The global crypto market cap is up by 2.95%, signaling recovery from recent lows. The number is just above $2 trillion, with a FGI of 47 points for neutral sentiments. Bitcoin has inched closer to $60k, and Ethereum is teasing the possibility of breaching $2,700 by the end of this month. Most importantly, or rather indirectly, Elon Musk’s involvement in Donald Trump’s administration could affect the crypto market. Elon Musk has shared on X that Trump is considering involving several prominent business executives, including Musk, to audit federal agencies.
Bitcoin and Ethereum see Upticks
BTC has increased by 2.73% in the past 24 hours and is currently trading at approximately $59,086.27. The flagship crypto token began September on a bearish note, which is likely carried over from the previous month, that is August. It would be accurate to assert that the collapse that occurred in the middle of the month has had a significant impact, and several tokens have yet to recover from the decline. Additionally, the Spot Bitcoin ETF has experienced a net outflow for four consecutive days as of August 30, 2024, which is becoming a cause of concern.
ETH gained 3.43% during the same time window. The current trading price of ETH is $2,522.02. The next projected target for Ether is $2,700, with a slated duration of the next 30 days or by the end of September 2024. The second-ranked crypto saw its Spot ETF launch in July of this year. The product experienced net inflow on August 28, 2024, and has been in a negative state for an extended period.
Read more: Bitcoin Price Prediction
Massive Gains in Meme Coins
Dogecoin (DOGE), for example, has gained over 5% in the last 24 hours to a value of $0.09931. This has brought the $0.1 target back into the price graph. The top-ranked meme coin has also made advancements in terms of market cap, which is now above $14.4 billion. While the trading value has been down by 6.34% in the last 7 days, it may soon reverse the trend, given that the recent uptick is bullish.
Shiba Inu is not far behind, up by 4.29%, and is exchanging hands at $0.00001369. The prevailing volatility is 4.25%, with a 14-day RSI of 39.07. One factor that can push the price to a new high is the launch of Agent Shiboshi, which is accessible on iOS and Android Play Store. The aim-shoot game has gained a lot of attention—players attempt to save the world by taking down enemies who come in the form of evil shadowcats.
Although the market moved a bit toward recovery, Fear and Greed Index does not show any signs of relief.
Source: Bitdegree
Other Gainers and Losers
SOL stands out, with a maximum gain of 5.63% in a single day. The value of BNB and XRP has increased by 4.90% and 3.74%, respectively, to $534.18 and $0.5668, respectively, in the same order. Solana’s native token is listed at $135.10, with a target to soon surpass $140.
PEPE, one of the most anticipated altcoins, has made a comeback. It has gained 7.14% in the last 24 hours and is trading at $0.000007678. The frog-themed meme coin, however, remains down by 11.26% in the last 7 days.
Conclusion
According to its appearance, the crypto market is on the verge of recovering. The Federal Reserve could decide at any time this month, and both flagship tokens have seen significant increases. The value of top meme coins is also increasing.
Disclaimer: All values were true at the time this article was written. The content is not investment advice.