Majors solid
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 28th October 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Big-Cap Coins Stirring To Close Out October
Bitcoin, Ethereum, XRP and several other big-cap coins kicked off a new week solidly green.
Shaking off weekend doldrums, BTC surged from below $67,000 on Saturday to $68,600 as of Monday at 7:45 a.m. (EST).
ETH, tasked with remaining above $2,500, is standing fast, refusing to surrender the crucial mark. The second-largest crypto is up 2.3% over the past 24 hours. ETH, however, does remain down 5.5% over the past 30 days.
BTC also gained 2.3% since this time yesterday. XRP and Solana each gained 1.5%. Among Big Ten coins, Dogecoin (DOGE) started barking after Elon Musk seemingly vaguely referenced it during a Trump event. DOGE, ninth-largest digital asset, per CoinGecko, gained 6% since this time yesterday. We remember four years ago when the DOGE community willed the canine memecoin to the precipice of maybe being a penny, and also recall its zenith of $0.73 around the time Musk hosted "Saturday Night Live." That was May of 2021. Since then, DOGE has shed 80% of its value. Shout-outs from a billionaire influencer aside, DOGE is seen as poised for a technical breakout amidst robust volume (Coinspeaker).
Checking the lower rungs of the Top 100, wow, SPX6900 (SPX) keeps on pumping. A nod to the S&P 500 index for stocks, SPX has become a basket of meme mania, having soared more than 1,000% over the past 30 days. It's now the 91st-largest coin with a market cap closing in on $900 million.
What's down
Oil Prices Plummet
Israel's weekend attack on Iranian military installations stirred concerns of a coming wider war but the crude oil market's worst fears were not realized, as Iran's storage and refinery plants were spared.
According to the U.S. Energy Information Administration, Iran accounts for as much as 4% of the world's oil supplies,
Citi analysts are now discounting the chances of an escalation that disrupts oil supplies. Oil futures fell 6% to $71.62 per barrel.
Tepid global demand, particularly in China, alongside ample supply taken together likely will weigh on oil prices in the months ahead (CNBC).
What's next
Echoes Of A Big Ethereum Bounce
If Ethereum's ever going to return to record levels near $5K it had first better figure out a way to hold on to $2,500.
Actually, the more crucial battle line is a vigorously held support level at/around $2,400. ETH is having a "Downtober" but this period could (in hindsight) stick out as a low-ebb springboard to an upward move, possibly repeating a bottom-out/bounce pattern observed between October 2023 and March 2024, said Cointelegraph citing TradingView data.
Around this time last year, ETH rested near $1,600. Five months later, ETH was flirting with $4,000 after shooting up 160%.
Now analysts have just flagged a recent surge in ETH outflows from a major exchange, suggesting industrial-sized attitude changes afoot. 'Twas only this past Friday that some anonymous entity yanked more than $1.3 billion worth of ETH from Coinbase. It was one of the largest such moves seen in the three months.
CryptoQuant analyst Burak Kesmeci said when major players move substantial troves of coinage off exchanges, it can indicate a shift toward longer-term holding strategies, possibly foreshadowing bullish sentiment.
