The global crypto market cap is down 0.27% to over $2.3 trillion. The Fear & Greed Index shows 58 points for a neutral sentiment. Bitcoin has made a slight recovery but is still below the acceptable mark of $67k. Meanwhile, Ethereum is waiting for big negative flows to decrease so that it can accumulate positives for a few days. That might increase the price of Ether, if not immediately. The upcoming US elections are also taken into consideration.
Bitcoin and Ethereum move in different directions
In the last 24 hours, BTC has gained 0.75% and is currently trading at $64,489.69. ETH, on the other hand, has fallen by 0.64% during the same time window. The ETH token price is trading at $3,165.47. Reporters making their way to the surface claim that many large Bitcoin token holders added BTC to their wallets for an estimated $5.4 billion. Analysts state that it was the nature of two-way price volatility that forced traders to resort to bargain hunting.
Federal Reserve Chair Powell recently dropped the much-awaited announcement, or rather, a hint. He signaled that there is a favorable chance of slashing the rate by 25 bps in September. As for Ether ETFs, they are believed to have offloaded more than $500 million worth of Ethereum tokens since July 24, 2024.
Meme coins show slight changes
The meme coin segment’s global market cap is down by 2.54%, while the trading volume is up by 27.25%. The situation is improving for Shiba Inu, as the gap between its market cap and Dogecoin has once again narrowed. SHIB enthusiasts have welcomed the minute reduction. In the past 24 hours, DOGE and SHIB have undergone a 2.80% and 2.50% decline, respectively, in market value, and are currently listed at $0.1175 and $0.00001553, respectively.
PEPE has shed more weight. It takes 5.82% of a single day to reach the value of $0.00001025. Meme Coins maintaining the trend could indicate a decrease in volatility, but it also implies that altcoins are not able to capitalize on the downtime of flagship digital assets such as BTC and ETH.
Other Gainers and Losers
BNB is up 0.47% to a token value of $572.17. It is targeting the $600 milestone for year-end. Chances are it will make it, or at least close the door at roughly $595, providing all other circumstances remain favorable. XRP is down by 4.49% and is trading at $0.585. An increase is anticipated as the verdict in the Ripple v. SEC case becomes more definitive. More crypto ETFs entering the market could potentially push XRP higher.
In the last 24 hours, POPCAT has made significant gains. In a single day, the meme coin surged by 10.17% and currently trades at $0.6883. However, it could be a short-term trigger, and it is best to make allocations only based on personal risk tolerance. PEPECOIN is one of the best-performing meme coins, up 13.96%. Its weight is $2.38, and it is poised to surpass $2.5 by the end of 2024.
Conclusion
Bitcoin is up, and there are hopes that it will soon reach $67,000, setting the stage for a new ATH. Ethereum is relying on the time it takes for Ether ETF outflows to subside. Holders could be leveraging the momentum to accumulate dips.
Disclaimer: All values in the article are true at the press time. This is only a reference material and not investment advice or recommendation.