The global crypto market has dipped by 2.06%. It is currently at $2.1 trillion, with an FGI of 45 points for neutral sentiments. Bitcoin and Ethereum are in the middle of the range they established. For BTC, it is $57k-$61k whereas for ETH, it is $2,400-$2,700. It could take some time for them to mark significant upticks—probably in September when the Federal Reserve announces rate cuts. The overall market trend is neutral, with swings going both ways, which are up and down.
Bitcoin and Ethereum retrace their steps
In the last 24 hours, BTC is down by 2.37%. It is exchanging hands at $59,368.31, with a market cap of over $1.1 trillion. It still has more than 50% of the market share and is at the top of the crypto ranking charts worldwide. According to the BTC price forecast, Bitcoin is expected to experience a smaller decline compared to Ether. On August 20, 2024, the Spot Bitcoin ETF recorded an inflow for the fourth day, totaling $88 million. This is an increase over previous days of positive flow.
ETH has plunged by 2.76% during the same time window. The token is listed at $2,590.99. The trend for Spot Ether ETF is rather in the opposite direction. August 20, 2024, marked the fourth consecutive day of outflow. The total negative flow on that day came to $6.5 million. It is safe to say that Grayscale’s ETHE is influencing the outflows. This has been happening since the time ETFs were approved for Ether, and negatives may not subside any time soon despite optimistic speculation in the market.
Meme Coins demonstrate a mix
A few meme coins are down, but a few are up. It is hard to draw a perfect picture, but it can be said that they are experiencing fluctuations in line with the overall market trend. DOGE is down by 0.85% in a single day, listed at $0.1035, while SHIB is up by 0.16% for a value of $0.00001366. This is merely a tiny teaser for an idea about the macro trend in the segment. PEPE and BONK are down by 0.40% and 0.73%. WIF, however, is up by 2.72%.
Experts interpret the sentiment as a stage in which meme coins are emerging from their hibernation. Over the weekend, most of them were down. This includes WIF BONK and PEPE. Some of them have reclaimed highs, and others are attempting to break the boundaries for a rebound.
Other Gainers and Losers
Solana is notably down by 2.79% to a value of $142.61. A value hit could potentially reflect a reputation hit. Mango Markets is seeking a settlement with the US SEC. Mango Markets, once a top decentralized crypto exchange on Solana, is currently facing allegations of securities law violations. SOL can make a recovery if there is any major update on Mango Markets and the SEC.
Lower-ranked meme coins are currently in the spotlight. This includes FLOKI, BRETT, and BOME. They have surged by 3.40%, 9.47%, and 0.54%, applicable in the same order. Their token values are $0.0001242, $0.08878, and $0.007094, respectively. Indeed, these tokens are trending and have surpassed some of the top meme tokens.
Conclusion
BTC and ETH are resting within the defined range. Once the Federal Reserve announces rate cuts, an uptick is imminent. Meme coins are likely to push for a jump in the times to come.
Disclaimer: All values are accurate as of press time. The content is for reference and should not be considered as investment advice or recommendation.
