The global crypto market cap is down by 0.56%, hovering around $2.26 trillion with an FGI of 48 points for neutral sentiments. All the major cryptocurrencies have held their values stable in the last 24 hours. This includes Bitcoin tokens, Ether tokens, and other major digital currencies. Meanwhile, Japan has hinted that it is going to review the way it approaches the crypto market. The objective is to assess any potential negative effects on the population, particularly if there is a growing trend. A favorable conclusion to the review could pave the way for crypto ETFs in Japan.
BTC and ETH Stabilize
Bitcoin is exchanging hands at $63,678.77, down by 1.30% in the last 24 hours. The value could stay at the same level unless two elements come into play: upcoming US elections and rate cuts by the Federal Reserve. Analysts are expecting a breakout only after the Presidential elections have rolled out a certain result in favor of either party. That would bring stability to the expectations of crypto enthusiasts. Most of them are hoping for a victory for Trump, as he has been a major advocate for their development. The Federal Reserve is likely to cut rates two more times before the end of 2024.
The price of ETH is $2,638.55, up 0.24% in a single day. This stands in contrast to the recent decline in Bitcoin’s value. A modest spike comes after Vitalk Buterin introduced new methods to evaluate Ethereum alignment, which effectively translates to determining whether developer advances are harmonizing attitudes across the Ethereum ecosystem.
Top Meme Coins Dip
Dogecoin and Shiba Inu are down 3.34% and 1.31% in the last 24 hours, respectively. Their token values are $0.1182 and $0.00001833, applicable in the same order. The difference between their market cap continues to grow at a time when other meme coins are soaring drastically. For one, WIF is up by 5.61% during the same time frame for $2.57. Next, BONK has jumped steps by 9.01% to $0.00002571.
This can be viewed from two perspectives: either as a phase before a significant rebound, or as a loss of momentum obtained by meme coins that are ranked lower. Investors are likely to diversify into tokens that are safer and are more probable to earn good short-term yields. That said, DOGE and SHIB still carry the flag of being a long-term option for holders.
Other Gainers and Losers
TON has gained 0.47% and is at $5.79. Every other token on the chart above, Toncoin, has only shed weight in the last 24 hours. This includes the likes of BNB, SOL, and XRP. They are down by 0.13%, 0.86%, and 4.74%, applicable in the same order. Only Ripple’s XRP is down significantly. For others, it could be a convenient move to mark an upward trajectory.
The trend is rather a bit different in the meme coin segment. In the last 24 hours, most of the lower-ranked tokens have surged. For instance, FLOKI is up by 0.79%, POPCAT has gained 1.38%, and MOG is up by 2.26%.
Conclusion
A brief stability is here to stay till the US elections conclude, or the Federal Reserve cuts rates again. The net flows of their respective ETFs could further influence Bitcoin and Ethereum. Investors would see a little longer diversification in meme coins.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.