The global crypto market cap is down by 2.16%, hovering around $2.33 trillion with an FGI of 57 points for neutral sentiments. The development comes after WazirX reportedly moved funds worth $73 million. Bybit received a portion of the funds, while Kucoin received the remaining $1.5 million. WazirX earlier faced a security breach on the platform, which led to WazirX losing approximately $230 million.
In another headline, Elon Musk appreciates cryptocurrencies by calling them a valuable bulwark against centralized control. He didn’t specifically endorse any digital token but stated that their very nature helps with individual freedom. Investors are silently buzzing the market, eager to accumulate dips.
BTC and ETH Decline
Bitcoin tokens are below $68,000 and have fallen by 1.98% in the last 24 hours, for a value of $67,586.94. This is precisely the dip that investors are potentially looking to target. BTC has teased a new high, sparking speculation that the Bitcoin price prediction of $80,000 by year-end is not far away. On October 21, 2024, Spot Bitcoin ETFs recorded a net inflow of $294.3 million, making the seventh consecutive day of inflows. BlackRock’s IBIT, worth $23.16 billion, leads the historical cumulative net inflow to $21.3 billion.
Ethereum tokens have slipped below $2,700 and are down by 3.35% in the last 24 hours. ETH can be seen exchanging hands at $2,643.25. The Spot Ether ETFs have broken a streak of net inflow. Issuers recorded a net outflow of $20.8 million as of October 21, 2024. This takes the historical cumulative net outflow to $488.1 million. Grayscale continues to record outflow; the recent number comes to $29.6 million.
Meme Coins Are Down
One positive note to take home is that Dogecoin and Shiba Inu have a difference of around $11 billion in their market cap. Needless to say, it is positive news for holders of DOGE and enthusiasts of meme coins who are considering including Dogecoin tokens in their portfolio. Dogecoin is currently exchanging hands at $0.1457. It has plummeted by 1.17% in the last 24 hours but is still up by 25.05% in the previous 7 days.
On the other hand, Shiba Inu is currently trading at $0.00001847, down 3.90% in a single day and reflecting a gain of 0.72% over the last 7 days. The bearish run is prevalent across the meme coin segment. It includes the likes of PEPE and FLOKI. Both are down by 4.07% and 2.23%, respectively, in the last 24 hours. Considering the craze around meme coins, it is safe to assume that investors are accumulating dips in the sector before a rebound. One core factor that could cause a surge is the changing preference of investors amid high volatility or fluctuations.
Other Gainers and Losers
XRP is slightly down by 0.84%, listed at $0.5431. SOL, another contender for ETF, has plunged by 1.44% to the value of $167.94. By the conclusion of October, the objective for Solana tokens was to establish a support level of $170. That would pave the way for a mark of at least $195 by the end of this year.
While WIF and BONK remain among the most preferred tokens, their values have decreased by 6.31% and 3.91%, respectively, over the past 24 hours. Their values are $2.53 and $0.00002354, respectively.
Conclusion
More fluctuations are expected in the crypto sphere as the US Presidential elections come closer. Ongoing dips are being considered for purchase, but it is better to research before investing in cryptos.
Disclaimer: Values were true at the time of this article was written. This content is not investment advice.
