As a seasoned researcher with over a decade of experience in the crypto market, I have seen bull runs and bear markets come and go. However, the current state of the market ahead of the U.S. election is truly unique. The surprising greed in the market, fueled by Trump’s apparent 67% chance of winning according to Polymarket, has caught my attention.
As the U.S. election approaches in just a week, it’s interesting to note that the crypto market is currently exhibiting a greedy sentiment. This optimistic state could be attributed to the increased likelihood of Donald Trump’s victory, as suggested by Polymarket with a 67% chance compared to Kamala’s 33% odds.
Regardless of the outcome, analysts predict that volatility will be the primary issue in November. Compared to Bitcoin, memecoins are likely to undergo swift price fluctuations; this pattern appears to be emerging in the current market scenario.
As per AMBCrypto’s October 2024 Cryptocurrency Market Report, the cryptocurrency dogwifhat (WIF) skyrocketed a whopping 42 times this year, PEPE experienced a growth of 482% since January, and POPCAT recorded an astounding 17,000% surge. Collectively, meme-based cryptocurrencies rallied more than 1,000% in Q1 2024, outperforming all other segments of the crypto market. The buzz about “Memecoin Supercycle” also kept these humorous digital coins in the limelight during October.
What about Bitcoin and the altcoins?
Starting from August 2024, Bitcoin (BTC) has been displaying an uptrend with increasing peaks and troughs on its daily graph. This trend shows a strong bias towards the bulls, yet the decreased trading activity in October raises some questions.
Currently, Bitcoin is being traded for approximately $68,671, aiming to reach the potential resistance level around $72,000. Should Bitcoin manage to break through this zone convincingly, with substantial trading volumes, it might indicate a persistent uptrend ahead.
Initially, the optimistic trend appeared uncertain, causing traders to tread carefully during the analysis period. On the flip side, a significant area around $57,500 served as strong buyer interest and offered good support.
Simultaneously, the Simple Moving Average (SMA) suggested an increasing trajectory, reinforcing the current bullish movement. Meanwhile, the Average True Range (ATR) pointed towards a somewhat reduced volatility level.
As a crypto investor, I can’t help but feel optimistic about Bitcoin (BTC) given the anticipation in the market following the U.S. election. It seems many are banking on BTC breaking its all-time high, an idea that AMBCrypto’s comprehensive report delves deeply into.
As a crypto investor, I found it intriguing to notice that the number of whales stayed fairly elevated during October, while the exchange inflow volume significantly dropped off. This suggests that the deep-pocketed investors are confident that Bitcoin is currently undervalued and could be on the verge of a substantial bullish surge in the immediate future.
Altcoin of the month – Uniswap?
According to AMBCrypto’s monthly report, Uniswap’s unveiling of “Unichain,” their upcoming Layer-2 superchain, and their intention to move to this new network in October, raised significant concerns within the market and community. The main worry was the possibility of liquidity becoming split across various chains.
Concerns arose that this action could split up the ease of trading, as it might lead traders away from Ethereum and other platforms, possibly damaging the entire network system in the long run.
Following this news, there was a surge of investors purchasing UNI tokens. As a result, the metric for new addresses experienced a sudden increase before eventually decreasing again.
Discover AMBCrypto’s October 2024 crypto market analysis
Delve into AMBCrypto’s October 2024 Crypto Market Report for an in-depth examination of the current trends shaping the crypto world. Key points from this month’s report are:
- Bitcoin’s bull flag breakout: BTC breaks key resistance, hinting at a potential bull cycle.
- Memecoins lead the charge: A surge in memecoins, with GOAT skyrocketing to new highs.
- Ethereum’s bullish momentum: ETH sentiment strengthens ahead of the Pectra hard fork.
- Uniswap’s liquidity concerns: The announcement of Unichain raises liquidity fragmentation fears.
- NFTs continue downtrend: NFT markets face further declines, marking a challenging quarter.
Download the full report here.
https://www.slideshare.net/slideshow/embed_code/key/6StGKcV45V10SR
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2024-10-29 16:43