The global crypto market cap is up by 2.68%, hovering around $2.29 trillion with an FGI of 54 points for neutral sentiments. Bitcoin is ahead of Ethereum, and the market is soaring following a rate cut by the Federal Reserve. Other developments that keep interest alive in the sphere pertain to an investor making massive gains in a short time and PayPal expanding crypto services to business accounts.
One investor reportedly made 2,554-fold gains by investing in Moo Deng, a hippo-themed token with the ticker MOODENG. For PayPal, the update about enabling business accounts to buy, sell, and trade cryptocurrencies is still fresh in the market.
Bitcoin Surges Past $65K, Eyes $80K
Ethereum did outperform Bitcoin, but that now appears to be a long-lost dream. BTC is back in action, having surged 3.06% in the last 24 hours. On the other hand, ETH rose by 1.78% for a value of $2,647.97. Bitcoin tokens are exchanging hands at $65,372.94. Not just the recent rate cut incident, but speculation of two more rate cuts by the Federal Reserve before year-end is contributing to the growth of both flagship cryptocurrencies.
The near-term projections for BTC anticipate reaching $80,000, by the middle of October 2024, or at its peak by the end of the year. With its current pace, it could achieve that by mid-October 2024. As rate cuts are on the horizon again, expect fluctuations followed by higher lows. A similar principle applies to Ethereum prediction, as Ether is aiming to create support at $3,000 in the next month.
Meme Coins Are Sky High
It can be translated into a literal sense. For starters, Shiba Inu gained 22.49% in the last 24 hours and is now listed at $0.00001894. Nex, Dogecoin is up by 10.04% for a value of $0.1198. Even the difference between their market cap is down to approximately $6 billion with values above $11.16 billion and $17.51 billion, applicable in the same order. These highs go on to reflect a surge of 31.67% and 12.95% in the last 7 days for SHIB and DOGE, respectively.
Hourly gains are also noteworthy. Dogecoin is up by 1.60% and Shiba Inu by 0.15%. It is probable that a new trend will emerge as October approaches, as analysts continue to promote specific meme coins. The month has been associated with gains for the segment. Therefore, it makes sense to adjust in order to reap the benefits following the August crash.
Other Gainers and Losers
XRP has made a slight gain of 0.96%. It is listed at $0.588. Other tokens with marked upticks are SOL and BNB, which are 4.84% and 2.79%, respectively. While the FGI shows a neutral sentiment, it is only obvious to assume that sentiments are largely bullish, for the market is making it evident in the strongest manner possible. Declines appeared on the last day, but they didn’t last long.
Meme Coins saw PEPE rise by 13.88%. BONK emerged as a top contender, gaining 17.51% in the same time frame. Nevertheless, the frog-themed meme coin remains the most preferred token in the segment.
Conclusion
Highs are still on the horizon as cryptocurrencies chase aggressive targets in the near and long term. Rate reductions and innovations such as PayPal’s business account integration will support them.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.
