The global crypto market cap is above $2 trillion but has fallen by 0.70% at the press time. The FI remains at 40 points. Several updates are awaited, for they could potentially mark an uptick in token values. For instance, the Spot Ether ETF could go live by the end of this month. Similarly, the Federal Reserve may announce a rate-cut decision in September. Until then, volatility and community support have backed the movements on price charts for digital assets, including, but not limited to, Bitcoin, Ethereum, Dogecoin, Solana, and XRP.
Bitcoin and Ethereum are not there yet
Both digital assets are far from achieving their ATH. This has not negated the possibility that there will even be a new ATH. Bitcoin ($BTC) is trading at $57,710.16, with a decline of 2.40% in the last 24 hours. The market cap exceeds $1.1 trillion, indicating a significant dominance. Mt. Gox and the German government are likely to add selling pressure. It remains to be seen whether the market can sustain that pressure in order to mitigate its effects.
Ethereum ($ETH) will have to make a move, considering the final nod of approval for its ETF is unknown. The US SEC has given a green light to the initial setup but is exercising caution in approving the final registration form. ETH price is currently exchanging hands at $3,084.91, with a decline of 1.04% during the same time window as BTC.
Meme coins are not any different
Meme coins are also experiencing difficulties. The performance of the top two meme coins is comparatively better. DOGE and SHIB are down, but by 1.56% and 2.36%, respectively in the same order. The decline was rather soft hours before the press time. The hourly recovery is evident with a surge of 0.57% and 0.64%, respectively.
PEPE has made better gains in the last hour, rising by 1.13%; however, the 24-hour fall aligns with the broader market sentiment. That comes to 1.94% for a token value of $0.000009138. DOGE and SHIB are listed at $0.1078 and $0.00001639, respectively.
Other gainers and losers
Needless to say, there are many more gainers and losers on the list. It begins with XRP, a token that is surrounded by the legal controversy between Ripple and the Commission. In a single day, XRP has experienced a slight increase of 0.26% and is currently trading at $0.4412. It is poised to eventually climb the ladder and breach the psychological milestone of $0.8. SOL’s decline is noteworthy. It has plummeted by 3.19%, making it one of the biggest losers among the top 10 cryptocurrencies worldwide.
WIF, from the meme coin segment, has shed around 7.12% of its weight, whereas BRETT has lost almost 4.60%. BONK remains red too, with a decline of 2.66%.
Conclusion
A rebound is on the horizon, but the volatility in price charts makes determining the timetable unpredictable. Most anticipated events, like the approval of Spot Ether ETF, could mark a pivotal moment as and when they happen.
Disclaimer: This piece is only for reference and does not represent investment advice or recommendation.