This week was relatively stable for Bitcoin price despite multiple macroeconomic events. While BTC moved sideways, some altcoins saw a massive uptick in buying pressure.
Here’s what to look for this week.
- November 6
- WLD Open AI conference
- SEI Token’s demo day
- November 7
- NEAR conference
- HFT ~16% Total Supply unlock ($42.7 million)
- GRT announcement
- November 8
- XRP Swell conference
- Binance Blockchain week
- Federal Reserve Chairman Jerome Powell Speech at 14:15 GMT
- November 9
- XRP lawsuit briefing date
- November 12
- APT 2.48% TS unlock ($171 million)
Getting macro out of the way
Both the jobs report and FOMC meetings suggested that Powell might not go for a rate hike at the Fed’s last meeting this year. The CME Group FedWatch Tool depicts this with a 90.3% probability leaning toward the policy rates being 5.25% to 5.50%. Only a 9.7% probability is given to the possibility of a rate hike of 25 basis points.
CME Group FedWatch Tool
More Macroeconomic coverage
Bitcoin is still the light-bringer, but altcoins likely to steal the show
The ongoing crypto bull is, in a way, because of the spot ETF approval hype. Investors should consider taking a closer look at altcoins for higher returns.
Altcoin picks for the week
- Dogecoin (DOGE): Weekly downtrend breakout forecasts handsome returns for patient holders.
- WorldCoin (WLD), Near Protocol (NEAR) and other AI-related coins like Singularity.net (AGIXX), Render (RNDR), Fetch.ai (FET) and more due to the WLD’s Open AI conference on November 6.
- Ripple (XRP) and Stellar (XLM) due to the upcoming Swell Conference and the SEC vs Ripple lawsuit’s hearing on November 8 and 9, respectively.
- HashFlow (HFT) and Aptos (APT) could also rally due in anticipation of the token unlocks on November 7 and 12, respectively.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.