The global crypto market cap is $2.01 trillion, down by 0.22%. This comes at a time when the Fear & Greed Index shows 42 points for neutral sentiments. Bitcoin and Ethereum are recovering, but the pace is slower than expected. Meme Coins are maintaining their reputation as a safe altcoin option. Dogecoin, for one, even teased a crucial milestone of $0.1 for a little while.
Bitcoin and Ethereum recovering slowly
ETH is down by 3.52% and BTC by 0.40% in the last 24 hours. Their token values are $2,430.19 and $56,916.27, applicable in the same order. Two reports have surfaced. One claims that Bitcoin has not stood to its reputation as digital gold. Another report is rather positive, for it signals that El Salvador and the IMF are close to reaching an agreement on BTC. This pertains to addressing and mitigating the legal tender risks associated with the flagship cryptocurrency.
The recent performance of Spot Ether ETF likely influences Ether prices. Reports indicate that the said regulated crypto investment vehicle has taken more tokens than it did on its debut, but cash has remained lower. As of August 6, 2024, there had been 40,700 token inflows. Opening day had seen an inflow of just above 31,000 Ethereum tokens.
Dogecoin teases a milestone
Even though it happened briefly, DOGE’s achievement of reaching the $0.1 milestone is something worth considering. After a 0.06% decline in the last 24 hours, it is now down to $0.09954. SHIB has lost more weight. It plunged by 3.46% during the same time window and now has a token value of $0.00001329. The difference between their market cap is roughly $7 billion.
Interestingly, the WALZ meme coin has been gaining traction since the announcement about Tim Walz joining Kamala Harris as her running mate. This could have triggered a sufficient inflow to the segment, introducing upswings for some of the tokens. The collective market cap of meme coins is down 0.62%, and the trading volume is up just 6%.
Other Gainers and Losers
XRP has gained 17.48% in a single day and is hovering around $0.6058. This comes after a Federal Judge imposed a fine of $125 million on Ripple. The Judge reportedly found a violation of federal securities law, prompting the imposition of the fine. SOL is down 0.87% to a value of $152.57. Last time, it outperformed BTC and ETH in an attempt to mark a strong rebound. Solana emerged as an attractive option for those looking to go long.
WIF only marked a 1.47% uptick. It is now listed at $1.67. POPCAT has made a notable gain of 11.23% across the meme coin sector. The token is exchanging hands at $0.6017 with the potential to hit $1 by the end of this year. Sentiments are likely to change based on several conditions, including rate cuts and overall market trends. NEIRO also experienced a massive surge. In the last 24 hours, it surged by 14.18% and currently trades at $0.268.
Conclusion
Bitcoin and Ethereum are recovering slowly. As long as there are no more crashes, the ecosystem remains mostly satisfied. Both tokens are poised to achieve the targets of $100k and $4k, respectively, by the end of this year. It is unclear if DOGE will continue to hint at and reach the $0.1 milestone.
Disclaimer: All values were true at the time this article was written. This content is only for reference and should not be considered investment advice or recommendation.