3 things that could lift the crypto market this week

The cryptocurrency's market cap has surpassed $2.5 trillion for the first time since late July as Bitcoin races towards $70,000, but will this week's economic report add more momentum?

Additionally, the U.S. presidential election is just two weeks away, which “should begin to create a more volatile situation,” the Kobisi letter said.

Economic event October 21st to 25th

On Wednesday, existing home sales data will be released that will provide insight into the health of the housing market. While the housing market has a significant impact on economic activity in the United States, it has little impact on the cryptocurrency market.

More home sales statistics and new unemployment claims will be released Thursday. The latter report paints a comprehensive picture of the labor market and has far-reaching implications for economic activity.

The Durable Goods Orders Report for September will be released on Friday and shows the cost to manufacturers of durable goods such as automobiles and appliances. This evaluates the status of production activities and demand for high-priced products, and is also a measure of consumer sentiment.

On Friday, the Michigan Consumer Confidence Index and Consumer Inflation Expectations report for October will also be released. This data represents the results of a monthly survey on consumer confidence levels and views on long-term inflation.

This week's main events:

1. Existing Home Sales Data – Wednesday

2. Initial data on unemployment claims – Thursday

3. New Home Sales Data – Thursday

4. September Durable Goods Order Data – Friday

5. MI Consumer Sentiment Data – Friday

6. About 15% of S&P 500 companies report earnings…

— Kobeissi Letter (@KobeissiLetter) October 20, 2024

Additionally, about 15% of S&P 500 companies will report earnings this week. Some of the biggest names in the technology industry include Microsoft, IBM, Amazon, and Tesla.

Tech stocks ended last week high, and that momentum could continue this week and spill over into the digital asset market.

Virtual currency market outlook

In early trading in Asian markets on Monday morning, the total limit exceeded $2.5 trillion. It was the highest level in about three months.

As in the past few weeks, Bitcoin was the main driver, hitting $69,430 in early trading on Monday. However, the asset failed to reach the psychological level of $70,000 and fell to $68,900 at the time of writing.

Ethereum also received a rare boost and actually surpassed its big brother in terms of daily gains (3.5%). ETH hit its highest level since August 25th at $2,760, but recovered slightly a few hours later.

Altcoins also rose on this move, with Solana (SOL) rising 6.6% to $170, Cardano adding 5% to $0.368, and Chainlink (LINK) following a similar rise to $12. broke through.