In the crypto market report covering the week of October 7 – 14, prepared by the ICRYPEX Research team, we compiled current developments regarding crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period in the Weekly Crypto Market Reports: October 7, 2024.
Weekly Crypto Market Report Overview October 7
Following the high volatility seen in cryptocurrencies since the beginning of September, we see that the movement slowed down considerably until the US inflation data announced on Thursday last week, but then volatility started to increase again after the inflation data was announced above expectations.
Despite the developments that would cause negative pricing in the two-week period, Bitcoin retreated to the $ 58,800 level, but managed not to lose the $ 59,400 level that we mentioned as critical and showed a nice upward movement after Thursday.
In this process, in addition to positive news such as the clarification of the FTX refund plan for cryptocurrencies, the postponement of MT.Gox refunds and the digital asset adaptation developments we see in giant financial companies, Trump’s lead over Kamala Harris in the election polls were the factors supporting the pricing.
During this process, Bitcoin managed to close the week positively, and managed to rise to the $64,000 region as of Monday morning. With the positive performance of altcoins throughout the weekly movement, Bitcoin’s market dominance did not move away from the 58% level and completed the weekly close at 57.92%. During this process, Ethereum continued its weak pricing, and after falling back to the $2320 level, it completed the week slightly below the $2500 level. The total market value, on the other hand, fell back to the $2 trillion level and closed the week at the $2.14 trillion level.
This week, we will encounter a relatively less intense calendar compared to last week’s macroeconomic intensity. Following the inflation and strong employment data from the US, the November interest rate cut probability was revised from a 25-50 basis point cut pricing to a 0-25 basis point cut expectation; we can also say that the markets are almost certain about expecting two 25 basis point cuts in November and December.
We see that the support package from China on Saturday also helped positive pricing as we started the week positively. While there is a lot of data coming from Europe this week, the speeches of FOMC members, Retail Sales data and manufacturing indices on the US side may have an impact on pricing.
When we turn to altcoins, we see that the projects that stand out in their weekly performances are CHZ, APT, AVAX and memecoins. As for fan tokens, we see that they completed the week positively by benefiting from the rise of Chiliz, and especially the PSG token was the best performing project of the week with a 63% increase. The most striking project among the projects that showed an increase in this process was AVAX. While AVAX managed to overcome the $28 region, which it had difficulty breaking, it also managed to confirm the breakout by retesting the $28 region. However, we see that the $30-32 band could not be entered for AVAX and that we received a reaction from here.
Those who want to get more comprehensive information about the week covering October 7 – 14 can review the Weekly Crypto Market Reports: October 7, 2024.
