The global crypto market cap has risen by 6.27%, above $2.15 trillion, with an FGI of 56 points for neutral sentiments. By the looks of it, the bull rally has made a comeback to the cryptocurrency market. Bitcoin and Ethereum have gained popularity, as have meme coins. It is likely that a confirmed selection by the Democrats and a hint of rate cuts in September have contributed to this rise. Global factors, such as ongoing conflicts, may have kept the pace under control, or below expectations, in other words.
Bitcoin and Ethereum lead bulls
Both tokens are leading the bull run with significant upticks. BTC, for one, has surged by 7.01% in the last 24 hours and is exchanging hands at $61,295.28. The flagship token reportedly caused $212.59 million in derivatives liquidations. Nevertheless, the crypto community is currently ecstatic about the significant increase.
ETH has soared by 10.24% during the same time window and has successfully outperformed BTC. The token value is hovering around $2,692.51. Technical indicators are back to signaling a potential uptrend, with investors believing that trend reversal is only a natural course of action after a crash. Ethereum ETFs last saw an outflow of $23.7 million, courtesy of Grayscale ETHE, which continued draining.
Meme Coins rise in market cap
The market cap of meme coins is up by 6.18% with a dip of 14.48% in the trading volume. The market capitalization gap between DOGE and SHIB is widening as Dogecoin strengthens its place at the top of the chart. The token previously teased a $0.1 milestone and is now exactly above that mark. In the last 24 hours, DOGE’s value surged by 6.79% to $0.106. At the same time, SHIB has gained 5.93% for a token value of $0.00001413.
PEPE, a frog-themed meme coin, remains one of the best-performing meme coins. It has jumped by 12.54% after marking heavy downswings. It is now valued at $0.000008746. Meme coins based on Solana surged after SOL jumped by almost 38% from the lows of Monday. The network grew and marked upticks for its tokens, too.
Other Gainers and Losers
Solana is up by 3.76%, most likely because the discussion around SOL ETF is starting to heat up. It is believed that it may take place in the near future, following approval from the Spot Ether ETF. This will introduce the third crypto-related ETF to the market. The token is listed at $158.84. Such speculation is also what triggered a sought of resurgence for several meme coins. XRP has not experienced significant movement, except for a weight gain of 0.08%. There is a possibility that the anticipation of the verdict is causing Ripple’s token to fluctuate in either direction.
BRETT is trending, so it has capitalized on it by adding 17.49% to its value for a price of $0.1051. MOG is also trending, up by 19.08% with a token value of $0.000001576. Both tokens are significantly higher when compared to SHIB and DOGE.
Conclusion
Bitcoin is back above $60,000, with Ethereum expected to breach the mark of $3,000 once again. Negative flows are yet to be subsided in Spot Ether ETF. Meme Coins continue to be a safer investment in the crypto segment. It is now about sustaining these gains to instill confidence among investors.
Disclaimer: All values were true at the time this article was written. The content is only for reference, with no intention of serving as investment advice or recommendation.