The global market cap of cryptocurrencies has slipped by 2.80% and is now at $2.4 trillion. Bitcoin continues to dominate the market, with over 50% market share. The Fear & Greed Index has dipped to 61 points, but investors are still bullish on the market. This could be because of the future potential following Spot Ether ETF approval. The regulated investment vehicle of Ethereum has yet to see a significant impact, as it has reportedly banked a negative outflow of $340 million in the first week of trading.
Bitcoin and Ethereum move within range
BTC is down to $66,620.36, a 3.80% drop in the last 24 hours. The flagship crypto token is poised to break the $100,000 milestone by the end of this year, but the milestone will be pushed far if the trend continues for a long time. Bitcoin price has rebounded from a low of around $54,000. That is a positive piece of news; however, the community is expecting a surge not just to take profits home but also to demonstrate their support in a better manner.
ETH has yet to respond to the approval of Spot Ether ETF, which is live for traders and investors. According to the first week’s appearances, the product will take time to overperform the Spot Bitcoin ETF. An earlier projection suggested that it would take the first 18 months to either surpass its performance or catch up to the numbers of the Spot Bitcoin ETF. ETH is listed at $3,316.14.
Meme Coins see a mirror
The majority of the top meme coins are down in a single day. This includes the likes of DOGE and SHIB. They have taken a hit of 3.47% and 2.44% in the last 24 hours, respectively. PEPE, a frog-themed meme coin, is also down by 2.45%. A rise in trading volume may indicate that traders and investors are inclined to buy the dip.
Dogecoin is exchanging hands at $0.1294, and Shib Inu is listed at $0.00001675. The difference between their market cap is obvious and still strong, at around $9 billion.
Other Gainers and Losers
XRP is holding firm, with only a slight decline of 1.28% in the last 24 hours. The token is valued at $0.5993 at the press time. It is next projected to touch the base of $0.8 and potentially end the year on a higher note of $1. The target is a far-fetched dream that could become reality when the community responds to the Ripple vs. SEC verdict.
MOG is up 12.11%, making it an outlier among the top 100 meme tokens. BOME, up 9.49%, pairs with MOG. At the time of articulating this piece, both tokens are listed at $0.000002067 and $0.01038, applicable in the same order.
Conclusion
All in all, the crypto market carries forward volatility and fluctuations every day. Bitcoin has taken a step back and given Ethereum some spotlight. Meme Coins are not anticipated to rebound in the days to come.
Disclaimer: This article is only for reference. It should not be considered investment advice or recommendation.