🌧️  Rain will fall over Bitcoin in the next 24 hours, translating into a bearish trend, ⛅ while Ether, Avalanche and Binance Coin will profit from a timid sun, indicating slightly bullish market conditions. Drizzle or a slightly bearish trend will linger over Ripple’s XRP and Dogecoin.

🌧️ Over a one-week time horizon, the bearish trend will extend to Ether, Solana, Ripple’s XRP and Binance Coin. The rain will also continue to fall over Bitcoin and Litecoin.

The trading signals available at 6:20 CET are the basis for the projections mentioned above. Please check whether ATTMO's signals have changed since then, before making an investment decision.

Cryptocurrencies extend gains, Bitcoin breaks through $68,000 as FOMO sets in

The cryptocurrency trend saw broad gains in the past 24 hours, driven by a bullish sentiment in the stock market. The Dow Jones Industrial Average reached another all-time high on Wednesday, following the release of stronger-than-expected third-quarter earnings.

The price of Bitcoin rose to above $68,270 over the past 24 hours, a level not touched since end-July, Trading View’s Bitcoin chart shows. Earlier this morning its price was up 0.7 percent at $67,521.

The number of large Bitcoin transactions (those exceeding $100,000) and conversations on social media skewed toward Bitcoin over altcoins are at their highest level since July. “Both of these signals are signs that the rally may be on hold due to key stakeholder profit taking and high crowd FOMO [fear of missing out],” the crypto intelligence firm Santiment said.

An analyst CEX.IO told Decrypt that the current imbalance in rising leverage and lower trading volumes results in a fragile market that could trigger swift corrections. 

Bitcoin ETF interest surges, while Ether ETFs lag far behind

More than $1.6 billion has been invested into the 12 spot Bitcoin exchange traded funds (ETFs) listed in the US over the past four trading days.

BlackRock’s $IBIT, the largest such ETF, has on its own “now taken in $760mil in past 3 days… Now $22.5bil since January launch. Just vacuuming up $$$,” Nate Geraci, the founder of the ETF institute noted.

Investors’ interest didn’t extend to the nine spot ETH ETFs, which recorded inflows reaching just $28 million over the past four trading days – a fraction of those garnered by their larger competitors. The price of Ether put on 0.8 percent to $2,629 over the past 24 hours.

Stablecoin users on the rise!

Tether, the issuer of USDT reported that the number of on-chain wallets and accounts holding USDT, serving as a proxy for users, now exceeds 330 million. The number of users is, however, higher as it excludes the tens of millions of USDT users on centralized platforms. The market cap of USDT has risen to $120 billion. Its current yearly supply inflation rate is 43 percent meaning 36.27 billion USDT were created in the last year, according to CoinCodex data.

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DISCLAIMER

ATTMO, a weather-inspired AI tool, makes cryptocurrency predictions. It also forecasts longer-term cryptocurrency trends. These forecasts are not trading advice; they are only decision support tools. They do not include information that is specific to the user; in particular they do not account for their personal risk appetite or market assessment. The forward-looking weather-inspired predictions part of this report may have changed by the time you read this edition of ATTMO Times. So always check the latest ATTMO predictions before making any investment decision.