It’s July 4, 2024, a date that was previously expected to see the launch of the Spot Ether ETF. Analysts have now pushed back the date to July 8, 2024. Suffice it to say that ETH holders are not satisfied with a longer delay. Overall, sentiments reflect a bearish trend in the crypto market. The last 24 hours were not what the crypto community wanted them to be. The global market cap is down by 3.63% at the press time, hovering around $2.17 trillion.
Bitcoin and Ethereum slip to a lower value
Bitcoin ($BTC) has slipped below the threshold of $60,000. It is currently exchanging hands at $58,917.54, down by 3.11% in the last 24 hours and 3.60% in the last 7 days. It maintains a dominance of over 53%, but further decline is still on the horizon. Based on the BTC forecast, it was speculated that falling to any value of less than $60k could potentially open doors for bears. A rebound is still in the picture, with no tentative timeline.
The Spot Ether ETF has been described as the community’s golden egg. Its approval could help Ethereum overperform in comparison to Bitcoin. It is now at $3,230.70, down 3.66% and 4.56% in the last 24 hours and 7 days, respectively. Near-term projections are bullish, but dynamics could change if the trend sustains any longer.
Meme coins reflect sentiments
Trading volume has surged by 39.64%, but there is a notable drop in market cap of 7.36%. The top three meme coins are experiencing red trades. These include DOGE, SHIB, and PEPE. They have declined by 5.51%, 5.60%, and 9.73%, respectively. Shiba Inu is briefly showcasing green trades; however, no sign of capability can take it further.
DADDY is up by 9.87% in the last 24 hours and 33.82% in the last 7 days. Despite being in the 360th position, it rightly stands out from the list of meme coins. Every other meme coin one sees is colored red.
Other Gainers and Losers
XRP is down, and so is SOL. A severe hit has caused Ripple’s native digital asset to plummet by 4.13% in a single day. Solana’s digital asset has shed almost 7.67% of its weight. The ongoing legal battle between Ripple and the SEC likely affects XRP. The flagship cryptos, BTC and ETH, are primarily setting the prevailing trend that Solana is following.
CAW gained 3.80% in the meme coin category within 24 hours, but has fallen by 16.83% in the last 7 days.
Conclusion
Several cryptocurrencies have plummeted in the last 24 hours. Bitcoin and Ethereum lead them. Meme coins are mirroring the trend. They were projected as a safe spot when BTC and ETH started losing their momentum.
Disclaimer: This article is only for reference. It is in no way an investment advice or a recommendation. Thorough research and risk assessment should be done before crypto investments.