In the lead-up to the U.S. election, the crypto market is currently displaying signs of heightened enthusiasm. This can be attributed to the speculation surrounding Donald Trump’s potential victory. Polymarket data indicates a 67% likelihood of Trump prevailing, as opposed to a 33% chance for Kamala.
Regardless of the election outcome, analysts are predicting increased volatility as a major concern for November. Memecoins are anticipated to witness significant price fluctuations, as evidenced by the current market conditions, with Bitcoin taking a backseat to these meme-based cryptocurrencies.
Based on CryptoCrypto’s October 2024 Crypto Market Report, notable memecoins have experienced substantial growth this year. For instance, (WIF) rose by 42 times year-to-date, PEPE surged by 482% since January, and POPCAT saw an astonishing 17,000% increase. Collectively, meme coins rallied over 1,000% in the first quarter of 2024, surpassing all other sectors in the crypto market. The hype around the “Memecoin Supercycle” has captured investors’ attention in October.
The Status of Bitcoin and Alternative Coins
Starting from August 2024, BTC has been forming higher highs and higher lows on its daily chart. While the momentum predominantly favors buyers, the declining trading volume in October remains a point of concern.
At the time of writing, BTC was valued at $68,671, attempting to breach the resistance zone at $72,000. A successful breakout above this level with robust trading volume could indicate a continuation of bullish trends.
However, the bullish momentum appears fragile, prompting traders to exercise caution. On the flip side, the support near $57,500 has attracted considerable interest from buyers, acting as a strong foundation.
Furthermore, the Simple Moving Average (SMA) signals an upward trajectory, reinforcing the recent bullish sentiment. The Average True Range (ATR) suggests moderate volatility levels.
These indicators collectively suggest high expectations among investors for BTC to surpass its all-time high post U.S. election, a topic extensively covered in CryptoCrypto’s report.
Interestingly, the number of large holders remained elevated in October, while the volume of BTC flowing into exchanges notably decreased. This indicates that major investors view BTC as undervalued and anticipate a significant bullish breakout in the near future.
Highlighting the Altcoin of the Month – Uniswap
According to CryptoCrypto’s monthly market report, the announcement of “Unichain,” Uniswap’s upcoming Layer-2 superchain, and the subsequent migration plans spurred concerns within the market and community. The primary apprehension revolved around the possibility of liquidity fragmentation across various chains.
Many feared that this move could divert trading activities away from Ethereum and other networks, potentially disrupting the broader ecosystem.
In response to this development, numerous investors rushed to acquire UNI tokens. Consequently, the new address metric recorded a sharp surge, followed by a subsequent decline.
Exploring CryptoCrypto’s Analysis of the October 2024 Crypto Market
Dive into CryptoCrypto’s October 2024 Crypto Market Report for a comprehensive examination of the latest trends influencing the crypto sphere. This month’s report delves into:
Access the complete report here.