Will Memecoins outperform Bitcoin after the U.S. election?

Per week earlier than the US elections, the crypto market is surprisingly in a grasping state. Because of the anticipation of Donald Trump’s victory, Polymarket reveals a 67% probability of Trump’s success, versus the 33% probability of Kamala’s victory.

No matter how the outcomes end up, analysts predict volatility would be the greatest concern in November. Greater than Bitcoin, memecoins will expertise speedy value shifts; Proof of this seems to be current in present market situations.

In keeping with AMBCrypto’s October 2024 Crypto Market Report, dogwifhat (WIF) is up 42x this 12 months, PEPE is up 482% since January, and POPCAT noticed a staggering 17,000% achieve. In whole, memes elevated by greater than 1,000% within the first quarter of 2024, surpassing all different sectors of the crypto market. And with the speech about “Memecoin Supercycle”, these joke cash additionally attracted the eye of traders in October.

What about Bitcoin and the altcoins?

As of August 2024, BTC has seen increased highs and better lows on the each day chart. Momentum was largely in favor of consumers, however declining buying and selling quantity in October remained a priority.

Supply: TradingView

On the time of writing, BTC was buying and selling at $68,671, trying to method the provision zone at $72,000. If BTC breaks above this space on sturdy quantity, it might sign a bullish continuation.

Nevertheless, bullish momentum appeared weak and merchants remained cautious on the time of research. Alternatively, the demand zone round $57,500 supplied good assist, reflecting sturdy purchaser curiosity.

In the meantime, the Easy Transferring Common (SMA) studying indicated an uptrend, supporting current bullish momentum. And the Common True Vary (ATR) indicated comparatively average volatility.

All of this reveals that traders strongly anticipate BTC to cross the all-time excessive after the US elections – one thing that AMBCrypto’s report talks about intimately.

Curiously, the variety of whales remained comparatively excessive in October and the quantity of inflows into the international trade market fell considerably. This confirmed that deep-pocketed traders consider BTC is undervalued and poised for a big bullish breakout within the close to time period.

Supply: Glassnode

Altcoin of the Month – Uniswap?

In keeping with AMBCrypto’s month-to-month market report, Uniswap’s October announcement of ‘Unichain’, the upcoming Layer-2 superchain, and the deliberate migration to this new community, have raised important issues throughout the market and group. The central concern was the doable fragmentation of liquidity throughout a number of chains.

Many feared that this transfer would fragment liquidity by diverting buying and selling exercise away from Ethereum and different networks and probably hurt the general ecosystem.

Within the wake of this growth, many traders rushed to buy UNI tokens. Consequently, the brand new handle statistic noticed a pointy peak, however later fell again.

Uncover AMBCrypto’s October 2024 crypto market evaluation

Discover AMBCrypto’s October 2024 Crypto Market Report for a complete evaluation of the newest traits driving the crypto house. This month’s highlights embody:

• Bitcoin’s bullflag outbreak: BTC breaks by means of key resistance, signaling a possible bull cycle.
• Memecoins lead the cost: A wave of memecoins, with GOAT capturing to new heights.
• Ethereum’s bullish momentum: ETH sentiment is strengthening forward of the Pectra onerous fork.
• Uniswap’s liquidity issues: Unichain’s announcement raises fears of liquidity fragmentation.
• NFTs proceed the downward pattern: The NFT markets are dealing with additional declines, marking a difficult quarter.

Obtain the total report right here.