The global crypto market cap is down by 0.38%, hovering around $2.04 trillion. The Fear & Greed Index is 33 points. Almost every cryptocurrency is now effectively testing its respective range. Meanwhile, new countries have emerged as leaders in digital token adoption. Some of them are India, Nigeria, and Indonesia. This comes from the Chainalysis 2024 Crypto Adoption Index. It ranks 151 countries and rolls out rankings after making adjustments for population and purchasing power.
BTC and ETH Stay Put
Bitcoin tokens are at $57,948.25, down by 0.73% in the last 24 hours. Technical indicators are bullish about a run to $60,000. A basic support level is set at $56,000. Its future is also gaining strength because the US Bureau of Labor Statistics has reported numbers on August CPI. It has risen to 2.5% on a YoY basis. It was earlier reported at 2.9%. It goes on to back the assumption that the Federal Reserve will cut rates by at least 25 bps. It will mark the first cut since 2019.
Ethereum tokens are down by 0.73%, exchanging hands at $2,358.62. Analysts said that they were waiting for the funding rate to move beyond 0.015. The idea is to see if the calm before the storm breaks. The funding rate basically functions as a small market fee to align the future with spot prices and stabilize perpetual contracts. ETH is aiming to hit the milestone of $3,000 by the end of this year.
Meme Coins Mark a Slight Fall
Donald Trump has reportedly refused to debate with Kamaal Harris again. This casts him in a negative light, as it may be inferred that he was taken aback in the first round, which has had a significant impact on him. The crypto market initially showed positive momentum, but the subsequent decline prompts contemplation. The meme coins reflect that same sentiment. DOGE and SHIB are down by 0.74% and 0.17% in the last 24 hours, applicable in the same order. Dogecoin is currently trading at $0.102, while Shiba Inu is trading at $0.00001343.
Meme Coins often follow in the footsteps of generic coins, particularly BTC and ETH. That deprives Meme Coins of their status as the most popular altcoins in the market. These are the coins that are not related to Bitcoin, or even Ethereum in some cases.
Other Gainers and Losers
XRP has made a significant gain of 5.19% in a single day. The token’s trade value is currently $0.5666. Ripple is undoubtedly pleased that the SEC is still considering filing an appeal. The spike could also be caused by Grayscale’s launch of XRP Trust. The launch happened across the United States, triggering speculation about whether Spot XRP ETF is next on the list. Another crypto ETF is long overdue. XRP is already one of the most anticipated tokens to soon have its regulated investment vehicle in the sphere.
WIF is down by 1.81%, listed at $0.0001239. The top three meme coins remain DOGE, SHIB, and PEPE. The Memebet token has conducted a presale to formally introduce GambleFi to the meme coin segment. Fluctuations will happen, and a few tokens may have to take hits while investors explore new ventures.
Conclusion
BTC and ETH are testing their respective ranges. It will require a Federal Reserve announcement to push BTC and ETH beyond their respective ranges, as meme coins tend to follow their lead for the time being.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.