By Shikha Singh
Crypto Fear & Greed Index flashes ‘GREED’.
Ahead of U.S. Election Day, Bitcoin (BTC) remains in a “Greed” zone, despite a recent pullback to $68k. Despite the recorded outflows of $541 million from BTC ETFs, speculators remain optimistic.
While some analysts believe Trump’s lead is boosting market confidence, QCP Capital warns that the market may be underpricing post-election risks, with potential for $6k-$8k price swings.
Amberdata forecasts that a Harris win could drop BTC to $60k, while a Trump win might push it to new highs of $75k-$77k.
Options markets show bullish bets targeting $70k-$85k, but also expect BTC to hold above $60k, with $65k as a key support level.
ETH-to-BTC Market Cap Ratio Declines to 24.52%, its Lowest Level Since April 2021.
The ether-to-bitcoin market capitalization ratio has dropped to 24.52%, its lowest level since April 2021, reflecting Bitcoin’s growing dominance in both price performance and institutional interest. This decline from 32.7% at the start of 2024 signals a shift in market dynamics, with traditional finance firms increasingly favoring Bitcoin over Ethereum. Bitcoin ETFs, like IBIT, are attracting significant inflows, while Ethereum ETFs see more modest interest.
OpenSea CEO Teases 2.0 NFT Platform Launch in December 2024.
OpenSea, the leading NFT marketplace, is preparing a major overhaul with the launch of “OpenSea 2.0” in December 2024. OpenSea remains committed to revitalizing the NFT space, despite facing declining trading volumes, stiff competition from platforms like Blur and Magic Eden, and potential regulatory challenges from the SEC.
The new platform will include features like Bitcoin Ordinals support, rewards for Gemesis NFT holders, and possibly a leaderboard. There is also speculation about the addition of an Ethereum Layer 2 solution to improve transaction speeds and lower costs, though this remains unconfirmed.
Trump-Themed Cryptos & NFTs Surge.
Trump-themed cryptocurrencies and NFTs saw a surge as the GOP nominee gained ground in key battleground states.
The largest Trump-themed token, Maga (TRUMP), rose 21% in 24 hours, reaching a market cap of $185 million.
Other tokens like Doland Tremp and Maga Hat also saw significant gains, with Doland Tremp jumping nearly 40%. Despite a smaller market cap, Maga outpaced TRUMP in trading volume.
Meanwhile, NFTs from Trump’s collections also saw price increases. The “America First Edition” NFT floor price rose by 5%, and the “Mugshot Edition” increased by 2.94%.
This surge in Trump-associated digital assets coincided with his wins in Kentucky, Florida, and Indiana and a lead in Georgia. In contrast, Kamala Harris-themed tokens like Kamala Horris (KAMA) dropped over 13%.
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