The global crypto market cap is slightly down by 0.64%, reaching a value of over $2.35 trillion. The overall FGI shows 57 points for neutral sentiments. Investors and traders are considering investing in the crypto market because several economic concerns remain prevalent in the US. The situation becomes increasingly complex as the presidential election approaches, particularly in the months of November and December. Spot Ether ETF still has a large amount of attention with a high probability of going live on July 23, 2024, that is, Tuesday.
Bitcoin and Ethereum temporarily reduce volatility
Needless to say, fluctuations will return to the crypto market. Hopefully, it will be for good with every digital asset marking an uptick. There is a pause in that movement since BTC and ETH have discovered their respective soft zones on the price charts. Bitcoin, for one, is currently trading around $64,256.17, down 0.59% in the last 24 hours. Mt. Gox settlement plans and the sale of seized assets by the German Government heavily influence the price.
ETH is poised to eventually surpass the $4,000 milestone. Spot Ether ETF is believed to mark a pivotal moment for the sector. It is likely that Spot Ether ETF will outperform Spot Bitcoin ETF, or at the very least, challenge Spot Bitcoin ETF for the title of the best crypto ETF investment in the first 18 months. Ethereum price was last seen listed at $3,430.65, with a jump of 0.30% in the last 24 hours.
Meme coins take a hit on market cap
The market cap difference between Dogecoin and Shiba Inu has widened, but it’s not the main focus right now. The meme coin segment’s collective market cap has succeeded in dethroning their competition as a hot topic. While the number is greater than $48 billion, the market cap of meme coins worldwide has dipped by 2.94%. Trading volume has gained 24.1% in a single day.
As for DOGE and SHIB, both tokens are exchanging hands at $0.1206 and $0.00001755, respectively. In the last 24 hours, Shiba Inu has lost 6.315 of its token value. Dogecoin has shed 1.94% of its weight.
Other gainers and losers
XRP is down by 8.58%, listed at $0.5574. BNB and SOL have made decent gains in the last 24 hours. They have soared by 0.21% and 1.87%, respectively. Cardano’s ADA remains among the top 10 global cryptocurrencies, with a token value of $0.4254, a decrease of 3.33% over the same period. Its market value is over $15 billion, with a wide gap ahead of TRX.
PEPE and FLOKI have also lost some weight. They are down by 1.41% and 2.93%. The frog-themed meme coin, nevertheless, holds the flag of attracting everyone’s attention to the meme coin sector.
Conclusion
Bitcoin and Ethereum have sustained their respective highs. This is a positive sign despite negative fluctuations in select digital assets like SHIB and DOGE. The market is likely to warm up again before the Spot Ether ETF goes live.
Disclaimer: The article is only a reference piece with no intention of serving as investment advice or recommendation in any manner.