DIGIVESTASI - The crypto market experienced strengthening on Tuesday (10/9/2024), along with the increase in the United States (US) stock market at the close of trading earlier in the week. Based on CoinMarketCap data as of 05:04 WIB, the crypto market recorded a significant increase. Bitcoin jumped 5.51% to US$57,588.27, although on a weekly basis it is still down 2.53%.

Ethereum also appreciated 3.78% in the last 24 hours, but during the week it fell 6.8%. Solana recorded a daily gain of 4.87%, but still corrected 1.05% on a weekly basis. Meanwhile, Dogecoin shot up 9.39% in 24 hours and gained 5.6% over the past week.

The CoinDesk Market Index (CMI), which measures the performance of digital asset market capitalization, gained 5.32% to 2,130.61. Meanwhile, open interest rose 4.34% to US$53.33 billion. The fear & greed index shows 41, indicating that the market is in neutral conditions.

Quoted from Coindesk.com, the gains in the crypto market coincided with the rise in US stocks. The Nasdaq and S&P 500 each rose 1.15% on Monday (9/9/2024), despite experiencing significant declines last week.

Despite the big jump, Bitcoin remains down about 3% so far in September and has fallen more than 20% since hitting a record high above US$73,000 in March.

Greg Cipolaro, head of global research at NYDIG, noted in his weekly report that short-term drivers for Bitcoin are minimal. He added that while August and September tend to be weak months for Bitcoin, the fourth quarter and October are usually better for price movements.

Cipolaro also noted that external factors, such as macroeconomic data, employment, inflation, and Fed policy, will be positive catalysts for Bitcoin. In addition, the US presidential election in November, where Donald Trump's pro-crypto stance contrasts with Kamala Harris' position uncertainty, will also be influential.

“While we can't predict the winner, November may be a pivotal moment for the crypto industry,” Cipolaro said. “Until then, Bitcoin will remain influenced by global market conditions.”

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