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Crypto Market Awaits US PCE Inflation & Other Key Events, What To Expect?
The crypto market noted a robust rally last week, with soaring bets over a potential Fed rate cut in September. Bitcoin neared the $65,000 level over the weekend, with Ethereum trading at $2,800. Now, the focus has shifted to the upcoming US PCE data, which would provide further cues on the inflationary pressure in the nation, along with several other key events.
So, let’s take a look at the major events and see how they may impact the market sentiment in the coming week.
US Fed Officials’ Remark To Shape Market Sentiment
The recent comments from the US Federal Reserve officials have so far fueled optimism in the market. For context, the recent remarks from several officials, including Fed Chair Jerome Powell’s speech, hint that the US central bank is leaning towards a softer policy stance going ahead.
The dovish comments have cemented bets over a potential US Fed rate cut at their upcoming meeting in September. This move has bolstered market confidence, as evidenced by the recent rally in the crypto market.
Now, the market eagerly awaits further cues from the Fed officials this coming week. On Monday, August 26, San Francisco Fed President Mary Daly is expected to appear in a TV interview. Following that, Atlanta Fed President Raphael Bostic is scheduled to give his remarks on Wednesday, August 28.
The market expects their comments to come in tandem with the dovish remarks from other officials last week. However, it’s worth noting that any other move, especially a hawkish remark, could further trigger concerns among traders, which could cause a potential selloff in the broader financial sector, let alone the crypto market.
Crypto Market Awaits US PCE Inflation & Revised GDP Data
The broader financial market eagerly awaits the upcoming US PCE data for further clarity over inflation. According to market estimates, the US PCE inflation figure for July is expected to come in at 0.2%, up from 0.1% in the prior month. On a YoY basis, it is expected to remain unchanged at 2.5%.
Simultaneously, the Core PCE figures are anticipated to remain unchanged at 0.2%, while on a YoY basis, it is expected to show a spike to 2.7% from the June figure of 2.6%. However, if the figure shows that inflation is hotter than anticipated, it could dampen investors’ sentiments.
Recently, Fed Chair Jerome Powell hints at a potential rate cut in September, fueling a rally in Bitcoin and Ethereum. However, he also said that the Fed will be considering the upcoming figures before coming to a decision. Having said that, the upcoming PCE figure will play a key role for the Fed’s upcoming stance on policy rates.
On the other hand, the second revision of the Q2 US GDP data is expected to be released on Thursday, August 29. It could provide insights into the economic health of the US, which could have a potential impact on the stocks as well as on the crypto market.
Meanwhile, most of the crypto recorded a strong surge last week, reflecting soaring market optimism. Despite that, investors should exercise due diligence before putting their bets, given the recent volatile scenario dominating the market.
Rupam Roy
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Cryptocurrency Prices Today: Bitcoin fell below $90K, trading within the range of $87,500 to $93,000 for the past four days. Meanwhile, XRP price broke above $1 after a more than 25% upside in a day, hitting a two-year high. The Meme coins sector saw massive selloffs, with PNUT price dropping by 15%. NEIRO, MOG and POPCAT, PEPE prices tumbled 6-13%.
The global crypto market cap jumped 0.28% to $3.04 trillion, but total crypto market volume dropped by 10% amid selling by traders.
Here’s a brief overview of some of the top cryptocurrencies by market cap and their price movements on November 17.
Cryptocurrency Prices Today: BTC and XRP Hold Market Gains
Bitcoin is trading at $90,416, maintaining its recent strength, While Ethereum (ETH) has declined by 1.81% from yesterday, Solana (SOL) surged, gaining 5.27% and diverging from ETH’s movement.
XRP became the top performer among the leading cryptocurrencies, rising by 12.43%. This boost added to the overall bullish market sentiment.
Bitcoin Price Today
Bitcoin (BTC) is trading at $90,416, reflecting a 0.80% decrease from the previous day. Over the past 24 hours, BTC low and high ranged between $89,417 and $91,763, respectively. Bitcoin market cap stands at $1.79 trillion, with a market dominance of 59.19% and a trading volume of $44 billion.
In an interesting development, a Satoshi-era Bitcoin whale has earned $180 million after holding BTC for 14 years. This impressive gain underscores the remarkable returns that early adopters of Bitcoin have achieved over time.
Ethereum Price Today
Ethereum (ETH) has declined by 1% and is currently trading at $3,122. Its 24-hour low and high ranged between $3,039 and $3,218. Ethereum’s market cap now stands at $371 billion, with a market dominance of 12.31%, and a trading volume of $28 billion in the past 24 hours.
Analysts expect Ethereum price to break through the $4,000 mark, as it remains tightly bound below this critical resistance level.
Solana Price Today
Solana (SOL) has increased by 5.61% over the last 24 hours, with its price now at $233. The coin’s daily low and high have been $212 and $235, respectively. With a current market cap of $110 billion, Solana ranks as the fourth-largest cryptocurrency by market capitalization.
Technical indicators suggest a positive outlook for Solana, with many analysts forecasting a potential rise toward the $1,000 mark in the near future. The coin’s strong performance is seen as a signal of growing investor confidence and interest in Solana’s long-term potential.
XRP Price Today
XRP has rallied impressively, surging 12.3% in the past 24 hours and currently trading at $1.02. The token’s daily low and high were $0.94 and $1.256, respectively, with a substantial 24-hour trading volume reaching $24.05 billion. The price jump today has ranked it as the sixth-largest cryptocurrency by market cap, holding a 2.3% market dominance.
This surge in XRP value comes as the U.S. embraces a more crypto-friendly stance, with plans to support American-origin cryptocurrencies. Additionally, Ripple whales are actively buying after a strong breakout amid a favorable outlook.
Meme Crypto Prices Today
Dogecoin (DOGE) is down by 6.95% and trading at $0.351 with a 24-hour range of $0.341 to $0.389. DOGE has surged 54% over the past week and has gained an impressive 164% over the past month, making it the seventh-largest cryptocurrency by market cap. This surge is reflective of increased investor interest, with meme coins seeing a resurgence in popularity.
Similarly, Shiba Inu (SHIB) has declined by 5.17% and is currently trading at $0.00002408. Over the past week, SHIB is up by 7%. SHIB’s performance over the last quarter, with an 82.61% increase, signals renewed optimism around this popular token, particularly as interest in meme coins remains high.
Other meme coins have also recorded loss over the past 24 hours. Pepe Coin, WIF and BONK are each down between 3-6%, while SLERF token stands out with a significant 42% increase. These price movements underline the broad interest across meme coins, as they continue to capture the attention of the crypto market.
Top Cryptocurrency Gainers Prices Today
Mantra Price Today
Mantra (OM) token has seen a 35% increase in the past 24 hours, now trading at $2.224. The coin’s 24-hour trading range was between $1.660 and $2.723, showing significant volatility. The continued rise suggests growing demand for Mantra’s platform and services.
Sandbox Price Today
Sandbox (SAND) witnessed a 23% surge in the last 24 hours. The coin is currently trading at $0.3606, with a 24-hour low of $0.2957 and a high of $0.3984. The trading volume saw a 450% jump in the last 24 hours.
Stellar Price Today
Stellar (XLM) is trading at $0.19, reflecting a massive gain with a 24-hour low of $0.133 and a high of $0.2010. The 27% change indicates some volatility, but the coin remained steady.
Top Cryptocurrency Losers Prices Today
Peanut the Squirrel
Peanut the Squirrel (PNUT) has dropped by 15% in the last 24 hours, currently trading at $1.59. Its 24-hour low and high were $1.63 and $1.93, indicating some selling pressure over the past day.
Neiro (First Neiro on Ethereum)
Neiro (NEIRO), the first Neiro coin on Ethereum, is trading at $0.002, down by 2.5% in the last 24 hours. The coin’s range for the day has been between $0.002 and $0.0024.
Dogecoin (DOGE)
Dogecoin (DOGE) has seen a 6% decrease in the last 24 hours, trading at $0.3541. The coin’s 24-hour range is $0.3417 to $0.3899, showing volatility compared to some other assets in the market.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Cardano price has been on the investors’ radar lately, as evidenced by the recent ADA rally. Besides, a flurry of developments around Founder Charles Hoskinson has also sparked optimism in the market over further rallies. Amid this, market experts have predicted a strong rally ahead for the crypto.
So, let’s explore the potential reasons that may help ADA price to continue its gain in the coming days.
Reasons Why Cardano Price Poised To Hit ATH Soon
A flurry of recent market developments hints at potential ATH for Cardano price soon. For context, in a recent X post, Cardano founder Charles Hoskinson lauded the ADA community, citing it as the “best community” and said that it has the best entrepreneurs as well. Besides, he also predicted the Voltaire update to make the ecosystem the “finest government ever assembled by humanity.”
This post reveals the founder’s confidence in the community, which could extend the ongoing rally in ADA price. Additionally, Charles Hoskinson visiting Elon Musk’s SpaceX office has also sparked speculations, especially given the individual’s growing influence in the US political landscape.
Besides, Hoskinson has recently said that he would support the Trump Government in shaping crypto legislation. He aims to help the US administration in crafting clear regulatory frameworks for digital assets, which have faced regulatory pressure over the past few years.
ADA Rallies As US Appeal Soars
The recent comments from Ripple CEO Brad Garlinghouse have also sparked market optimism. In a recent FOX Interview, Garlinghouse said that XRP, ADA, SOL, and other crypto issued by the US companies have noted strong rallies in recent days, surpassing other crypto. He said that the anticipation over pro-crypto policies under the Republican government has fueled the rally, while many anticipate the Trump rally to continue to benefit the crypto.
Besides, a flurry of market pundits predicts that crypto to note a strong rally ahead. For context, prominent crypto market analyst Ali Martinez said that Cardano price is poised to hit $6 in 2025, further fueling anticipation over the ADA rally to its new ATH.
Notably, ADA price has recently soared past the $0.78 mark, marking its highest level since March 2024. Besides, Cardano Futures Open Interest also rose more than 20% over the weekend, CoinGlass data showed, indicating the growing confidence of the investors.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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With enthusiasm and excitement around the Spot ETF and Donald Trump’s win in the US election, the cryptocurrency market has witnessed quite a boost in the last few days. After a slow 2023, 2024 was anticipated to be the year of bulls, which has come true to some level. In these 11 months, eight months were positive in terms of Bitcoin growth, especially in November.
BTC created an ATH at $93k and is still trading above $9ok. Many altcoins also had similar gains, and many even achieved new ATHs. However, there are only limited days left for this year to end and the beginning of another, creating another level of excitement about what might be coming next for the crypto market.
Better Cryptocurrency Market Regulation
Since the beginning of the year, all the investors have focused on the US election results and how that will impact the cryptocurrency market. Between Donald Trump and Kamala Harris, Trump has more crypto-friendly approaches, promising better crypto regulation. On the other hand, his biggest competitor, Kamala Harris, also acknowledged the industry and promised to work on its development.
However, with Trump calling himself the Bitcoin president, launching a crypto venture, promising to fire Gary Gensler and other promises, the votes went in his favor. Interestingly, Donald Trump’s win became crypto’s win, as the cryptocurrency market turned bullish since the result declaration.
More importantly, Trump is gathering pro-crypto candidates for higher positions, so the anticipation is high for upcoming crypto regulations. Many analysts and crypto leaders have pointed out the need for clear rules and regulations for the industry, which could help the industry instead of restricting it. More importantly, many have urged that this will begin with Gary Gensler’s resignation from the SEC Chair position.
Remember:
Cycles repeat. ✅
There’s more liquidity in the system now than in 2017.
More institutions are involved.
More partnerships exist.
More crypto regulations are taking shape.
And yet, without any of these, XRP still outperformed BTC and ETH in 2017.
Documented. 📝🔑… pic.twitter.com/rONIJRIGhl
— SMQKE (@SMQKEDQG) November 16, 2024
Eventually, with Trump’s inauguration scheduled for January, the formation of a regulatory framework is likely to happen in 2025.
Increased Crypto Adoption
El Salvador and Bhutan governments are in the limelight for their Bitcoin holdings, as they have openly welcomed this crypto to achieve more financial freedom. Per the Arkham data, Bhutan has more than $1 Billion in Bitcoin holdings. More importantly, it is one-third of the country’s gross domestic product, explaining the extent of BTC adoption. Out of this, the Bhutan government sold $33M BTC through Binance when Bitcoin price surged to new ATH and made significant profits on their initial investment.
On the other hand, El Salvador has been buying BTC since 2021 amid their Bitcoin adoption plan. El Salvador now has more than 6000 BTC, worth billions today. With that, many more countries might follow soon, including the US, as the higher-ups are discussing creating a strategic Bitcoin reserve and collecting more than 1 Million Bitcoins over the next few years. In this, Senator Cynthia Lummis is the biggest supporter and has proposed selling Federal Reserve gold to buy BTC.
There are also positive indications that China might lift its crypto ban, especially with Trump planning to strengthen the US with crypto. Meanwhile, other countries like UAE, Saudi Arabia, and others are rumored to buy Bitcoin for their sovereign wealth funds. With that, 2025 will witness many nations strengthening their economy with cryptocurrency, boosting the crypto market.
Introduction of Better Cryptocurrencies
Thousands of new cryptocurrencies enter the market every year with unique functionalities and profit potential. 2024 was the year of meme-themed cryptocurrencies, where many popular memecoins entertained investors with their new gains. With that, the cryptocurrency market is now worth $3.04 Trillion in market capitalization and $191.9B in trading volume. With the constant development of the industry and new token introductions, the crypto market cap is to grow past $4 trillion in 2025.
More Spot ETF Introduction In Cryptocurrency Market
After Bitcoin and Ethereum Spot ETF, the market might witness many other ETF approvals in the upcoming few years. Many firms have already applied for Solana, XRP, and other ETFs soon after the Ethereum ETF’s approval, and more are likely to happen throughout the year. Nate Geraci, CEO of ETF Institute, also talked about the same in a recent tweet, anticipating the several spot crypto ETF filings in November alone.
Prediction…
There will be several spot crypto ETF filings this week.
XRP, SOL, ADA, etc.
Assume multiple issuers were highly prepared for election results.
No downside to getting aggressive now.
— Nate Geraci (@NateGeraci) November 11, 2024
BTC and ETH ETFs gained extreme popularity among investors. Here, the Bitcoin ETF has gained $98.66B in market cap alone, opening the possibility of approval of other popular crypto ETFs. Interestingly, Solana is likely to take the lead, says VanEck.
Cryptocurrency Market Bull Run
2025 is the year for Bull Run, where all the cryptocurrencies will achieve their prime. With Bitcoin halving in April 2024, crypto users are now awaiting this bullish time, which usually comes months after the halving event. With historical trends and the ongoing market’s bullish behavior, analysts have anticipated the Bull run to hit in early or mid-2025, making it the biggest event of the cryptocurrency market. This would entirely change the market, where continuous gains would fill investors’ pockets, cryptos would grow to new highs, and the market economy would grow.
A bullish cryptocurrency market is much more certain than before, especially with the Trump win. With better crypto regulation, increased adoption, and the rising demand of the crypto industry, 2025 is going to be big. However, it is also important to understand that market fluctuations and macroeconomic factors could change the timeline of these crypto events.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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