The global crypto market cap is up by 2.15%, hovering around $2.24 trillion with an FGI of 45 points for neutral sentiments. Top cryptocurrencies have made significant gains in the last 24 hours, including Bitcoin and Ethereum. In fact, gains are mutual among meme coins, with the likes of SHIB and DOGE seeing upticks in their prices. It is now all about sustaining these gains to instill a sense of confidence among investors, especially those who were willing to shed a portion of their portfolios after the recent losses.
The FBI’s action to uncover market manipulation within the realm could potentially have sparked the rise. The agency reportedly created a crypto to investigate and apprehend malicious actors. It has made investors believe that agencies like the FBI have enough capabilities to protect their interests.
BTC and ETH Rise
Bitcoin tokens have gained 1.75%, and Ethereum tokens have surged by 2.59%. Therefore, it surpasses BTC pretty conveniently. Their prices are $63,976.89 and $2,530.97, applicable in the same order. The jump in the price of BTC comes at a time when its Spot ETFs marked an inflow of $253.6 million on October 11, 2024. That was after three days of consecutive outflows starting October 8, 2024. The total cumulative historical net inflow now stands at $18.87 billion as of October 11, 2024.
Spot Ether ETFs, on the other hand, saw a net outflow of $0.1 million on the same day, bringing the total cumulative historical outflow to $546.1 million. Grayscale reported net outflows of $8.7 million against net inflows worth $8.6 million in Fidelity’s FETH. Flows aside, Spot Ether ETFs and Spot Bitcoin ETFs have successfully paved the way for more crypto-linked regulated investment vehicles, and that counts largely in the market.
Meme Coins Follow
Meme Coins are also increased; Dogecoin has gained 0.08%, bringing its value to $0.117. It has surpassed the most-awaited mark of $0.11 once again. Needless to say, it has done so in the past, and the moment is rightly being relieved with speculation that it will breach the milestone of $0.15 by the end of this year, i.e., 2024. The uptick has rather softened on DOGE in comparison to earlier hours when it was up by almost 0.38%.
Shiba Inu has experienced a soft jump of 0.09%, following a surge of 0.48% in the earlier hours. SHIB is exchanging hands at $0.00001785. It is next expected to rise to $0.000019 by the end of this year. DOGE and SHIB can reach their major milestone earlier as well, or later in 2025. It remains to be seen how they react to the announcement of rate cuts when the Federal Reserve comes out with one. This will be in addition to the upcoming US Presidential elections.
Other Gainers and Losers
SOL is one of the biggest gainers, up by 3.18% for a value of $151.22. There are still hopes for its ETF to enter the market at any time in 2025. XRP is slightly down by 0.01% to $0.5372.
PEPE, BONK, and FLOKI have made massive gains of 3.91%, 1.14%, and 3.86% in the last 24 hours. PEPE and FLOKI continue to be on the list of most preferred meme coins.
Conclusion
It is important to note that US elections and the Federal Reserve hold the key to temporarily causing fluctuations in the price of cryptocurrencies. It is likely that the tokens will withstand the impact by resisting the selling pressure. Alternatively, whales might find a way to temporarily support the crypto market.
Disclaimer: Values are true at the time of writing this article. Content is not investment advice.