The global crypto market cap is up by 1.70%, hovering around $2.38 trillion with an FGI of 63 points for greed sentiments. The dominance of Bitcoin tokens is above 57%. The 24-hour trading volume has surged by 63.63% to $67.24 billion. The top two cryptocurrencies are on the brink of achieving a new high by the end of October 2024, which is the news that is making headlines. BTC even teased a milestone of $69,000, and ETH maintained its decent gains closer to $2,800.
The optimism surrounding a crypto trader who reportedly profited approximately $9 million in 3 days could underpin most of it. That is believed to be an ROI of 3,000x on their basic investment. The investment was in a Solana-based GNON token, which is identified with a low market cap and was launched on October 17, 2024.
BTC and ETH Tease New Highs
Bitcoin is exchanging hands at $69,034.26, up by 1.16% in the last 24 hours. This is significant because BTC is now showing signs of breaching the mark. It potentially indicates that Bitcoin tokens are aiming to soon surpass $70,000—thereby paving the way for a milestone of $85,000 by the year-end. The weekly gain comes to 7.68%. On October 18, 2024, Spot Bitcoin ETFs reported a net inflow of $273.7 million, marking the sixth consecutive day of net inflows. Historical cumulative net inflow stands at slightly more than $21 billion.
The price of Ethereum has increased by 3.61% to $2,740.85 in a single day. The second flagship cryptocurrency in terms of market cap is aiming to surpass $3k as early as possible. It could happen by the end of this month, that is, October 2024. Its weekly gains come to 8.18%. Spot Ethereum ETFs also reported net inflows worth $1.9 million. While the number is a little lower, it is for the 3rd consecutive day that Ether ETFs have recorded net inflows. Historical cumulative net outflow stands at $467.3 million. For more insights into Ethereum’s price trends and future outlook, check out the detailed Ethereum Price Prediction.
DOGE Makes Significant Weekly Gain
Dogecoin has remarkably increased by 32.39% in the last 7 days, reaching a value of $0.1484. The single-day surge comes to around 4.58%. The dog-themed meme coin has significantly outperformed Shiba Inu in terms of market cap, surpassing $21 billion compared to SHIB’s $11 billion. That said, Shiba Inu’s price comes to $0.00001926, up by 3.15% in the last 24 hours and 7.59% in the last 7 days.
DOGE currently only lags in daily gains but has made up for it already with weekly gains. By the end of this year, or 2024, the next target is $0.1500, followed by $0.1800.
Other Gainers and Losers
XRP has made slight gains of 0.97% to reach the value of $0.548. Ripple’s crypto is reportedly facing bearish pressure since a wallet transferred $15 million worth of tokens to Bitso.
FLOKI has plummeted by 0.36% in the last 24 hours, but it can still reverse that trend. PEPE remains a top meme coin and altcoin, up 3.48% and still popular.
Conclusion
All sights are on two major factors: US Presidential elections and rate cuts by the Federal Reserve. Experts speculate that either of these factors, or both if they occur simultaneously, could trigger the next surge.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.