30s Summary

Bitcoin traders are treading carefully ahead of the US election results, with market volatility down from a three-month high of 66 to just over 63. Data from CoinGlass shows many are closing positions both long and short, indicating a wait-and-see strategy. Bitfinex predicts significant post-election activity, which could drastically affect Bitcoin’s price. Meanwhile, interest in altcoins such as Ether and Solana is waning, with their values falling as a result, indicating a bleak near future unless something changes.

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It seems like everyone trading Bitcoin is holding their breath as they wait for the results of the U.S. election. The market forecast is pretty uncertain right now, with lots of folks holding back from making major moves. Some peeps over at Bitfinex put out a report saying that all this uncertainty might be the quiet before a huge storm hits.

Right now, Bitcoin’s volatility, which basically means how much its price is expected to change, is in the low 40s. Just a couple of days ago, it reached a three-month high of almost 66 but has since settled down to slightly over 63. Basically, traders aren’t really expecting big Bitcoin price changes to happen just yet.

According to data from CoinGlass, loads of traders are closing out their positions on Bitcoin, both long and short, ahead of the election. Traders were expecting things to get pretty wild with the election but many folks seem to be playing it safe and taking a wait and see attitude.

Despite the quiet, Bitfinex predicts things could get wild right after the election results come out. If the big spike in activity they’re expecting doesn’t happen, it could mean that Bitcoin is heading for a bigger letdown in price.

While everyone’s focusing on Bitcoin, other cryptocurrencies (altcoins) seem to be getting overlooked. Bitcoin’s dominance, marquee in crypto-land, hit an all-time high of over 60% at the end of October. Right now, folks aren’t really paying too much attention to altcoins and as a result, their value is slipping whenever Bitcoin’s does.

Altcoins like Ether and Solana have fallen around 12% from their recent highs, with Ether now down a whopping 40% from its initial ETF rally. The love people once had for altcoins seems to have all but disappeared, with Bitcoin soaking up most of the interest and leaving altcoins in the dust. Unless something major happens to stir up interest again, it’s looking pretty bleak for altcoins in the near future.

But it’s not all doom and gloom. Bitfinex does note that Bitcoin’s not too shabby resilience since its September low is something to cheer about. In any case, they’re predicting an exciting week ahead in the crypto market.