The global crypto market cap is down by 0.72%, hovering around $2.31 trillion with an FGI of 56 points for neutral sentiments. Experts speculate that cryptocurrencies, particularly ETH, are poised for future gains. It stems from a reduction in the selling pressure of Ethereum tokens. Holders have withdrawn approximately 80 million ETHs from exchanges. This usually happens when there is little to no market intention to shed them.
Meanwhile, a recent breach incident fuels clouds of uncertainty. Transak, a crypto on-ramp service, has assured that only limited information was compromised to affect around 1.14% of its users; however, the ransomware group has claimed that they have drained enough sensitive information from the crypto on/off-ramp service.
BTC and ETH Fall; Remain in the Range
Bitcoin tokens are down by 0.29% in the last 24 hours, with BTC exchanging hands at $67,157.61. The flagship cryptocurrency is down only by a few margins. It is reasonable to presume that a decrease in the selling pressure of ETH would also have an impact on Bitcoin. Their prices are poised to rise, with Bitcoin tokens anticipated to reach $80,000 by the end of November 2024, or the middle of it, given how the US Presidential elections happen. On October 22, 2024, Spot Bitcoin ETFs experienced a net inflow for the first time since October 10, 2024, amounting to $79.1 million.
Ethereum tokens have plunged by 0.98% in a single day to the value of $2,614.40. Both tokens have managed to sustain their respective margins. Thereby, they have maintained the crucial level of support necessary for a recovery. Spot Ether ETFs recorded a net inflow of $11.9 million on October 22, 2024. Grayscale’s ETHE was the source of a net outflow of $20.8 million.
Meme Coins See a Heavy Decline
Interestingly, Dogecoin has experienced significant losses over the past 24 hours. DOGE has plummeted by 4.15% to the value of $0.1385. Despite this, DOGE maintains a market cap lead of roughly $10 billion over SHIB, having gained 18.66% over the past 7 days. Dogecoin is attempting to reverse the trend; the same is evident from its slight rise of 0.83% in the last hour.
SHIB is following a similar path except its weekly loss comes to 0.56% for a value of $0.00001795. It has lost 2.32% of its value in the last 24 hours but has made gains of 0.30% in a single hour. Meme Coins are striving to maintain their status as altcoins by at least minimizing fluctuations or generating profits in a short time.
Other Gainers and Losers
XRP is now seeing a sharper decline. The token is down by 2.19% in the last 24 hours, exchanging hands at $0.5312. It is joined by SOL, which is down by 0.77% to $165.55. TRX has surged, becoming one of the few tokens to do so. It is up by 1.47% in the same time frame.
The majority of meme coins have experienced a decline, with the exception of POPCAT, which has experienced a gain of 5.40% and is currently trading at $1.41. FLOKI, PEPE, and WIF have dropped by 3.26%, 2.45%, and 4.35%, applicable in the same order, in the last 24 hours.
Conclusion
The crypto market is riding on the speculation that ETH will eventually rise after reports show a drop in selling pressure. What happens remains to be seen, as the political scenario is also heating up and the Federal Reserve is expected to cut rats again.
Disclaimer: Values are true at the time of writing this article. Content is not investment advice.
