Oct 24 2024: Bitcoin’s price remained stable on Thursday, holding at $67,437.9 by 01:17 ET (05:17 GMT), after retreating from recent highs. Traders exercised caution due to uncertainties surrounding the upcoming U.S. presidential election and elevated interest rates.
Crypto trading volumes were generally muted as risk aversion prevailed, influenced by losses in stock markets. Altcoins mostly mirrored Bitcoin’s subdued movement, except for Solana, which surged on heightened blockchain activity.
Rate and Election Concerns Weigh on Bitcoin
Bitcoin initially rallied amid speculation that Donald Trump could secure a second term in 2024. Recent polls and betting markets suggested a slight advantage for Trump over Democratic nominee Kamala Harris.
Trump’s pro-crypto stance, including pledges for more favorable regulations, has bolstered crypto markets. However, his broader economic policies, which are expected to be inflationary, could lead to higher interest rates and a stronger dollar. These factors have recently driven the dollar to a three-month high, exerting pressure on risk-sensitive markets like crypto.
Additionally, expectations that the Federal Reserve will adopt a slower pace of rate cuts have weighed on speculative assets such as cryptocurrencies. Many traders are positioning for a smaller 25 basis point rate cut in November, according to CME’s Fedwatch.
U.S. purchasing managers index (PMI) data, due later on Thursday, may provide further insights into the economy and influence market sentiment.
Solana Surges on Increased Blockchain Activity and Meme Token Speculation
Solana emerged as a standout performer this week, climbing 4.5% to $173.068, its highest level in nearly three months. Coindesk attributed the gains to a surge in activity on the Solana blockchain, particularly in meme tokens related to artificial intelligence.
The number of users on Solana surpassed 8 million, setting a new record, while speculative positions on the token spiked. Solana’s price rose 8.4% this week, in sharp contrast to Bitcoin’s 1.5% decline.
Crypto Market Today: Ether Falls, Altcoins Remain Flat
Broader altcoins traded in a narrow range, with Ethereum (ETH) standing out as it dropped 2.4% to $2,553.24. Other major tokens, such as MATIC, ADA, and XRP, remained largely flat, while meme token DOGE saw a modest 1.2% rise.
