The global crypto market cap is hanging at around $2.4 trillion, down by 1.86% at press time. Bitcoin ($BTC) dominates the market, closely followed by Ethereum ($ETH). The FGI has plummeted to 60 points, but it is still within the range of the Greed category. The meme coin segment is hit as well. The damage is 3.05% in terms of market cap across the world, with a decline of 1.54% in trading volume.
Meanwhile, reports are coming to the surface, highlighting that Spot Ether ETFs have traded over $500 million on their first day.
Bitcoin slips, Ethereum sits tight
The first-day performance of its approved regulated investment vehicle may be a primary factor contributing to ETH’s current comfort level at $3,400. It has reportedly fetched over $500 million on its debut day. Ether is still down, exchanging hands at $3,439.75 at the time of writing this article. That is after a 1.24% drop in the last 24 hours.
The loss of 2.28% of BTC’s token value within the same time frame indicates its impact. Bitcoin price is now listed at $65,923.20. The decline is more severe when compared to Ethereum’s native token. Investors have likely directed a portion of their holdings to Ether ETF for a while under the impression that it is testing new tides.
Meme Coins are unpredictable
Meme coins are down in both segments, namely market cap and trading volume. Dogecoin ($DOGE) has slid 5.09% in a single day, breaking the record. The token value is $0.1309. Shiba Inu has the advantage of showing less fall, down by 3.15% in the last 24 hours. It is currently exchanging hands at $0.00001702.
That said, the difference between their market cap is pretty much the same as it was yesterday. DOGE is at $19.01 billion and is followed by SHIB at $10.03 billion. Working well for Dogecoin has resulted in a gain of 4.19% in the last 7 days, compared to a loss of 12.96% for Shiba Inu.
Other Gainers and Losers
Solana ($SOL) has risen by 7.54% in the last 7 days, but it has lost almost 2.74% of its value in the last 24 hours. Listed at $173.15, it is currently testing the resistance of $170.5. In the event that all market conditions and SOL-specific factors are favorable, the next best course of action is to achieve $185 within the next 30 days. XRP is yet to see an upswing. The token is hovering around $0.6031, down by 2.04% in a single day.
PEPE remains strong, with only a 0.06% decline during the same time window. It is listed at $0.00001213 with a market cap of $5.16 billion. MEW has experienced a slight gain, rising by 3.41% since yesterday. With a token value of $0.007691, the token ranks 97th overall on the crypto charts.
Conclusion
The introduction of the Spot Ether ETF has been attributed to a decrease in Bitcoin. The earliest possible explanation should be made public. The market will likely ride this sentiment because it favors the world’s second-ranked crypto, which is also the best bet against the flagship crypto, BTC.
Disclaimer: The article is meant to be referred to only as a generic piece. It does not serve as investment advice or recommendation.