The previous week’s events fueled a negative price rally in the cryptocurrency market, and we’re looking forward to seeing what this month brings. Before continuing, take a look at our Weekly Crypto Insights.
On November 04, CoinMarketCap reported a market cap of ₹196.07 trillion. Furthermore, in recent weeks, the top-performing currencies have witnessed enormous losses, trying to establish a new market trend.
As of the past week, Bitcoin is priced at ₹5,806,370.31, reflecting a 1.03% surge within the last 24 hours with a substantial price increase of 2.07% over 7 days. Regarding Ethereum, ETH is currently valued at 207,845.01, showing a 0.85% jump in the past 24 hours, with a significant fall of 0.22% over 7 days.
Weekly Crypto Insights: Top Trending Coins
In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Cats in the Sui (SUI), Maker (MKR), and Dogecoin (DOGE).
In the past week, the price of Sui (SUI) showed a 12.89% surge. Moreover, the token experienced a marginal surge of 2.46% in the past 24 hours. The token is currently trading at the price of ₹159.81.
Maker (MKR), the token, illustrated a 6.60% jump compared to other major cryptocurrencies. In addition, MKR has shown a 0.71% fall in the past 24 hours, trading at a price range of ₹98,585.51.
In addition, the Dogecoin (DOGE) token increased by 5.17% in the last 7 days. Moreover, in the past 24 hours, the token surged by more than 1.00%. In addition, the price of the DOGE token is trading at ₹12.79.
Top Crypto Gainers & Losers
The past week remains one of the most bearish weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past day:
How the Crypto Market Became Volatile?
The cryptocurrency market has turned bearish following its successful breaching of the $70,000 barrier in October. However, as the US election 2024 approaches its apex, the market has slightly turned pessimistic. The US election results are likely to be announced on November 5th at 7:00 PM local time.
As a result, every trader must exercise caution when engaging in trading at the time of the results. Experts believe that any favorable conclusion of the results could lead to the formation of a new market trend.
Weekly Crypto Insights: Trending News From the Last Week
▪️ 21Shares, an asset management, has applied to the Securities and Exchange Commission for approval of a spot XRP exchange-traded fund.
21Shares filed a Form S-1 with the SEC on November 1 for the listing and trading of its Core XRP Trust shares on the Cboe BZX Exchange. According to the filing, the trust does not offer investors direct exposure to XRP, but rather a “opportunity to indirectly access the market.”
▪️ Tether has reported a record-breaking $2.5 billion in profits for the third quarter of 2024, bringing its total earnings this year to $7.7 billion. According to a report posted on October 31st, the stablecoin issuer’s total assets surpassed $134.4 billion in the third quarter.
▪️ In its Q3 results report, MicroStrategy launched a $42 billion capital-raising campaign aimed at acquiring Bitcoin (BTC) over the following three years. This is one of the most ambitious Bitcoin investment proposals ever made by a public firm.
️SunCrypto Views
The recent volatile trend in the cryptocurrency market demonstrates its dynamic evolution, which has included substantial losses and growing investor confidence. This development reflects growing institutional interest and improving technological advancements.
Despite these ongoing developments, the market’s intrinsic volatility persists. To navigate potential risks, investors should exercise caution, perform extensive research, and apply a variety of tactics. While the recent volatile trend is tremendous, it’s critical to approach the cryptocurrency market with care and a long-term mindset.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].
