Crypto Market Analysis | 28 October 2024

Crypto Market Analysis

BTC closed the very important weekly close last week above the $68k mark, meaning we could soon see a rally to all time highs, if there are no more hiccups like a full-fledged war in the Middle East region. With the results of the US presidential elections just a week away, a likely Trump win is also been seen as a positive development by the crypto community. It is to be noted that Trump has already announced his plan to make Elon Musk lead the new Department Of Government Efficiency (D.O.G.E.) if elected, which could also start a rally in Musk’s favorite crypto Dogecoin again.

On the other hand, Coinbase’s Base blockchain has created a new landmark when the stable coin transactions on Base surpassed all other chains like Ethereum, Tron, and Solana on Saturday, accounting for roughly 30% of stablecoin transactions among the $60 billion transacted on chain on that day. This could give a boost to Coinbase’s stock price which is already up by 190% in the last 1 year.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered investment/financial advice from CoinSwitch. Any action taken upon the information shall be at the user’s risk.

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