The global crypto market cap is up by 2.16%, hovering around $2.28 trillion with an FGI of 56 points for neutral points. There is uncertainty regarding the precise cause of the surge, as there are numerous factors at play: a third assassination attempt on Donald Trump, uncertainty regarding the events that followed the election, or is it still the migration of Chinese investors from the crypto market to their national stock exchange? It is also likely that details about World Liberty Financial have sparked a new interest in digital tokens.
Donald Trump recently revealed that his crypto project will start selling tokens this week, starting Tuesday. He has not provided a specific start time, but it could potentially go live any time during the morning.
BTC and ETH React Positively
Bitcoin and Ethereum tokens have reacted positively to all these developments. If anything, ETH has outperformed BTC once again, with a jump of 3% against 2.28% by BTC in the last 24 hours. Ether has sustained the gain above $2,500 by breaching another milestone of $2,600 for a value of $2,606.96. The year-end target of $4,000 is very much on the horizon, and there is substantial speculation that it could exchange hands at around $3,000 by the end of October this year.
BTC is now listed above $65,000. It is trading at $65,427.83 to reflect a weekly gain of 4.61%. Ethereum’s weekly upticks come to 7.42%. Bitcoin was briefly teased to have surpassed the $65k mark yesterday. The flagship token has regained that momentum to strengthen the BTC projection of $80,000 by the end of October 2024, or the middle of November. The initial access point is set at $75,000.
Meme Coins See Massive Gains
Dogecoin and Shiba Inu are up by 4.29% and 2.64%, respectively, in the last 24 hours. The market cap gap between Dogecoin and Shiba Inu has broadened to $7 billion, which is a significant concern for SHIB. DOGE is exchanging hands at $0.116 and SHIB is listed at $0.00001825. They continue to lead the meme coin segment, which in turn continues to carry the tag of being the most preferred altcoin sector. While smaller tokens have taken over the responsibility, a lot depends on how and where DOGE & SHIB move.
SHIB is next projected to reach $0.000019 by the end of October. This is a doable target. DOGE is aiming to soar as high as $0.12 by the end of this month—another achievable milestone.
Other Gainers and Losers
SOL and XRP are currently in the spotlight due to their potential to be included in their respective ETFs in the following year. In the past 24 hours, the value of Solana tokens and Ripple tokens has increased by 2.24% and 1.31%, respectively, to $154.40 and $0.5435, respectively.
BONK and FLOKI are among the top gainers. They have soared by 4.44% and 4.46%, respectively, in a single day. Their values are $0.0000227 and $0.0001502, applicable in the same order.
Conclusion
Several factors influence the crypto market, making it difficult to highlight what has triggered the surge this time. All of them have happened simultaneously. Suffice it to say that the community is holding on to gains tokens have made. Members will likely shed a portion of their portfolio if US elections slip in an unwanted direction.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.