The global crypto market cap is up 1.26%, hovering around $1.95 trillion. It has again slipped below the $2 trillion mark, signaling a potential bearish run for tokens like BTC and ETH. Nevertheless, a rebound is on the horizon as the Federal Reserve has gotten a green light to cut rates. Another massive development that may end up affecting the crypto market is the endorsement mechanism for Kamala Harris, the Democratic Presidential candidate in the upcoming US elections. Reportedly, almost 88 corporate leaders have endorsed her candidacy. This includes Chris Larsen, a co-founder of Ripple.
BTC and ETH Aim to Test a Higher Mark
BTC is exchanging hands at $54,923.30, up by 0.87% in the last 24 hours. Bitcoin has come across two major developments. One pertains to corporate adoption, and another relates to a jackpot hit by Russia. For starters, corporate Bitcoin adoption has surged significantly in 2024. According to a report by River, corporations’ collective holdings in Bitcoin were 683,332 in August. This equates to 3.3% of the total supply, an increase of 587% since 2020.
ETH is exchanging hands at $22,98.34, up by 0.27% during the same time window. A declining trend in reserves across exchange platforms is impacting Ethereum. Numbers have been declining since January this year, when reserves were 14 million. They were later reduced to 11.7 million in the previous month, August. Exchange platforms are hailing the number as an all-time low, considering the complexities involved. They go beyond the basic issue of investors losing their interest.
Meme Coins Mark Upticks
Top meme coins, including DOGE and SHIB, have soared by 0.84% and 0.99%, respectively, in the last 24 hours. Their token values are $0.09676 and $0.0000131, applicable in the same order. The meme coins segment may see more upticks following a revelation by a trader. They reportedly said that they earned $100 million on Bitcoin during their 20s, adding that altcoins played a role too.
Some of the meme coins highlighted are c, MEME, FLOKI, and SHIB. Interestingly, all of the aforementioned meme coins are currently active at the time of writing this piece. Analysts only picked their favorite meme coins last week. The political backdrop inspired them, and their 780% year-over-year surge fueled the ecosystem.
Other Gainers and Losers
BNB, SOL, and XRP are all up by 1.24%, 0.18%, and 0.05% in the last 24 hours. Litecoin, on the other hand, is down 2.92% to $60.28. LTC’s fall to that extent makes it an exception, with holders possibly venturing out to explore other options that they have in the market ahead of a rebound. Also, it could mean that there is a tiny window to buy the dip before LTC soars to a new high.
During the time frame, PEPE has gained 2.12%. DOGS has lost momentum as the token is down by 3.43%. It is yet to be determined whether meme currencies featuring cats will surpass at least one dog token. Its value is $0.0009837, while DOG is down by 0.32% to $0.002503.
Conclusion
The political scenario will only accelerate in the coming days. Corporate leaders backing Kamala have given her something to brag about, but Donald Trump remains ahead in several poll projections. BTC and ETH will attempt to mark a new ATH by the end of September 2024, possibly after the Federal Reserve announces rate cuts.
Disclaimer: Values were true at the time this article was written. The content is not investment advice.