Crypto Pulse——10/24 Market Trends and Hot Project Analysis

Preface:
Bitcoin and Ethereum have seen declines of 0.34% and 3.11% respectively over the past 24 hours, with current prices of $67,404 and $2,535. The ETH/BTC exchange rate remains at 0.0378. The Crypto Fear & Greed Index stands at 69, indicating a state of greed.

Market Trending

The market remained sluggish yesterday, with Bitcoin falling to a low of $66,000 before slightly recovering, closing the daily decline at 0.34%, now fluctuating around $67,500. Ethereum continues to weaken, with the ETH/BTC exchange rate dropping to 0.0378, marking the lowest level since the 2021 bull market peak. While the market sentiment remains downbeat, it is expected to recover after the U.S. election in November and the announcement of potential interest rate cuts. There is a 93% probability of a 25-basis-point rate cut by the Federal Reserve in November, with a 7% chance of maintaining the current rates, and 0% probability for a 50-basis-point cut.
Public Chain Sector: SOL bucked the trend and surged past $170, driven by the hot narrative surrounding AI + Meme on-chain developments. The SOL/ETH exchange rate climbed to 0.06646, reaching a new all-time high. On the other hand, GOAT saw a rapid price drop after cooling off in popularity, with a daily decline of over 15%.
Meme Sector: AI-narrative Meme tokens continued to skyrocket, with GOAT’s market cap surpassing the $700 million mark at its peak. Among the established Meme tokens, only BOME and WIF showed slight gains, while the rest remained largely unchanged.
Layer 2 Sector: SCR saw a near 20% decline after its launch due to community dissatisfaction over token distribution.

Spot Bitcoin ETF Flows

Bitcoin spot ETFs in the U.S. recorded a net inflow of $198.5 million yesterday, with IBIT seeing a net inflow of $315 million, ARKB experiencing a net outflow of $99 million, and BITB recording a net outflow of $25.2 million.
Check Out the Latest Prices, Charts, and Data of BTC/USDT Spot and BTCUSDT Perp!

Daily Spotlight

Today’s hot project is GOAT, with a 24-hour price increase of 30.05%.
GOAT (Goatseus Maximus) was launched on Solana by an unknown individual, inspired by comments made by @truth_terminal and themed around GOATSE. Due to frequent mentions by truth_terminal, the token earned the nickname “Goatseus Maximus.” The anonymous deployer has been continuously airdropping $GOAT tokens, and over time, AI bot truth_terminal began integrating $GOAT into its identity. Today, $GOAT has become the token officially associated with truth_terminal. The AI + Meme frenzy led by GOAT has swept through the crypto market, with the token surging over 30% in 24 hours and its market cap surpassing $700 million at its peak.
Check Out the Latest Prices, Charts, and Data of GOAT/USDT Spot and GOATUSDT Perp!

The Word on the Street

Ripple CEO: An XRP ETF is “inevitable.” On October 24, according to market sources, Ripple CEO Brad Garlinghouse stated that an XRP ETF is “inevitable.” Brad Garlinghouse, along with Ripple co-founder Chris Larsen, made important speeches today at the 8th Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia.
Previously, on October 22, Ripple co-founder Chris Larsen announced he had donated an additional $10 million in XRP to support Vice President Harris’s campaign for the U.S. presidency.

Project Funding

Variational, a crypto derivatives trading protocol, raised $10.3 million in a seed funding round. Variational, a crypto derivatives trading protocol built on Ethereum’s Layer 2 network Arbitrum, has raised $10.3 million in its seed round of funding.
Bain Capital Crypto and Peak XV Partners (formerly Sequoia India and Southeast Asia) co-led the round, with participation from Coinbase Ventures, Dragonfly Capital, North Island Ventures, and Hack VC. Variational was founded in 2021 and started fundraising for its seed round in Q3 of that year. The round closed in December, and operations began in January 2022. Initially operating in stealth mode as a proprietary market maker for two years, Variational has since transitioned to building its own DeFi protocol. Now, with the testnet launched and preparations for the mainnet underway, the company decided to announce its seed funding, said CEO and co-founder Lucas Schuermann.