The global crypto market cap has slipped below $2 trillion and is now around $1.89 trillion, a 12.33% dip. The Fear & Greed Index has plunged to 42 points for a neutral sentiment; however, inventors might still be worried about a prevailing bearish sentiment. The likes of Bitcoin, Ethereum, Dogecoin, and Shiba Inu have taken severe hits—all in the last 24 hours.
Bitcoin and Ethereum fall drastically
In the last 24 hours, BTC is down by 10.26% and ETH is down by 19.62%. They are exchanging hands at $54,427.48 and $2,338.36, respectively. Many reasons have made their way to the surface. The top two causes are a slump in the global equity market and geopolitical tensions. Alternatively identified as a correction, the Bank of Japan bears some of the credit for the ongoing downfall. Authorities have reportedly hiked their benchmark interest rate. This has tightened monetary policies, thereby sending shockwaves.
The weak US manufacturing data has an impact on global equity markets. Plus, there are still doubts about inflation making its way back to the country. Analysts have said that the target of 2%, while achievable, is too aggressive. Adding that rate cuts will have to start to boost the US economy. The rising tension between Israel and Iran is referred to as geopolitical tensions.
Meme Coins take the fall
DOGE and SHIB have plummeted by 15.68% and 14.90%, applicable in the same order, in a single day. Their token values are $0.09158 and $0.00001203, respectively. Interestingly, these tokens aim to achieve significant gains in the upcoming months, most likely before the Winter season. The market struggle in the meme coin segment is likely due to the flagship tokens slipping below acceptable marks.
PEPE and WIF fell by 18.49% and 20.45%, respectively, during the same time period. The global market cap of meme coins is down 16.06%, with a 68.06% increase in trading volume. FLOKI has lost almost 18.26% of its weight in the flood. Every meme coin in the top 100 cryptocurrencies has plunged drastically.
Other Gainers and Losers
The RBLK presale may have also diverted interest away from generic tokens. It is available for $0.018 and is already out by 95.41%. Rollbock, a play-to-earn GameFi token, is making its way into the segment. XRP and BNB experienced a decline of 14.74% and 15.73%, respectively. XRP is currently trading at $0.4752, while BNB is trading at $444.75. The next resistance zone for BNB is $440, which will break the $550 mark by the end of this year.
SHIBTC is slightly up 0.68% in the last 24 hours, listed at $0.6691. ShibaBitcoin ranks 414 on the leaderboard, signaling that every other meme coin above it has lost value in a single day. MonaCoin ($MONA) has risen by 7.37% and is at $0.3018. Allegations that bankrupt FTX has secret SOL holdings have sparked headlines about meme coins. Undoubtedly, these accusations have made headlines but remain unproven.
Conclusion
The market may be undergoing a correction to adjust itself to the fact that the US political dynamic is changing. BTC slipping below $55,000 is horrible news in itself, except for those who are willing to buy the dip. Tokens are poised to make a breakthrough, with many saying that it is only a matter of time, and not how.
Disclaimer: All values in the article were true at the time this piece was written. This content is neither investment advice nor recommendation.