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Bitcoin Today 11/04/2024: BTC stable and memecoins on the rise on the eve of the US election
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Bitcoin (BTC) opened the month of November in the opposite direction to October’s movements: falling. Over the weekend, the cryptocurrency had a sharp drop and reached values below US$67,900, according to CoinGecko. But the price managed to stabilize and close last week with a slight increase of 0.4%.
In terms of price, BTC managed to remain stable and opened Monday (04) worth US$68,753, while Ethereum (ETH) was worth US$2,466. In the case of ETH, the price registered a 2% drop last week, as did most of the Top 10 altcoins.
In addition to Bitcoin, only Dogecoin (DOGE) and Tron (TRX) recorded gains in the Top 10. The price of memecoin appreciated by 9.2%, while TRX recorded a slight gain of 0.9%. And what movements could happen in the market on the eve of the presidential election in the United States?
With the exception of DOGE, most major memecoins closed last week with heavy losses. But other names managed to stand out, especially memecoins linked to the political sector, or PolitiFi.
Interest and new president
In this sense, the TRUMP memecoin, which is inspired by candidate Donald Trump, rose 10.5% in the last 24 hours, with its price reaching US$3.43. The currency’s intraday low and high were $2.71 and $3.49, respectively.
On the other hand, the price of GOAT (which is unrelated to the presidential campaign) appreciated by almost 10% and reached a high of US$0.5056. The currency’s intraday low and high were recorded as $0.4203 and $0.555.
This week is crucial for the cryptocurrency market, which will see two consecutive days of excitement. The first begins on Tuesday (5), when the presidential election will take place, but another decision from the USA will take place on Wednesday (6), when the US central bank (Fed) will decide the new interest rate.
According to the FedWatch tool, 100% of analysts believe the Fed will cut rates by 25 basis points. As a result, the new basic rate will range between 4.5% and 4.75% per year.
Even with predictability, the price of cryptocurrencies could still rise after the Fed confirms the cut, leading Bitcoin to seek to break its all-time high again.
According to a recent report by The Kobeissi Letter on its X account, the US election is still quite uncertain. But the document states that, regardless of who the new president is, the market will experience great volatility.
Bitcoin Today 11/04/2024: BTC stable and memecoins on the rise on the eve of the US election
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Bitcoin Today 11/04/2024: BTC stable and memecoins on the rise on the eve of the US election
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Bitcoin Today 11/04/2024: BTC stable and memecoins on the rise on the eve of the US election
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Bitcoin Today 11/04/2024: BTC stable and memecoins on the rise on the eve of the US election
