The global crypto market cap is down by 1.33%, hovering around $2.22 trillion with an FGI of 48 points for neutral points. Interestingly, Bitcoin and Ethereum are closer to their highs despite being down in the last 24 hours. This raises expectations for a bull market, which will be further stimulated by the Federal Reserve’s two additional rate cuts by the end of this year. The recent cut of 50 bps has contributed to the increase in the value of cryptocurrencies such as BTC and ETH. Given the current political climate in the US, investors are becoming more and more interested.
BTC and ETH Fall; Stay Close to Highs
Bitcoin is down by 1.27% in a single day, trading at $63,393.85. The community did not precisely predict the decline in BTC’s value. It stems from the fact that PayPal has enabled US business accounts to engage with cryptocurrencies by holding, selling, and buying them. This reflects the increasing utility of digital currencies, which is expected to further influence their values, given the increasing likelihood of a surge in demand. Thereby, the values rise to their maximum potential.
Ether is in the same boat. ETH is exchanging hands at $2,594.01, down by 1.39%. ETH, the second-ranked cryptocurrency globally, anticipated a surge in response to PayPal’s development. It is now only safe to conclude that a slight decline in their values is a sign of a huge rebound.
SHIB Significantly Outperforms DOGE
Dogecoin has lost 1.12% of its value in the last 24 hours. Shiba Inu, on the other hand, has not only made gains but has also massively outperformed DOGE. During the same time frame, SHIB has increased by 3.59% and is currently trading at $0.00001552. DOGE is floating in the market at $0.1087, down from the $0.11 mark, which is also a psychological support level for meme coin enthusiasts. This goes on to showcase a gain of 11.57% for SHIB in the last 7 days, compared to 4.38% for its competitor.
PEPE has dropped 1.41% to $0.00000847. Nevertheless, it continues to be one of the most preferred meme coins and altcoins in the market. With a market cap ranking of 28th worldwide, the frog-themed meme coin has made significant progress.
Other Gainers and Losers
BNB, SOL, and XRP are all down. In the last 24 hours, they have declined by 2.63%, 1.57%, and 1.39%, applicable in the same order, respectively. Solana tokens are likely to surpass $150 by the end of this week. Alternatively, it could achieve the feat within the next 24 hours. XRP’s next support level is at $0.60. Speculation is that the market is attempting to launch its ETF on the sidelines of SOL.
WIF is up 3.86%, or around $2.09. Staying above $2 keeps the doors open for the possibility of reaching $2.5 by the end of this week. That would set the tone for a mark of $3.5 by the end of this year. WIF and PEPE are currently the top meme coins that investors prefer.
Conclusion
Dips, if any, in the market are a sign of the upcoming bull run. The stability of the political scenario and two more rate cuts by the year-end will support it.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.