The global crypto market cap has increased by 3.09%, resulting in a collective value of over $2 trillion. The FGI has shifted to 46 points, hinting at investors’ rising confidence. Earlier, the FGI was trending towards fear, indicating that investors might be hesitant to inject funds into the ecosystem.
The upcoming presidential debate and rate-cut decision carry significant weight. While the former sets the tone for a candidate’s remaining campaign, the latter backs investments in risky assets like crypto.
BTC Outperforms ETH
Both tokens are up notably. Bitcoin has surged by 3.63% and Ether is up by 1.98% in the last 24 hours. Their token values are $56,849.17 and $2,345.45, applicable in the same order. BTC and ETH are poised for a higher value in the future unless there is a scenario where both decline. A report surfacing on the Internet shows that there could be a bearish run for them. It is based on data from the crypto derivatives.
It shows an increase in implied volatility levels across expiration dates for Ethereum and Bitcoin options. Near-term uncertainty is only expected to rise amid such a situation. They are also suffering from the flows of Spot ETFs. It has taken some time for the Spot Bitcoin ETF to break its continuous negative flow. Spot Ether ETFs are still in the zone of outflows.
DOGE Enter the Books with Significant Gains
Dogecoin is significantly up by 6.63% in the last 24 hours to exchange hands at $0.1034. It had been teasing the milestone for a few days, hovering around $0.09. Its breach and the widening of the market cap gap with Shiba Inu were both anticipated events. DOGE was also expected to see a pivotal move in the price chart because Elon Musk had published an image with the caption DOGE—Department of Government Efficiency.
Shiba Inu is up by 2.39% during the same time window. SHIB is listed at $0.00001343. The 1.58% decline in the past seven days is the primary factor that has forced SHIB to take a backseat. DOGE, on the other hand, has jumped by 4.05%. Even after the most recent decline, a rise remains a welcome occurrence.
Other Gainers and Losers
Every major cryptocurrency has made gains in the last 24 hours. The top three are BNB, SOL, and XRP, out of which Solana hails the tag of the highest gainer. The price of Solana has risen by 4.06% following the purchase of tokens worth approximately $4.52 million by a whale within 13 hours.
This is interpreted as a signal that there is potential for SOL’s future, and it is advisable to retain it. Ripple’s co-founder recently endorsed Kamala Harris. This development was bound to impact the prices, and the effects are now evident with minimal comparative gain.
WIF has gained almost 10%, missing the target with an upswing of 9.84% in a single day. PEPE, a frog-themed token, is still at the top of the list as a preferred meme coin; however, its gains are limited to 5.45% over the next 24 hours. WIF is likely to exceed a 10% jump. POPCAT is already there, with a gain of 12.11%.
Conclusion
The market is waiting for the Federal Reserve to announce a rate cut. The first presidential debate between Trump and Kamala will suffice to give a sneak peek at what to expect from the market in the coming days.
Disclaimer: Values were true at the time this article was written. The content is not investment advice.