The global crypto market cap is hanging at around $2.4 trillion, down by 1.86% at press time. Bitcoin ($BTC) dominates the market, closely followed by Ethereum ($ETH). The FGI has plummeted to 60 points, but it is still within the range of the Greed category. The meme coin segment is hit as well. The damage is 3.05% in terms of market cap across the world, with a decline of 1.54% in trading volume.
Meanwhile, reports are coming to the surface, highlighting that Spot Ether ETFs have traded over $500 million on their first day.
Bitcoin slips, Ethereum sits tight
The first-day performance of its approved regulated investment vehicle may be a primary factor contributing to ETH’s current comfort level at $3,400. It has reportedly fetched over $500 million on its debut day. Ether is still down, exchanging hands at $3,439.75 at the time of writing this article. That is after a 1.24% drop in the last 24 hours.
The loss of 2.28% of BTC’s token value within the same time frame indicates its impact. Bitcoin price is now listed at $65,923.20. The decline is more severe when compared to Ethereum’s native token. Investors have likely directed a portion of their holdings to Ether ETF for a while under the impression that it is testing new tides. For more insights on where ETH might be headed next, check out the latest ETH price predictions.
Meme Coins are unpredictable
Meme coins are down in both segments, namely market cap and trading volume. Dogecoin ($DOGE) has slid 5.09% in a single day, breaking the record. The token value is $0.1309. Shiba Inu has the advantage of showing less fall, down by 3.15% in the last 24 hours. It is currently exchanging hands at $0.00001702.
That said, the difference between their market cap is pretty much the same as it was yesterday. DOGE is at $19.01 billion and is followed by SHIB at $10.03 billion. Working well for Dogecoin has resulted in a gain of 4.19% in the last 7 days, compared to a loss of 12.96% for Shiba Inu.
Other Gainers and Losers
Solana ($SOL) has risen by 7.54% in the last 7 days, but it has lost almost 2.74% of its value in the last 24 hours. Listed at $173.15, it is currently testing the resistance of $170.5. In the event that all market conditions and SOL-specific factors are favorable, the next best course of action is to achieve $185 within the next 30 days. XRP is yet to see an upswing. The token is hovering around $0.6031, down by 2.04% in a single day.
PEPE remains strong, with only a 0.06% decline during the same time window. It is listed at $0.00001213 with a market cap of $5.16 billion. MEW has experienced a slight gain, rising by 3.41% since yesterday. With a token value of $0.007691, the token ranks 97th overall on the crypto charts.
Conclusion
The introduction of the Spot Ether ETF has been attributed to a decrease in Bitcoin. The earliest possible explanation should be made public. The market will likely ride this sentiment because it favors the world’s second-ranked crypto, which is also the best bet against the flagship crypto, BTC.
Disclaimer: The article is meant to be referred to only as a generic piece. It does not serve as investment advice or recommendation.
