Blue-chip cryptocurrencies continue to consolidate within recent intra-day ranges, with Bitcoin (BTC) hovering in the upper $37,000s just below yearly highs as traders digest the latest US inflation figures and commentary from Fed policymakers.
Core PCE Price Index inflation figures for October came in as expected at 0.2% MoM, underpinning bets that the Fed won’t need to hike interest rates again and may start cutting rates in early 2024, though various Fed policymakers on Thursday warned that more rate hikes remain a possibility.
Bitcoin bulls will remain optimistic about the cryptocurrency’s short-term price prospects, with the cryptocurrency having continually found strong support at its 21DMA in recent weeks and threatening a break towards $40,000.
A recent uptick in demand for the Proshares’ Bitcoin Strategy ETF, a US-based bitcoin futures ETF that recently hit an all-time high in asset under management (AUM), shows that optimism about near-term spot Bitcoin ETF approvals remains high and institutions continue to position themselves in the expectations of more BTC price upside.
Dips may continue to be aggressively bought into for now.
Elsewhere, Ether ETH), BNB (BNB), XRP (XRP) and Solana (SOL) are all roughly flat on the day, in fitting with the tone of consolidation.
With blue chip markets quiet, crypto traders looking to turn quick exponential profits will continue to turn to the highly illiquid and volatile shitcoin/meme coin markets.
Here are some of the biggest gainers of the day according to decentralized exchange (DEX) analytics websites DEXTools.
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A shitcoin called Eternal AI ($MIND) that was launched on Thursday has seen explosive upside of more than 10,000% in the past 24 hours, as per DEXTools, making it the