The global crypto market is down 0.60%, valued at $2.5 trillion as of Nov. 08. The US Federal Reserve cut interest rates by 25 bps, supporting bullish sentiments for Bitcoin and Ethereum, both seeing price increases. Noteworthy gains are seen in meme coins, particularly Dogecoin, while Solana also performs well. Analysts project continued growth for cryptocurrencies, especially ahead of the 2025 presidential elections.

As of November 8, the global cryptocurrency market has experienced a marginal decline of 0.60%, remaining around $2.5 trillion and reflecting a fearful greed index at 72 points. This downturn appears unaffected following the recent decision by the US Federal Reserve to reduce interest rates by 25 basis points. This modification anticipates a more dovish approach compared to August, where rates were slashed by a greater margin. Bitcoin (BTC) and Ethereum (ETH) have shown significant price increases, with BTC trading at $75,891.65, marking a 1.44% rise, while ETH is at $2,906.63 after witnessing a 2.45% increase. The market sentiment is bullish as analysts predict that both BTC and gold may flourish following Donald Trump’s potential return to the presidency in 2025. Notably, Bitcoin exchange-traded funds (ETFs) recorded an influx of $1.3 billion recently, leading to a cumulative total of $25.5 billion. Ethereum is poised to possibly reach $3,000 in the coming week, with a projected year-end value of $4,000 to $4,250. In comparison to Bitcoin ETFs, spot Ether ETFs have lagged, as shown by a smaller net inflow of only $79.7 million and a large historical outflow of $410.1 million. However, a two-day inflow streak may indicate a turning point. In the meme coin sector, while Dogecoin (DOGE) and Shiba Inu (SHIB) have noted gains of 2.55% and 1.55%, respectively, a few digital tokens have suffered declines. The market capitalization for DOGE presently stands at $29.03 billion, with a weekly improvement of 24.12%, surpassing SHIB’s $11.27 billion market cap and its 9.32% weekly rise. The meme coin market collectively caps at approximately $69.69 billion. Other notable performances include Solana (SOL), which surged by 5.80% to $199.29, and is expected to reach $205 by the month’s end. Conversely, XRP and BNB have seen slight declines of 0.55% and 0.39%, respectively. NEIRO significantly outperformed with a 19.06% increase, while PEPE rose by 5.39% and POPCAT saw minimal growth at 1.08%. In conclusion, the recent 25 basis point rate cut is likely to catalyze increased cryptocurrency prices. Given the anticipated economic landscape following Trump’s potential election, both BTC and gold are expected to gain substantial momentum. Please note that the values stated herein are accurate as of the time of this writing and should not be construed as financial advice.

The cryptocurrency market responds sensitively to macroeconomic factors such as interest rate changes implemented by central banks. The recent announcement from the US Federal Reserve to reduce interest rates is anticipated to bolster investor confidence, potentially leading to a rise in cryptocurrency valuations. Historical data suggests that Bitcoin often mirrors movements in traditional commodities like gold, especially during politically charged times.

In summary, the crypto market is reacting positively to the US Federal Reserve’s decision to cut interest rates, with Bitcoin and Ethereum marking significant gains. Market participants are optimistic about future price movements, particularly with the potential effects of the upcoming presidential election. Investors should remain vigilant, as the current trends suggest a bullish outlook for cryptocurrencies in the coming weeks.

Original Source: www.cryptonewsz.com

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