The global market cap of cryptocurrencies has surpassed $2.25 trillion and is down by 0.31% after briefly demonstrating a decent upswing. The FGI has increased to 56 points for neutral sentiments. It is probable that liquidity will be stimulated by additional investments, in addition to price increases. This is due to two factors: a rise in flagship cryptocurrencies and a move closer to the Federal Reserve’s rate cuts announcement.
Bitcoin hints a fresh ATH, Ethereum following the trail
Bitcoin has breached the milestone of $64,000. Currently, it has experienced a 0.23% decline and is trading at $64,069.51. A continued surge could take BTC as high as $74,000 by the end of this week. That will pave the way for a high of $84,000 in the next 30 days. Analysts predicted the upswing in BTC two days ago. They cited that the token would go closer to $64k following the extension of endorsement by RFK Jr. for Donald Trump ahead of the US presidential elections. The independent candidate has reportedly suspended his presidential campaign and rolled away his name from the ballot.
Ether, however, could be soaring for a new reason. It is trading hands at $2,751.42, which is down by 0.59%. Reports about Spot Ether ETF will make their way to the market by tomorrow. Meanwhile, speculation suggests that Ethereum’s market cap will surpass Bitcoin by 2029. This implies that ETH may eventually gain greater market dominance than BTC. For now, the ETH prediction of rising to $2,700 has been fulfilled within the expected timeframe.
Meme Coins are waiting for the moment
This is understandable given that all popular meme tokens have experienced a decline, with WIF experiencing the largest decline of 3.24%. Dogecoin and Shiba Inu were able to absorb the blow. They are only down by 1.18% and 1.60% for token values of $0.1098 and $0.00001504, applicable in the same order. According to the recent report, DOGE may have sustained its price movement. It emphasizes that Dogecoin outperformed Shib Inu in terms of social media activity among loyal community members. DOGE published nearly 21.6k posts, compared to 20.3k for SHIB. Interactions were 6.63 million and 3.76 million, respectively.
It is little known why and how WIF took the largest hit of 3.63%, but it is safe to assume that the token was due for a correction after multiple gains in recent times.
Other Gainers and Losers
XRP and SOL have no word about their respective ETF applications. Only the trends set by BTC and ETH will influence tokens, unless the community manages to break through this barrier. Solana has experienced a 1.14% increase and is currently trading at $160.53, with a potential surge to $180. After plunging by 1.91% in the last 24 hours, XRP is now floating at $0.5967.
FLOKI and POPCAT gained 2.57% and 1.91% weight in a single day. Their token values are $0.0001531 and $0.7552, applicable in the same order. That said, all eyes are on how SunPump performs against Pump.Fun. The last time their competition came under scrutiny, SunPump emerged victorious.
Conclusion
Based on current trends, Bitcoin may eventually trade at $84,000. If true, Ether will aim to surpass its rival in terms of market cap by 2029. Meme coins continue to wait for their true moment.