The global market cap of the crypto industry is down by 0.63% and is hovering around $2.38 trillion. As a result of fluctuations, the market cap has slipped slightly. The Fear & Greed Index shows 60 points for a neutral stand. That is a hint that investors are reconsidering their current position. Chances are that they will hold on to their portfolio for a while, or at least till the time Spot Ether ETF begins showing upward signs.
Bitcoin sustains the market, while Ethereum slips
BTC has largely carried forward its previous day’s momentum. In the last 24 hours, the token’s value has dropped by 0.85% to $65,936.04. It is believed that the drop, even though slight, is because the US has hinted at selling seized tokens. This occurs just days after Donald Trump pledged to establish a government stockpile of digital assets upon his reelection. In other words, there are concerns about selling BTC, and hence, the prices have plummeted.
ETH is yet to reflect the strength of Spot Ether ETF approval. The token is exchanging hands at $3,284.99, down by 0.92% in a single day. Token value could soon hit a new upswing for two reasons: first, the ETF effect will eventually kick in; and second, the network is reportedly working on going through a transition wherein it will introduce a reduction in gas fees.
Meme Coins take a blow
The market cap and trading volume of meme coins are down by 2.35% and 18.52%, respectively. The top three meme tokens are leading the charge: DOGE, SHIB, and PEPE. In the last 24 hours, they have declined by 3.63%, 2.55%, and 4.78%, applicable in the same order, respectively. The current price of Dogecoin stands at $0.125, Shiba Inu at $0.00001632, and PEPE at $0.00001133.
Holders of DOGE and SHIB are shifting their focus to other meme coins, such as PEPU, MGMES, and WAI, among others. The aim is to accumulate these coins at the right time and sell them to generate profits, rather than investing in meme coins that may only experience a slight uptick. Interestingly, PEPU is one of the top presales.
Other Gainers and Losers
Solana’s SOL has now made it to the headlines. The most recent update pertains to overtaking Ethereum in weekly fee revenue. This has happened for the first time and comes after it hit $5.5 million in transaction fees on July 28, 2024, the highest number in the last 3 months. SOL is listed at $180.07, down by 1.46% in the last 24 hours to test the resistance of $180 for a near-term target of $200. XRP is on a growth spree. The token has experienced a 8.71% surge in a single day, currently trading at $0.6535. The upswing comes amid hopes of securing a favorable verdict in the ongoing Ripple vs. SEC legal battle. Suffice it to say, hopes also fluctuate, further impacting the token value.
BOME is an outlier, with a gain of 1.50% in the last 24 hours. The token is valued at $0.0108. Every other meme coin in the list of top 100 crypto tokens has plunged during the same time window. The MAGA TRUMP is the next token to mark an upswing. It has gained 0.73% in a single day and is listed at $5.33. MAGA TRUMP is ranked 222nd overall.
Conclusion
Bitcoin has sustained gains from the previous day. Ethereum may soon implement fee reduction and ETF features. Meme coins have a transition of their own as investors look to make the most of the less notable tokens in the segment.
Disclaimer: All values are true at the time of drafting this article. Content is only for reference and should not be considered investment advice or recommendation.