The world of virtual currency trade in the early days of November 2024 depicts conviction mixed with some cautious optimism among participants, largely Bitcoin (BTC) and Ethereum (ETH) are taking the lead. The price of Bitcoin (BTC) is holding strong at around $73,000 following the recent ETF decision. Such that there are expectations to reach $76,000 in November and reach $80,000 by the end of the year on assumptions of improving ETF assets coupled with a price run-up heading into the next halving event scheduled for April 2024.
Similarly, the price of Ethereum is also bouncing back above $2,500 following the traction that the layer 2 solutions such as Arbitrum and Polygon, which ERC-20 tokens are commonly used and their transactions use ETH thus making ETH more expensive in the network transactions. They need to protect the scarce nature of the currency by burning staking rewards between the blocks of the chain to retain the value of that currency.
This month is also filled with several highly anticipated token events for projects like Arbitrum, Aptos, and Confidence, which could cause some price instability due to increases in circulating supply. These listings are welcomed as some sort of excellent educational experience for some investors nevertheless it is worth mentioning that okus to the possibility of short-term selling pressure is also a safe bet on the negative side.
The overall performance of Bitcoin and Ethereum continues to underpin market sentiment, although the sharply narrowing ratio of token offerings and evolving legislative landscape present a downside threat.#PensionCryptoShift #USElections2024Countdown #NovemberMarketAnalysis #EthereumWhitepaper #OctoberCryptoFundingSurge $ETH $BNB $USDC
