Bitcoin Miners Activate, But Why?
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Market Pulse?
?? November 10 witnessed a bullish trend in crypto prices, undeterred by Fed Chair Jerome Powell's cautious remarks on the potential interest rate hike to combat inflation. ?? The market showed resilience in the face of concerns surrounding a U.S. Central Bank rate adjustment aimed at meeting their 2% inflation goal.
???? Powell acknowledged a decline in U.S. inflation but voiced apprehensions about the efficacy of recent policy measures, sparking heightened speculation about the Federal Reserve's future stance in the broader market.
?? Despite these hawkish signals, the crypto market sustained its upward momentum. ?? Ethereum marked a substantial gain of 9%, reaching $2093, with its volume surging by 161% to $26 billion. Bitcoin experienced a marginal 0.48% dip, settling at $36,215, while its trading volume increased by 40% to $32 billion over the last 24 hours.
?? However, the meme coin sector struggled to maintain positive momentum, indicating a shift in investor attention. Dogecoin's price dipped by 2% to $0.074, accompanied by a 63% surge in volume. Similarly, Shiba Inu saw a 2.61% decrease in price to $0.0000083, yet its volume increased by 50% to $282 million.
?? The surge in major cryptocurrencies contributed to a significant upswing in the overall crypto market, with the global cap rising by 1.45% to $1.4 trillion. The market fear and greed index reached 70, indicating a prevailing "greed" sentiment. Over the last 24 hours, the total market volume grew by 66%, totaling $94.85 billion. ????
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