A week before the US elections, the crypto market is surprisingly in a greedy state. Thanks to the anticipation of Donald Trump’s victory, Polymarket shows a 67% chance of Trump’s success, as opposed to the 33% chance of Kamala’s victory.
Regardless of how the results turn out, analysts predict volatility will be the biggest concern in November. More than Bitcoin, memecoins will experience rapid price shifts; Evidence of this appears to be present in current market conditions.
According to AMBCrypto’s October 2024 Crypto Market Report, dogwifhat (WIF) is up 42x this year, PEPE is up 482% since January, and POPCAT saw a staggering 17,000% gain. In total, memes increased by more than 1,000% in the first quarter of 2024, surpassing all other sectors of the crypto market. And with the speech about “Memecoin Supercycle”, these joke coins also attracted the attention of investors in October.
What about Bitcoin and the altcoins?
As of August 2024, BTC has seen higher highs and higher lows on the daily chart. Momentum was largely in favor of buyers, but declining trading volume in October remained a concern.
Source: TradingView
At the time of writing, BTC was trading at $68,671, attempting to approach the supply zone at $72,000. If BTC breaks above this area on strong volume, it could signal a bullish continuation.
However, bullish momentum appeared weak and traders remained cautious at the time of analysis. On the other hand, the demand zone around $57,500 provided good support, reflecting strong buyer interest.
Meanwhile, the Simple Moving Average (SMA) reading indicated an uptrend, supporting recent bullish momentum. And the Average True Range (ATR) indicated relatively moderate volatility.
All of this shows that investors strongly expect BTC to cross the all-time high after the US elections – something that AMBCrypto’s report talks about in detail.
Interestingly, the number of whales remained relatively high in October and the volume of inflows into the foreign exchange market fell significantly. This showed that deep-pocketed investors believe BTC is undervalued and poised for a significant bullish breakout in the near term.
Source: Glassnode
Altcoin of the Month – Uniswap?
According to AMBCrypto’s monthly market report, Uniswap’s October announcement of ‘Unichain’, the upcoming Layer-2 superchain, and the planned migration to this new network, have raised significant concerns within the market and community. The central concern was the possible fragmentation of liquidity across multiple chains.
Many feared that this move would fragment liquidity by diverting trading activity away from Ethereum and other networks and potentially harm the overall ecosystem.
In the wake of this development, many investors rushed to purchase UNI tokens. As a result, the new address statistic saw a sharp peak, but later fell back.
Discover AMBCrypto’s October 2024 crypto market analysis
Explore AMBCrypto’s October 2024 Crypto Market Report for a comprehensive analysis of the latest trends driving the crypto space. This month’s highlights include:
- Bitcoin’s bullflag outbreak: BTC breaks through key resistance, signaling a potential bull cycle.
- Memecoins lead the charge: A wave of memecoins, with GOAT shooting to new heights.
- Ethereum’s bullish momentum: ETH sentiment is strengthening ahead of the Pectra hard fork.
- Uniswap’s liquidity problems: Unichain’s announcement increases fears of liquidity fragmentation.
- NFTs continue the downward trend: The NFT markets are facing further declines, marking a challenging quarter.
Download the full report here.