Imagine waking up to check your crypto portfolio only to find Bitcoin swinging wildly down $7,000 overnight — and Ethereum running laps ahead of it. If you’ve ever felt that gut-twisting mix of excitement and panic, you’re not alone. In today’s volatile crypto market, knowing what’s driving these sudden moves could save your gains or help you seize unexpected opportunities.
The crypto market in the past 24 hours saw heightened volatility and a notable reversal driven by renewed US-China trade tensions, causing a sharp pullback and increased risk-off sentiment. Bitcoin dropped intraday to around $108,000, reflecting macroeconomic sensitivity and a break of key support zones, while Ethereum stabilized but faced selling pressure as well.
Market Developments
- US-China trade tensions escalated, triggering rapid deleveraging and liquidity thinning in the crypto markets.
- Risk assets, including major crypto tokens, experienced sell-offs as traders moved toward safer assets like the US dollar and Treasuries.
- Derivatives liquidations rose substantially due to increased volatility.
- The total crypto market cap retraced slightly amid this sell-off, with spot and derivatives markets showing stress.
The CMC Crypto Fear and Greed Index rose slightly over the past day, indicating a somewhat calmer sentiment among market participants.
It’s a Bitcoin Season:
Bitcoin and Ethereum Price Movements
- Bitcoin: Price dropped to about $108,000 intraday from earlier levels around $112,000-$115,000; closed near $110,035 with elevated volatility and volume.
- Ethereum: Price declined about 1.5% to near $3,831, trading primarily between $3,750 and $4,250 range.
On-Chain Metrics (Last 24 Hours)
| Metric | Bitcoin | Ethereum |
|---|---|---|
| Active Addresses | 1.1 million | 700,000 |
| Transaction Volume (USD) | $7 billion | $5.5 billion |
| Number of Transactions | 320,000 | 1.2 million |
| Miner Revenue (USD) | $15 million | $7 million |
| Average Transaction Fee | $1.20 | $0.65 |
| Large BTC Transfers (>1k) | 3,500 | N/A |
Bitcoin whale transfers included a notable 364 BTC moved to Kraken worth $40 million, increasing on-chain flows.
Bitcoin trading insights
So far, we see that BTCUSD has overcome the psychological resistance level of $110,000 and is attempting to climb higher. Those who followed the advice to enter the market „At Market” price yesterday can already lock in profits today. For us, the resistance around $114,000 is also important, where we have placed a Buy long order. Those already in position can add to it at this level.
Ethereum trading insights
Today, ETHUSD is rising much faster than BTC. We believe it is possible to open a position right now, especially for those who are very impatient. As for us, we will wait until the price breaks through the upper boundary of the channel from below. As you already know, we have a Buy long order placed here.
Best Performing Altcoin of the Day
- Binance Coin (BNB) led the altcoin gains with a 7.27% rise, reaching $855.29. The growth drivers include strong inflows into Binance Smart Chain-based projects, increased usage of DeFi products, and positive ETF-related sentiments.
Market and Price Predictions
- Bitcoin: Technical resistance around $110,000 to $112,800 is critical. If support near $106,600 holds, Bitcoin may attempt a rebound; however, macro risks remain elevated due to ongoing global tensions and liquidity fluctuations.
- Ethereum: Expected to stabilize in $3,750-$4,250 range, with potential upside tied to continued DeFi growth and staking ETF adoption. Short-term bearish pressure is likely to persist amid broader market risk-off stance.
- Overall Market: The market is experiencing cautious sentiments with investor fear levels rising (Fear & Greed Index near 32), indicating a short-term risk-averse environment before clearer drivers emerge.
Promising Crypto Projects with High Growth Potential
- Market-wide: Given record DeFi perpetual volumes surpassing $1 trillion as of October, DeFi projects are promising candidates for growth.
- Bitcoin: Projects building on scalability and privacy enhancements like the Lightning Network expansion could show potential.
- Ethereum: Layer 2 scaling solutions (e.g., Arbitrum or Optimism) stand out as highly promising with increasing adoption and reduced fees attracting users.
- Altcoin: Binance Coin (BNB) continues strong due to ecosystem growth and smart contract application deployments.
Bitcoin Conclusion
Well, if your crypto portfolio was a rollercoaster today, at least you got the thrill without queuing! Remember, in crypto, the highs and lows keep us on our toes – or occasionally under the desk. Buckle up, stay informed, and maybe keep a stress ball handy.
Source: Coincentral.com, Tradingview.com, Coinranking.com, Coingecko.com, Coinmarketcap.com
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