The global crypto market cap has increased by 2.87%, hovering around $2.14 trillion with an FGI of 55 points. The recovery is now more than evident, as several tokens have seen significant upticks in value in the last 24 hours. Needless to say, they still face the risk of dips and heavy fluctuations due to inflation/recession concerns across the US. Furthermore, the ongoing political scenario, which has finally attracted contenders from both the Democrats and the Republicans, adds fuel to the fire.
Bitcoin and Ethereum perform well
BTC is above $60,000, exchanging hands at $61,128.73, an increase of 3.25% in the last 24 hours. ETH had outperformed Bitcoin tokens on the previous day, but the trend is more or less the opposite. The difference between them is marginal, and the community has little to worry about. The price of Ether has increased by 2% to $2,714.19. This has strengthened speculation that it will soon touch $4k, probably by the end of this year, that is, 2024. For more detailed insights, you can check the latest BTC forecast to stay updated on potential market movements.
Reports indicate that investors are gravitating toward Ethereum as a way to mitigate the volatility of Bitcoin. Additionally, it offers a greater potential for growth as the Spot ETF progresses over time. However, it could decline by 25% if it falls below $2,700, according to analysts.
Meme Coins begin carving their way
While not completely independent, meme coins are making their way to avoid future market crashes. Dogecoin, for one, is targeting $0.2 by the middle of the next year, i.e., 2025. It is currently trading at $0.106, up 1.43% in a single day. Shiba Inu is trading at $0.00001384, up 0.92% over the same time window.
It appears that the pace is slowed due to the fact that inventors are diversifying their ventures with other meme tokens that are less risky. PEPE and BONK are seen to be leading the way for the segment in this regard. A price surge for them is anticipated with a tentative timeline of 6–12 months. Transak is planning to add them to its platform. This would enable higher engagement within the DeFi ecosystem.
Other Gainers and Losers
XRP has marked a gain of 2.53% for a token value of $0.5799. This development follows the public announcement that the likelihood of the US SEC filing another appeal is low. The Biden-Kamala administration had extended their supportive hand. With the settlement of the lawsuit and the imposition of a civic penalty on Ripple, the US SEC could potentially soften its stance against the platform.
PEPE and BONK are up by 1.80% and 0.80% in the last 24 hours, respectively. Their token values are $0.000008189 and $0.00001973, applicable in the same order. WIF has also made some gains. It has surged by 1.14% and is currently trading at $1.69. POPCAT has marked a massive uptrend of 8.45% and is exchanging hands at $0.5782. These tokens are more attractive due to their minimal risk and larger returns compared to other meme coins.
Conclusion
Bitcoin and Ethereum are up significantly. ETH is currently testing a key support level of $2,700. Meme coins are gaining popularity, but only in tokens that get minimal attention.
Disclaimer: All values mentioned in the article are accurate at the press time. This is neither investment advice nor a recommendation.