The global crypto market cap is up by 2.84%, hovering around $2.21 trillion with an FGI of 43 points for neutral sentiments. As the war between Israel and Iran becomes more intense, the market surges. Both the oil prices and the likelihood of rising global inflation are under scrutiny. There is a shift in the behavior of Chinese investors, focusing more on the stock market. Demand for Tether’s USDT has declined, forcing investors to make a new move for profits.
ETH Outperforms BTC
Ethereum tokens have outperformed Bitcoin tokens over the last 24 hours. They are up by 3.16% for a value of $2,493.71, while Bitcoin is exchanging hands at $63,624.99. Upticks come after both cryptocurrencies were on a downward trajectory. Movements come at a time when the UAE has announced exempting the transfer of cryptocurrencies from value-added tax. It positions the UAE as one of the crypto-friendly regions across the world. It further exempts the conversion of digital assets.
Amendments were passed by the FTA on October 2, 2024, and are slated to be effective in a retrospective manner from January 1, 2018. Moreover, VARA and the SCA agreed to collectively supervise virtual asset service providers, also known as VASPs. BTC is next poised to surpass $80,000 by the end of October, and ETH is expected to breach $4,000 before the market changes the year on the calendar.
Big Gains Seen for Meme Coins
DOGE and SHIB are up by 4.52% and 7.43%, respectively, in the last 24 hours. Gains for lower-ranked meme coins are larger; for instance, PEPE is up by 12.94% and WIF has surged by 17.27% in a single day. This likely represents a shift in investor preferences as they seek to venture into uncharted territories. They no longer want to stick to meme coins, which are at the top. If anything, there is now a tendency to make a profit by including different altcoins, which can at least fetch returns in the short term.
Jumps in the meme coin segment are a response to a statement by Mark Cuban, who said that they were rug pulls in the works. It has not only contradicted his support for Dogecoin but also triggered a series of discussions among the members of the crypto community. Mark believes that they are rug pulls because there is no reason for meme coins to stick around except for fun.
Other Gainers and Losers
Tether’s USDT is still ranked 3rd in terms of market cap. BNB, SOL, and XRP are up by 2.14%, 5.40%, and 2.24%, applicable in the same order. Suffice it to say, reaction to UAE development and statements by Mark Cuban have had an impact in their own way. Primarily, it has led to an increase in their values, with the community potentially supporting their future optimistic outlook.
POPCAT has gained 17.37% in the last 24 hours, making it one of the biggest gainers in the meme coin segment. MOG and MEW are top gainers as well, with a growth of 18.34% and 15.04%, respectively.
Conclusion
One factor that will affect the crypto market is the US Presidential election, scheduled for November 2024. It will provide the community with a clearer picture of what to expect in the next couple of years. BTC and ETH will have to absorb the blow, if any.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.