The global crypto market cap is down by 0.79%, hovering around $2.06 trillion. The FGI has slipped below 45 points and currently reflects 41 points for a neutral sentiment. What is making huge headlines is the fact that Bitcoin has once again plunged below $60,000, while Ethereum is unable to maintain its gains of more than $3,000. This raises the question of whether the crypto market would step up the pace for a short-term rebound or if it will take its time returning to holders.
Bitcoin and Ethereum retrace their steps
BTC is down to $58,275.66 after falling 0.52% in the last 24 hours. Previously, it was inching closer to surpassing the $60,000 mark, which would have spread optimism across the market. Investors are worried about their holdings, and rightly so. The rate cut is likely to happen, but 25 bps might not be sufficient. Investors will have a narrow window to divert their funds to the digital market.
ETH is waiting for outflows to subside, which should have happened last week. Another week has gone by with no sign of shedding that extra weight. For now, Ether is exchanging hands at $2,601.07, down by 1.87% in a single day. It has, interestingly, experienced less decline in the last 7 days compared to Bitcoin tokens. While ETH has lost 2.72% of its value, Bitcoin has plummeted by 4.41%.
Meme Coin market has yet to boom
It is safe to assume that only the top two meme coins have fought back. They are down by 1.46% and 1.69% in the last 24 hours, with values dancing around $0.1012 and $0.00001339 for DOGE and SHIB, applicable in the same order. If anything, the gap between their market caps has narrowed to almost $7 billion.
Shiba Inu may actually be attempting to fight a little harder. Based on the last hour’s performance, the token has surged by 0.14%. That said, almost every token in the meme coin segment is trading in red within a single day’s time frame.
Other Gainers and Losers
TON has experienced a 2.80% increase and is currently trading at $6.87. Toncoin is also up when viewed from an hourly and weekly perspective. The digital asset has gained 1.63% and 7.96% in respective time windows. However, speculation about fluctuations has arisen following its inclusion in the Binance Launch Pool and Pyth Network Partnership. This is clearly evident from the fact that TON experienced a 5% decline prior to the aforementioned uptrend.
PEPE and BONK were previously trending; however, they have not experienced a decline of 5.99% and 2.59% in the last 24 hours. Their token values are $0.000007454 and $0.0000185, respectively. Although Meme Coins appear to be a more secure choice, their volatility is comparable to that of other cryptocurrencies. GIGA is getting the most out of this phase. In a single day, the token has increased by 15.43%. It is trading at $0.02899.
Conclusion
Bitcoin and Ethereum have experienced another decline, but they are on the verge of a significant recovery. While Bitcoin awaits the verdict and the implementation of the rate cut, it is important to capitalize on the momentum of the Spot Ether ETF for ETH tokens. Meme Coins continues to follow the path of flagship digital tokens.
Disclaimer: All values were true at the time this article was written. The content is neither investment advice nor a recommendation.