As a seasoned researcher with over a decade of experience in the financial markets, I have witnessed numerous bull and bear cycles, and the crypto space is no exception. Based on my analysis, it seems that we are currently in a phase of consolidation, as evidenced by the recent market fluctuations. However, this doesn’t mean that opportunities aren’t ripe for those with an eye for detail and a knack for identifying trends.
To start off, the crypto market, headed by Bitcoin (BTC), experienced turbulence at the onset of the fourth quarter. This volatile trend has led to a potential bearish close for the first week of October. As of Friday, October 4, during the early London session, Bitcoin is trading at approximately $61,329, marking a decrease of over 6% in its value compared to the previous week. Consequently, the overall crypto market capitalization has suffered a loss of around $200 billion in total valuation, settling near $2.2 trillion as of now.
The Fear and Greed Index associated with Bitcoin was approximately 41%, implying that the public hasn’t fully bounced back from the latest bullish rejection. Furthermore, over the last seven months, Bitcoin has been constructing a larger descending channel, and if it drops below $60K, it may continue to trend lower with successive lows.
As a crypto investor, I’ve noticed that many altcoins tend to follow Bitcoin’s market trends. If Bitcoin seems to be heading towards a bear market, it might mean tough times ahead for these altcoins in the short term. In simpler terms, if Bitcoin looks like it’s going down, it could potentially lead to more losses for altcoins.
Silver Lining for the Crypto Market
Based on data from market intelligence platform Santiment, it appears that there’s a greater likelihood of another cryptocurrency rally happening soon, as the general public sentiment towards crypto seems relatively subdued at present. This could indicate that a crypto market upturn may be imminent due to the current low optimism surrounding a potential bull run in the near future.
Additionally, there’s been a noticeable decrease in discussions about ‘Uptober’, a term originated from the historically favorable crypto market trends in October, across various social media outlets.
☻ Reference to “Uptober” has noticeably decreased, implying that traders are less optimistic about this month generating substantial profits in the crypto market. This pessimism could lead to, at the very least, a temporary price rise. 🚀
— Santiment (@santimentfeed) October 3, 2024
Over the last several days, significant cryptocurrency liquidations have taken place, which could strongly indicate a potential resurgence in bullish trends. Additionally, gold’s sustained macro bull run throughout most of 2024 has had a profound effect on the market, and it’s likely that this influence will ripple through the entire crypto sector.
The widespread acceptance of web3 and digital assets, driven by supportive regulatory environments across various regions, could significantly boost the ongoing crypto market surge. Furthermore, it’s anticipated that the U.S. Federal Reserve will instigate its quantitative easing program following the initial reduction in interest rates since the COVID-19 pandemic.
In simpler terms, as political conflicts persist in the Middle East and between NATO and Russia prior to the 2024 U.S. presidential election, these tensions could accelerate the upward trend of cryptocurrency prices over the coming months.
Top Altcoins to Consider Ahead
The shift towards altcoins in the crypto market suggests a strong bullish trend approaching soon. Notably, meme coins like Dogecoin ($0.11), Shiba Inu ($0.0000), Pepe, and Floki Inu ($0.0001) are anticipated to experience significant growth over the coming quarters, with 24-hour trading volumes as follows:
Additionally, astute crypto investors might want to explore altcoins that provide practical uses and boast an active on-chain community and developer ecosystem. Examples include decentralized exchange tokens like Uniswap (UNI), PancakeSwap (CAKE), and Sushi (SUSHI). Here’s a quick snapshot of their current prices, 24h volatility, market cap, and trading volume:
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2024-10-04 13:21