 50pt | 0pt | Coinstats.app |
| 09/10/2023 00:00:00 | 50pt | 0pt | Coinstats.app |
| 11/10/2023 00:00:00 | 47pt | -3pt | LookIntoBitcoin.com |
| 10/10/2023 00:00:00 | 50pt | 0pt | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 50pt | 0pt | LookIntoBitcoin.com |
| 11/10/2023 00:00:00 | 47pt | -3pt | Milkroad.com |
| 11/10/2023 00:00:00 | 50pt | 0pt | Milkroad.com |
| 10/10/2023 00:00:00 | 50pt | 0pt | Milkroad.com |
| 09/10/2023 00:00:00 | 50pt | 0pt | Milkroad.com |
Bitcoin: Active Addresses
The ‘Bitcoin Address Indicators’ denote a general slowdown with reduced active addresses and minor negative variations.
However, there is still a moderate level of activities with addresses holding a balance of more than 0.01 Bitcoin, suggesting some level of market resilience.
| Date | Value | Variation | Address | Source |
|---|---|---|---|---|
| 10/10/2023 00:00:00 | 897,668 | -2.83% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 923,063 | -1.14% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 933,577 | -2.20% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 954,107 | -2.27% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 10/10/2023 00:00:00 | 12,343,753 | 0.00% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 12,343,374 | -0.06% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 12,351,106 | -0.01% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 12,352,661 | -0.12% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 10/10/2023 00:00:00 | 4,489,498 | 0.02% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 4,488,516 | 0.02% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 4,487,470 | -0.01% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 4,487,744 | -0.11% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 10/10/2023 00:00:00 | 1,019,649 | 0.01% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 1,019,596 | 0.02% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 1,019,372 | 0.02% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 1,019,120 | -0.26% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 10/10/2023 00:00:00 | 157,191 | 0.01% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 157,179 | -0.01% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 157,192 | 0.06% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 157,100 | -0.21% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 10/10/2023 00:00:00 | 15,883 | 0.09% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 15,868 | 0.08% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 15,856 | -0.08% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 15,868 | -0.01% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 10/10/2023 00:00:00 | 2,010 | -0.10% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 09/10/2023 00:00:00 | 2,012 | 0.00% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 08/10/2023 00:00:00 | 2,012 | 0.00% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 2,012 | 0.10% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
Economic events to move the cryptocurrency market
Economic events such as Treasury Statements, Petroleum Reports, and CPI data imply a generally high impact on the market.
However, the associated impact on the crypto market would need to be analyzed further given the industry’s distinct dynamics.
| Date | Impact | Event |
|---|---|---|
| 12/10/2023 18:00:00 | Moderate | Treasury Statement Balance |
| 12/10/2023 15:00:00 | High | EIA Petroleum Status Report Gasoline Inventories – W/W |
| 12/10/2023 15:00:00 | High | EIA Petroleum Status Report Crude Oil Inventories – W/W |
| 12/10/2023 15:00:00 | High | EIA Petroleum Status Report Distillate Inventories – W/W |
| 12/10/2023 14:30:00 | Moderate | EIA Natural Gas Report Week over Week |
| 12/10/2023 12:30:00 | High | CPI CPI – M/M |
| 12/10/2023 12:30:00 | High | Jobless Claims Initial Claims – Change |
| 12/10/2023 12:30:00 | High | Jobless Claims Initial Claims – Level |
| 12/10/2023 12:30:00 | High | Jobless Claims 4-Week Moving Average |
| 12/10/2023 12:30:00 | High | CPI CPI – Y/Y |
| 12/10/2023 12:30:00 | High | CPI Ex-Food & Energy- Y/Y |
| 12/10/2023 12:30:00 | High | CPI Ex-Food & Energy- M/M |
| 11/10/2023 23:01:00 | Moderate | GBP – RICS House Price Balance (Sep) |
| 11/10/2023 20:30:00 | Moderate | USD – API Weekly Crude Oil Stock |
| 11/10/2023 18:00:00 | High | USD – FOMC Meeting Minutes |
| 11/10/2023 17:00:00 | Moderate | USD – 10-Year Note Auction |
| 11/10/2023 16:15:00 | Moderate | USD – FOMC Member Bostic Speaks |
| 11/10/2023 16:00:00 | Moderate | RUB – CPI (MoM) (Sep) |
| 11/10/2023 16:00:00 | Moderate | RUB – CPI (YoY) (Sep) |
| 11/10/2023 16:00:00 | Moderate | USD – EIA Short-Term Energy Outlook |
| 11/10/2023 14:15:00 | Moderate | USD – Fed Waller Speaks |
| 11/10/2023 12:30:00 | Moderate | CAD – Building Permits (MoM) (Aug) |
| 11/10/2023 12:30:00 | High | USD – PPI (MoM) (Sep) |
| 11/10/2023 12:30:00 | Moderate | USD – Core PPI (MoM) (Sep) |
| 11/10/2023 12:30:00 | High | PPI-Final Demand Ex-Food, Energy & Trade Services – M/M |
| 11/10/2023 12:30:00 | High | PPI-Final Demand Ex-Food & Energy – M/M |
| 11/10/2023 12:30:00 | High | PPI-Final Demand Ex-Food & Energy – Y/Y |
| 11/10/2023 12:30:00 | High | PPI-Final Demand Ex-Food, Energy & Trade Services – Y/Y |
| 11/10/2023 12:30:00 | High | PPI-Final Demand PPI-FD – Y/Y |
| 11/10/2023 12:30:00 | High | PPI-Final Demand PPI-FD – M/M |
| 11/10/2023 12:00:00 | Moderate | BRL – CPI (YoY) (Sep) |
| 11/10/2023 11:00:00 | Moderate | CNY – New Loans |
| 11/10/2023 10:00:00 | Moderate | CNY – New Loans |
| 11/10/2023 09:00:00 | Moderate | CNY – New Loans |
| 11/10/2023 09:00:00 | Moderate | EUR – German Buba Mauderer Speaks |
| 11/10/2023 08:15:00 | Moderate | USD – FOMC Member Bowman Speaks |
| 11/10/2023 08:00:00 | Moderate | CNY – New Loans |
| 11/10/2023 06:00:00 | Moderate | EUR – German CPI (YoY) (Sep) |
| 11/10/2023 06:00:00 | High | EUR – German CPI (MoM) (Sep) |
| 11/10/2023 00:30:00 | Moderate | AUD – RBA Assist Gov Kent Speaks |
| 10/10/2023 22:00:00 | Moderate | USD – FOMC Member Daly Speaks |
| 10/10/2023 19:00:00 | Moderate | USD – FOMC Member Kashkari Speaks |
| 10/10/2023 17:30:00 | Moderate | USD – Fed Waller Speaks |
| 10/10/2023 17:00:00 | Moderate | USD – Fed Waller Speaks |
| 10/10/2023 17:00:00 | Moderate | USD – 3-Year Note Auction |
| 10/10/2023 16:30:00 | Moderate | EUR – German Buba Balz Speaks |
Cryptocurrency Prices
The ‘Prices’ data set indicates a general wave of price drops across major cryptocurrencies, including Bitcoin and Ethereum, over the last 24 hours.
This highlights an existing selling pressure in the market which, in turn, is influencing the overall trend.
| Date | Cryptocurrency | Price | Price Variation | 24h Variation | 24h Variation Difference | 24h Volatility | 24h Volatility Difference |
|---|---|---|---|---|---|---|---|
| 11/10/2023 00:00:00 | Bitcoin | 27,390.11 | -0.73% | -0.59 | 0.24% | 1.60 | -1.07% |
| 10/10/2023 00:00:00 | Bitcoin | 27,590.12 | -1.18% | -0.83 | -0.66% | 2.67 | 1.20% |
| 09/10/2023 00:00:00 | Bitcoin | 27,917.05 | 0.00% | -0.17 | 0.00% | 1.47 | 0.00% |
| 11/10/2023 00:00:00 | Ethereum | 1,567.63 | -0.80% | -0.65 | 2.21% | 2.86 | -2.96% |
| 10/10/2023 00:00:00 | Ethereum | 1,580.14 | -3.34% | -2.85 | -2.60% | 5.82 | 4.26% |
| 09/10/2023 00:00:00 | Ethereum | 1,632.84 | 0.00% | -0.25 | 0.00% | 1.56 | 0.00% |
| 11/10/2023 00:00:00 | Binance Coin | 208.60 | 1.34% | 1.31 | 3.73% | 3.60 | -1.45% |
| 10/10/2023 00:00:00 | Binance Coin | 205.80 | -2.72% | -2.42 | -1.95% | 5.05 | 3.13% |
| 09/10/2023 00:00:00 | Binance Coin | 211.40 | 0.00% | -0.47 | 0.00% | 1.92 | 0.00% |
Cryptocurrency Capitalization and Volume
According to the ‘Market Capitalizations and Volumes’ table, despite some fluctuations, the general trend in both capitalizations and volumes for major cryptocurrencies is negative.
This substantiates the ongoing bearish trend in the market.
| Date | Cryptocurrency | Capitalization | Capitalization Variation | Volume | Volume Variation |
|---|---|---|---|---|---|
| 11/10/2023 00:00:00 | Binance Coin | 32,124,877,056 | 1.44% | 555,476,619 | 14.44% |
| 10/10/2023 00:00:00 | Binance Coin | 31,663,076,066 | -2.77% | 475,288,217 | 47.01% |
| 09/10/2023 00:00:00 | Binance Coin | 32,540,141,230 | -0.37% | 251,859,887 | 37.36% |
| 11/10/2023 00:00:00 | Bitcoin | 534,655,184,151 | -0.68% | 11,634,746,676 | -15.32% |
| 10/10/2023 00:00:00 | Bitcoin | 538,282,690,588 | -1.25% | 13,417,496,252 | 35.70% |
| 09/10/2023 00:00:00 | Bitcoin | 544,989,660,642 | -0.12% | 8,627,631,924 | 33.82% |
| 11/10/2023 00:00:00 | Ethereum | 188,564,548,368 | -0.77% | 8,466,032,719 | -27.89% |
| 10/10/2023 00:00:00 | Ethereum | 190,023,356,510 | -3.37% | 10,827,113,052 | 52.75% |
| 09/10/2023 00:00:00 | Ethereum | 196,420,396,271 | -0.07% | 5,115,302,161 | 24.11% |
| 11/10/2023 00:00:00 | Tether | 83,483,900,707 | -0.05% | 11,036,501,310 | -81.75% |
| 10/10/2023 00:00:00 | Tether | 83,524,066,604 | 0.01% | 20,058,533,111 | 61.05% |
| 09/10/2023 00:00:00 | Tether | 83,516,000,504 | -0.01% | 7,812,779,878 | -12.27% |
Cryptocurrency Exchanges Volume and Variation
The ‘Exchanges’ table highlights a significant variation in the volumes across the exchanges, with some like Binance experiencing a downward trend over the last 24hours.
This variation in exchanges might be influencing the overall market volatility.
| Date | Exchange | Volume | Variation |
|---|---|---|---|
| 11/10/2023 00:00:00 | Binance | 196,687 | -8.87% |
| 10/10/2023 00:00:00 | Binance | 214,125 | 38.26% |
| 09/10/2023 00:00:00 | Binance | 132,195 | 15.31% |
| 11/10/2023 00:00:00 | Binance US | 226 | -35.12% |
| 10/10/2023 00:00:00 | Binance US | 306 | 47.17% |
| 09/10/2023 00:00:00 | Binance US | 162 | 21.82% |
| 11/10/2023 00:00:00 | Bitfinex | 3,373 | -91.53% |
| 10/10/2023 00:00:00 | Bitfinex | 6,461 | 81.13% |
| 09/10/2023 00:00:00 | Bitfinex | 1,219 | 3.49% |
| 11/10/2023 00:00:00 | Bybit | 34,960 | -23.07% |
| 10/10/2023 00:00:00 | Bybit | 43,026 | 55.69% |
| 09/10/2023 00:00:00 | Bybit | 19,063 | 28.21% |
| 11/10/2023 00:00:00 | Coinbase | 27,512 | -10.93% |
| 10/10/2023 00:00:00 | Coinbase | 30,518 | 58.14% |
| 09/10/2023 00:00:00 | Coinbase | 12,776 | 17.46% |
| 11/10/2023 00:00:00 | Crypto.com | 10,969 | -21.24% |
| 10/10/2023 00:00:00 | Crypto.com | 13,299 | 42.30% |
| 09/10/2023 00:00:00 | Crypto.com | 7,673 | 22.75% |
| 10/10/2023 00:00:00 | Gate.io | 22,310 | 43.42% |
| 09/10/2023 00:00:00 | Gate.io | 12,623 | 18.32% |
| 11/10/2023 00:00:00 | Kraken | 16,933 | -9.73% |
| 10/10/2023 00:00:00 | Kraken | 18,581 | 72.29% |
| 09/10/2023 00:00:00 | Kraken | 5,148 | 8.14% |
| 11/10/2023 00:00:00 | KuCoin | 7,177 | -36.34% |
| 10/10/2023 00:00:00 | KuCoin | 9,785 | 40.58% |
| 09/10/2023 00:00:00 | KuCoin | 5,815 | 0.97% |
| 10/10/2023 00:00:00 | OKX | 34,213 | 61.99% |
| 09/10/2023 00:00:00 | OKX | 13,006 | 9.53% |
Mining – Blockchain Technology
The ‘Mining’ data demonstrates a consistent level in difficulty, block rewards, and block variations over time thanks to the Bitcoin’s inherent self-adjusting mechanism.
However, the rising Hash Rate variability is indicative of shifting computational capacity among miners, possibly as a response to the market challenges.
| Item | 10/10/2023 | 09/10/2023 | 08/10/2023 | 07/10/2023 | 06/10/2023 | 05/10/2023 |
|---|---|---|---|---|---|---|
| Difficulty | 57.32T | 57.32T | 57.32T | 57.32T | 57.32T | 57.32T |
| Difficulty Variation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Blocks | 811.45K | 811.29K | 811.14K | 810.97K | 810.81K | 810.67K |
| Blocks Variation | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Reward BTC | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 |
| Reward BTC Variation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Hash Rate GB | 447.37B | 421.72B | 484.41B | 455.91B | 398.93B | 370.43B |
| Hash Rate GB Variation | 5.73% | -14.86% | 5.88% | 12.50% | 7.14% | -26.15% |
Conclusion
Based on the observed data, the cryptocurrency market is currently under a downward pressure, marked by falling prices, negative sentiments, reduced exchange volumes and an overall ‘fear’ indicator.
This bearish market performance is placidly confirmed by a variety of factors, including security and trust issues, market manipulation concerns and uncertainties surrounding major market players like Binance.
However, this is not to suggest a long-term decline as the inherent resilience of the industry, as observed in the Bitcoin Address Indicators – with continued activity in addresses holding a balance higher than 0.01 Bitcoin – indicating a potential for recovery.
So What
For investors, this is suggestive of a cautious market scenario, where informed choices and risk-mitigation strategies are of paramount importance.
Staying updated on market news, tracking sentiment analyses and capitalization trends can be invaluable in making proactive decisions.
For market players, this presents an opportunity to address the negative issues head-on and restore trust and security in the market.
What next?
Looking ahead, a key area to monitor will be the market’s response to current negative sentiments and its ability to recover.
Although the current trends indicate bearish sentiments, the inherent dynamism of the crypto industry means that the situation may change rapidly.
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.
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.
