Bitcoin fell to a three-week low, hitting $58,895 on October 10, 2024, according to data from analytics firm Santiment. However, market sentiment has turned positive, with traders seeing the drop as a buying opportunity. This shift coincides with the release of the latest US Consumer Price Index (CPI) report.
The CPI data showed some worrying inflation trends, but expectations of possible interest rate cuts are keeping market optimism alive. Bitcoin traders and investors seem to view this as a good time to buy.
🧐 Bitcoin has dropped as low as $58.9K today, returning to a 3-week low. However, traders are identifying this as a dip buy opportunity. The narrative flipped to bullish particularly after the US CPI report announced still likely expected rate cuts. pic.twitter.com/Yet0YTjeiL
— Santiment (@santimentfeed) October 10, 2024
Whale Activity and Bullish Sentiment Drive Bitcoin’s Rebound
Bitcoin’s market activity over the past week has been fueled by an increase in large transactions, often referred to as “whale” trades. This suggests that institutional investors and wealthy individuals are moving back into the market.
This has led to a surge in Bitcoin’s weighted sentiment, which hit 0.121 on October 10. This is notably higher than Ethereum’s sentiment of 0.048 and other assets like Binance Coin (BNB), Cardano (ADA), and XRP.
This bullish sentiment, coupled with renewed confidence across the crypto market, helped Bitcoin climb back above $60,000 after briefly falling below that level. Traders are hopeful that the coming weeks will bring further price recovery, especially if inflation remains a concern and interest rate cuts become a reality.
Chiliz, Aave, and Uniswap Steal the Spotlight
While Bitcoin remains the market’s focal point, altcoins such as Chiliz (CHZ), Aave (AAVE), and Uniswap (UNI) are also generating buzz. Santiment’s analysis indicates that Chiliz has caught traders’ eyes due to the launch of the new meme coin “Pepper” on its blockchain. The airdrop requires CHZ holders to stake their tokens to participate, increasing interest in the project.
Read also : BTC, XRP, ADA Price Analysis: What’s Next for the Cryptocurrencies?
Aave’s popularity has grown after its integration with World Liberty Financial, a project connected to the Trump family. This integration, using the Aave v3 protocol, aims to make decentralized finance (DeFi) more accessible, particularly for borrowing and lending.
Uniswap is seeing higher trading volumes, driven by the launch of Unichain, its new Layer-2 network. This development has sparked optimism about a potential price recovery, with some analysts predicting Uniswap could reach $20 by 2025.
🗣️ Bitcoin just jumped back over $60K, as traders are eyeing altcoins at the moment. The top trending assets, based on discussion rate, are:
🪙 @chiliz $CHZ: Traders expressing excitement over the $PEPPER airdrop, which requires CHZ holders to stake a minimum amount to qualify… pic.twitter.com/dihdtArOda
— Santiment (@santimentfeed) October 10, 2024
Bitcoin’s price is currently hovering around $60,570, reflecting a slight decline of 0.52% over the past 24 hours. Chiliz, trading at $0.0688, has seen a 6.25% drop within the same period. Meanwhile, Aave’s price has experienced a marginal decrease of 0.21%, trading at $141.30. Uniswap has bucked the trend, rising 6.35% to $8.06.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
