The newspaper said volatility in the cryptocurrency market remained low ahead of the US presidential election as investors adopted a cautious wait-and-see approach. Latest version Part of the “Bitfinex Alpha” report.
Bitcoin (BTC) The optional market is changing in the early 40 % range, reflecting the suppression of confidence in significant price fluctuations, showing cautious sentiment between traders.
Despite this conservative outlook, the report predicts a potential spike in volatility between November 5th and November 8th, leading to the possibility of sharp price movements during election week. It shows. Without a clear directional trend, this change can result in reactive trading rather than a definitive market move.
The report also suggested that recent adjustments of bitcoin and altcoin prices reflect fundamental concerns. Additionally, the pending approval of Spot Bitcoin Exchange Traded Fund (ETF) options adds to the complexity of the market and could be a catalyst for future moves.
Changes in sentiment related to ETF news could cause a correction in trading activity, especially in Bitcoin where open interest remains near all-time highs.
“Orto season” requires a catalyst
The report highlighted that Bitcoin's dominance reached a cycle high of 60.62%, with investors preferring established assets over altcoins.
The altcoin market has been significantly sluggish since March, and tokens other than the top 10 have lost 45 % of their value and are currently equivalent to $ 200 billion.
Bitfinex analysts suggested that altcoin could continue below bitcoin in the short term, as altcoin's procurement interest rates are stable and speculative interest rates are still low. The cooling of this speculative enthusiasm suggests that the prospects for the wider cryptocurrency market will be sluggish unless a major catalyst appears.
Bitfinex emphasized that Bitcoin could continue to surpass altcoin, especially if there was no direct positive factor in small tokens.
It is mentioned in this article
