The global crypto market cap is down by 2.21%, hovering around $2.12 trillion with an FGI of 37 points for fear sentiments. A drop below 40 points is indeed a concern, especially at a time that comes after the first rate cut by the Federal Reserve. Another two cuts are anticipated; however, they are equally critical to the crypto market’s potential to sustain its current highs.
The crypto market has been consistently volatile due to two significant developments. One pertains to India. In order to develop comprehensive crypto legislation, the nation has postponed its shareholder meetings. Instead, it prioritized other important agendas on the list, like the World Bank meeting. The second significant development pertains to malware that has impacted more than 28,000 users in Turkey, Russia, Ukraine, and other countries in the Eurasia region.
BTC and ETH Test Key Levels
The Bitcoin and Ethereum tokens are currently testing key levels, having declined by 2.50% and 2.10%, respectively, over the past 24 hours. Their token values are $60,869.58 and $2,397.05, applicable in the same order. The decline is a direct result of the crypto-stealing malware incident, for it has potentially revealed loopholes that are yet to be fixed in the market. It is not uncommon for the crypto market to suffer from malicious attacks; however, it does not instill a sense of confidence either.
The key level for BTC is $60,000; falling below that could open the way to $55,000. The key level for ETH is $2,350; falling below that mark could take Ether down to $2,150, which would not be a healthy scenario to look at. Two more cuts by the Federal Reserve are on the table before the end of this year, that is, 2024. The timing of their announcement and implementation remains uncertain.
Meme Coins Follow the Trail
All meme coins are following the trail. The trend that has been formed over the last 24 hours is a clear indication. Dogecoin is down by 1.27%, and Shiba Inu has lost almost 4.11% during the said time window. DOGE has absorbed the blow, and that is something to consider. But there have been instances where SHIB was more resistant. It is largely a matter of preference; with that said, the difference between their market caps is approximately $5.8 billion.
The collective market cap is $47.66 billion. Meme Coin segments are known to follow major cryptocurrencies like BTC and ETH. People often refer to them as the ideal altcoins during periods of significant volatility. Given the scenario, meme coins are still safer, but following the said trail does not set the right tone for novice investors.
Other Gainers and Losers
BNB, SOL, and XRP are down by 1.59%, 2.56%, and 1.06%, respectively, in the last 24 hours. Ripple’s XRP is one of the tokens backed by the crypto community for its ETF. SOL follows, but XRP has higher bets as it has finally settled the lawsuit with the SEC. Chances were the agency would file an appeal—it is now less likely.
PEPE and WIF, previously the most preferred meme coins, are down by 4.43% and 5.56%, applicable in the same order, in the last 24 hours. PEPE is currently trading at $0.000009336, while WIF’s listing is at $2.37.
Conclusion
A rebound is on the horizon. Declines like these continue to paint a bearish picture, though. Analysts believe it requires patience to reap profits.
Disclaimer: Values were true at the time of writing this article. This content is not investment advice.