Compact Crypto Market Rises, Bitcoin Returns to Touching US$57,000
SUKMABOLA – The crypto market strengthened today, Tuesday (10/9/2024) in line with the increase in the United States (US) stock exchange at the close of trading at the beginning of this week.
Referring to CoinMarketCap on Tuesday (10/9/2024) at 05:04 WIB, the crypto market experienced an increase. Bitcoin rose 5.51% to US$57,588.27 but on a weekly basis it was still in the red zone of 2.53%.
Ethereum appreciated 3.78% in the last 24 hours while in the week it fell 6.8%. Solana crept up 4.87% daily and slipped 1.05% in the week.
Likewise, Dogecoin flew 9.39% in the last 24 hours and in the last seven days experienced an appreciation of 5.6%.
Crypto Performance (10/9/2024)
CoinDesk Market Index (CMI), which is an index to measure the market capitalization-weighted performance of the digital asset market, rose 5.32% to 2,130.61. Open interest appreciated 4.34% to US$53.33 billion.
Meanwhile, the fear & greed index reported by coinmarketcap.com shows the number 41, which indicates that the market is in a neutral phase with the current economic and crypto industry conditions.
Quoted from coindesk.com, crypto gains came along with progress in US stocks, which also experienced a significant decline last week. The Nasdaq and S&P 500 each rose 1.15% on Monday (9/9/2024).
Despite today’s big surge, bitcoin remains down about 3% for September and is down more than 20% since hitting a record high above US$73,000 in March.
“Unfortunately, potential short-term catalysts for Bitcoin are currently sparse,” wrote Greg Cipolaro, global head of research at NYDIG, in a weekly update. As others have noted, Cipolaro mentioned that August and September proved to be notoriously weak months for Bitcoin prices. The good news, as he recalls, is that October and the fourth quarter generally tend to be good for price movements.
The fourth quarter is still a few weeks away, and between now and then, Cipolaro said, Bitcoin proponents may only be able to rely on factors outside of crypto for positive catalysts. Among these are macro news such as employment, inflation and US central bank (The Fed) policy. There is also the November presidential election, and although candidate Donald Trump has shown a very friendly attitude towards crypto, Kamala Harris’ position is still less clear.
“We’re not going to guess which candidate might win the election, but November may be a watershed moment for the industry,” Cipolaro said. “However, until then, Bitcoin may be affected by the broader market backdrop.”