The global market cap of cryptocurrency is down by 2.74%, hovering around $2.3 trillion. The Fear & Greed Index is also down to 57 points for neutral sentiments. The news-grabbing events, though, are the falling token values of several digital assets, such as Bitcoin and Ethereum. Meme coins were expected to remain resilient as an alternative; however, they are currently experiencing fluctuations.
Bitcoin and Ethereum slip drastically
The fall is rather steep for BTC, as the flagship crypto has dropped by 2.96% in the last 24 hours. It is listed at $63,850.59. Reportedly, Iran has ordered attacks on Israel, which is believed to be the cause of this decline. Numerous analysts believe that the Middle East is experiencing an increase in tension, which may be one of the primary factors contributing to this decline.
Following Treasury secretary Janet Yellen’s admission that she is worried about the US dollar’s survival, Elon Musk has given a warning about the same possibility. He further stated that there is some merit to Bitcoin and other cryptos. ETH is another crypto to have plunged in the last 24 hours. The ETH price is down by 3.30% and is exchanging hands at $3,166.20. Solana surpassing Ethereum in terms of weekly revenue may have had a continued effect on Ether. Furthermore, the cumulative net flow for the Spot Ether ETF has yet to turn positive. Interestingly, this is the first time that Solana has surpassed Ethereum weekly revenues.
Meme Coins lose reputation of altcoins?
Meme coins may not be as reliable as previously believed. Altcoins were anticipated to create a soft cushion for the market. It appears that the wider trend in the crypto market also impacts altcoins, causing them to bear a heavier burden. The trading volume is up by 5.45%, but the market cap is down by 4.35%.
The difference between the market cap of Dogecoin and Shiba Inu has declined comparatively. It speaks largely for SHIB, as it has been able to sustain the previous day’s trend. For DOGE, it reflects a considerable fall that seeks a rebound as soon as possible. In the last 24 hours, DOGE and SHIB have dropped by 3.59% and 2.81%, respectively, trading at $0.12 and $0.00001579, respectively.
Other Gainers and Losers
XRP and BNB have lost 6.29% and 2.99% in a single day. Listed at $565.36, BNB aims to reach the $600 milestone. The crypto will likely achieve that milestone by the end of this year. That would necessitate an upward trajectory in the market, or at the very least, positive developments for BNB itself, if not for the market as a whole. Suffice it to say, the latter is a far-fetched possibility. XRP is exchanging hands at $0.5996. It last surged amid the hopes of reaching a final verdict in the lawsuit with the US SEC.
WIF is ranked 45th on the global crypto charts based on its market cap. Earlier, analysts marked the token as an outlier due to its consistent booking of green trades. It has now fallen by 7.95% in the last 24 hours and weighs $2.02, falling short of the year-end milestone of $3. PEPE, a frog-themed meme coin, is also down by 6.55% in the same time window, for a value of $0.00001049.
Conclusion
The last 24 hours have been pretty rough on the crypto market. Bitcoin and Ethereum, as well as meme coins, are down. Investors and traders are now waiting for a rebound in time.
Disclaimer: All values in this article are true at the press time. This piece is only for reference and should not be taken as investment advice or recommendation.