Cryptocurrencies could see a surge in October on whale signals and interest rate cuts

How to Buy Cryptocurrencies with a Credit Card in 2024

How to Buy Cardano in 2024

Learn How to Invest in Bitcoin in Brazil in 2024

The Best to Invest in 2024

Published

2 weeks ago

September 18, 2024

Stephen Douglas

Table of Contents

Follow Us @

Cryptocurrencies could see a surge in October on whale signals and interest rate cuts
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.

With September approaching its final stretch, expectations in the cryptocurrency market turn to October. The month is nicknamed “Uptober” by the crypto community due to the history of good performances of Bitcoin and altcoins during this period.

Several signs indicate that Bitcoin could see significant appreciation by the end of 2024. Highlights include whale activity and potential interest rate cuts in the United States.

A recent analysis by CryptoQuant highlights two types of cryptocurrency whales that are influencing the market. The first group consists of younger whales, who have accumulated their BTC over the past 155 days, with an average purchase price of $62,038.

YOU MAY HAVE MISSED:

Silvergate Crypto Friendly Bank to Lay Off 230 Workers

Although they are experiencing small unrealized losses of less than 5%, these whales are showing confidence in the long term. This is because these investors continue to accumulate Bitcoin, rather than selling at a time of stable prices.

Whale Activity

On the other hand, older whales, who bought Bitcoin more than 155 days ago, have an average cost of $27,843, which means their investments have more than doubled in value. Despite this significant increase, they continue to hold on to their reserves, indicating a strong trend of “HODLing” — a term used in the crypto community to describe the long-term holding of digital assets.

Another important factor for the market is the activity of miners, who are responsible for ensuring the security of the Bitcoin network.

Large mining companies have been accumulating a substantial amount of Bitcoin, and although they are in profit, with an average cost of $43,179, there are no signs of mass selling. This behavior suggests that they may hold or sell gradually, reducing the selling pressure in the cryptocurrency market.

One potential risk to Bitcoin’s price comes from Binance traders, who have shown a greater inclination to take profits quickly. However, the CryptoQuant report highlights that instead of selling, these traders are “actively buying.” This could be a sign of market stability and a possible short-term appreciation of the asset.

YOU MAY HAVE MISSED:

Crypto Funds See $436 Million Inflows After $1.2 Billion Outflows

Furthermore, BTC reserves on exchanges continue to decline, which reduces immediate selling pressure, reinforcing the bullish trend for Bitcoin.

Another factor that could contribute to the rise in Bitcoin’s price is interest rate cuts by the US Federal Reserve. While many analysts believe that the expectation of cuts is already priced into the market, it is important to remember that interest rate cuts historically result in higher cryptocurrency prices.