The global market cap of cryptocurrencies is down to $2.11 trillion. The 40-point FGI is associated with a percentage decline of 0.49%. Investors are naturally worried about allocating funds to digital assets. It is a matter of concern that inflation may resurface, and no report has been released that provides a clear assessment of the Federal Reserve’s rate cuts. If the liquidity supply falls further, it could push the likes of Bitcoin and Ethereum to a new low, likely during the winter season.
BTC & ETH Struggle as Memecoins See Mixed Gains
In all fairness, BTC and ETH have worked hard, and they deserve a better rating. They are currently striving to achieve a higher value; however, it is possible that they will experience a decline in the near future. Spot Bitcoin ETF ensured a better status for the flagship token, which is now listed at $56,895.65, down by 1.27% in the last 24 hours. The last couple of hours have seen significant volatility. Its value failed to surpass $57,660. That would have been an ideal scenario since it targets a breach of the ATH.
With no reports about the Spot Ether ETF listing, Ethereum’s wait gets longer. The effect is evident, with ETH inching closer to a low of $3,000. A slight decline of 0.20% in a single day has done decent enough harm. One aspect in which Ether outperforms BTC is the color of trade. Most of the trades for ETH have been in green, fetching positive returns irrespective of their size.
The market cap of meme coins has plunged by 2.02%; however, the trading volume is up by 6.59%. PEPE is leading the trend with a decline of 6.23% in the last 24 hours, followed by SHIB with a slip of 1.92% and DOGE down by 1.70% during the same time window. Notably, they have gained in the last 7 days—a part where PEPE lags. Shiba Inu is the biggest gainer in the category, with a rise of 20.62%, followed by Dogecoin with 10.05% and PEPE with 4.10%.
DOGE and SHIB are exchanging hands at $0.1057 and $0.00001602, applicable in the same order. PEPE is listed at $0.000008529 at the time of writing this article. BONK and FLOKI have also shed some weight. They are down by 10.82% and 4.37%, respectively.
XRP has edged upward by 1.93% but is now down by 0.60% in an hour. The hourly downfall might not hit as hard as one thinks. SOL has let go of almost 3.43% of its token value and is potentially looking at a further decline to $130. It could alternatively hit a high of $150 in the next couple of weeks. Biased sentiments are optimistic.
WIF has lost 3.03% in a single day, while BRETT is down 8.72%. Most of these dips come as discussions about owning celebrity-based meme coins are gaining traction.
BTC and ETH have to travel a bit longer to surpass their respective psychological milestones. These are $60,000 and $3,500, respectively. Others will follow, and the same applies to the entire meme coin segment, which was previously the best option ahead of the much-anticipated altcoin season.
Disclaimer: This piece is for reference only and should not be taken as investment advice or a recommendation.
