The global crypto market cap is down by 4.28%, or around $2.06 trillion. The drop is fairly consistent across the crypto market, with major tokens like Bitcoin and Ethereum slipping below the levels of $60k and $2,600, respectively. Meme coins suffer the most, as the top tokens in the segment have experienced a decline of more than 5%, despite making notable gains in the last 7 days.
Slips in Bitcoin and Ethereum
BTC and ETH have plummeted by 4.23% and 4.06% in the last 24 hours, respectively. Their token values are $58,523.86 and $2,540.78, applicable in the same order. Experts speculate that the correction has ended, signaling a potential rebound for both tokens. Alternatively, BTC price prediction suggests it may head to a new high. Analysts are cautious about Bitcoin, and Ethereum is no exception.
The last time the cycle for Bitcoin turned bullish was a few days ago, when the value was comfortably hovering above $60k. For Ethereum, the community attributes the price drop to lower gas fees. A decrease in the base fees is being associated with the following phase of the Dencun upgrade. The value of Ethereum gas fees reached $196 in May 2022, which was the highest recorded.
Meme Coins fall
The global market cap of the meme coin segment is down by 8.78%, and the trading volume is up by 40.95%. The top two meme coins survived a heavy blow, but they are still down. Dogecoin has fallen by 7.33% in the last 24 hours, and Shiba Inu has fallen by 6.88% during the same time window. They are exchanging hands at $0.1019 and $0.00001351, respectively. Dogecoin prices are poised to reach $0.15, with reports citing Russia’s legalization of crypto mining. A timeline is hard to predict, but it is safe to assume that the surge could come by the end of this year, that is 2024.
SHIB’s prices were anticipated to react positively in response to the Shibburn’s announcement. Suffice it to say, the price moved in another direction. As of August 11, 2024, Shibburn announced the burning of a total of 39,345,498 tokens in 24 hours. As a result, the burn rate increased by 38199412.62%. The community has likely sensed desperation in pulling the chart upward. as SHIB prediction remains uncertain.
Other Gainers and Losers
In the last 24 hours, BNB, SOL, and XRP have experienced significant declines of 4.20%, 7.40%, and 4.42%, respectively. BNB is currently trading at $508.13, a significant distance from its projected $600 milestone by the end of this year. Solana is also far from the $150 mark, exchanging hands at $144.22. XRP is fluctuating as the community keeps speculating on the final verdict of the ongoing SEC lawsuit. It is listed at $0.5648.
PEPE and WIF are at $0.000007865 and $1.67, respectively. Dogwifhat could hit the mark of $2 by year-end. It will seek support from the market trends, hoping that the rate cut does become a reality in September. Other meme coins could be willing to thrive as altcoins that work no matter the situation.
Conclusion
Despite falling below critical levels, analysts predict that Bitcoin and Ethereum will reach a new high in the coming days. The statement, which quotes the conclusion of the correction phase, is supported by analysts. Meme coins will react to the resurgence and an uptick in the trend.
Disclaimer: All values in the article were true at the time of writing. Content is for reference only and should not be considered investment advice or recommendation.