Ethereum Classic (ETC) has seen a 6% price jump in the past week, riding the wave of a broader crypto market rally driven by inflows into Bitcoin and Ethereum ETFs. This surge in investor interest is linked to political dynamics in the US, with a perception that the Republican party, which currently enjoys increased support, is more crypto-friendly.
Bitcoin analyst Benjamin Cowen believes the upcoming US labor market report and election results will heavily influence the near-term trajectory of Bitcoin. He expects market momentum to potentially wane until after these major events, potentially impacting the direction of BTC in the coming weeks.
Fintech giant Revolut, known for its cryptocurrency services, is reportedly working on its own stablecoin. The move comes as the stablecoin market sees increasing interest and new entrants, with major players like PayPal and Ripple joining the scene. Revolut aims to expand its crypto offerings with a focus on safety and accessibility.
Bitwise Investments CIO Matt Hougan forecasts a potential surge in the cryptocurrency market, particularly for Bitcoin, in October and November, citing historical trends and current market conditions. He attributes the recent market softness to uncertainties like the U.S. presidential election, Federal Reserve rate decisions, and ETF flows. However, he highlights the strong performance of Bitcoin in October and November historically, coupled with the rapid adoption of Bitcoin ETFs, as potential catalysts for a rally.
A crypto analyst, TradeTheFlow, has suggested an unusual cycle for Bitcoin and altcoins, deviating from the typical market pattern. Instead of seeing Bitcoin’s dominance wane during a bull market, as typically observed with altcoins gaining traction, Bitcoin continues to hold a significant market share. This suggests a potential delay in the widely anticipated altcoin season.
The cryptocurrency market is experiencing a downturn with Bitcoin prices falling below $60,000. This decline coincides with a significant drop in Bitcoin supply from exchanges over the past two days. Data reveals a decrease in large transaction volume and daily active addresses, while liquidations have reached $150 million in the past 24 hours. Despite the bearish sentiment, some analysts remain optimistic about Bitcoin’s potential, predicting it could still push lower to a target range of $53,000 to $54,000.
The cryptocurrency market has witnessed fluctuations following the halving of Bitcoin, with a number of altcoins experiencing losses. Bitcoin recorded a decline of 0.56 percent to trade at $65,693, while Ether faced a 1.79 percent drop to trade at $3,037. Some altcoins, including Tether, Ripple, Dogecoin, Shiba Inu, and Polkadot, also saw losses. Meanwhile, Binance Coin, Solana, Litecoin, Leo, and Uniswap posted minor gains. The overall market capitalization for the crypto sector rose by 1.37 percent in the last 24 hours, reaching $2.47 trillion.
