The global crypto market cap is down by 5.34%, hovering around $2.09 trillion with an FGI of 47 points for neutral points. Bitcoin is below $60k, and Ethereum is exchanging hands at around $2,400. Steven Lubka from Swan Bitcoin stated that the decline could be because of a material drop in Ether, as the token has struggled against BTC for a long time. Lubka added that leverage-drive flushes are often a great opportunity to make a purchase.
Bitcoin and Ethereum drop steeply
The price of BTC has dropped by 5.46% in the last 24 hours to $59,566.65. The flagship cryptocurrency quickly entered a downtrend. It first inched closer to $61,000 and sustained that fall till it reached $60,000. Meanwhile, Nasdaq is reportedly planning to offer Options on Spot Bitcoin. The federal regulators are currently considering a request. If approved, it could help expand investors’ exposure.
ETH has slipped to $2,479.05, down by 7.75%. It has shed more weight than Bitcoin, and it could see more glass before eventually navigating to a new high. BlackRock’s significant breakthrough with the Ethereum ETF sparked speculation about a potential decline. It recently got the product listed on the Brazilian Stock Exchange with a ticker code ETHA39. Since March of this year, its Bitcoin ETF has been trading on the platform.
Meme Coins mark downticks as well
The decline is particularly significant in the meme coin segment. Dogecoin and Shiba Inu have plunged 6.10% and 6.20%, respectively. The price has dropped to $0.09943 and $0.0000138 in the past 24 hours which has also affected the Shiba Inu price prediction & Dogecoin price prediction. All sights are on SunPump. It has only been ten days since its debut, and it already features 20,000 daily active users. It is expected that the project will soon catch up to the reputation of Pumpfun.
DOGE currently has a market cap of less than $15 billion, giving it even more cause for concern. It was once around $20 billion. The top two meme coins’ confidence is being maintained by their ability to withstand the strain for the time being. Most of the meme coins are down by double digits, including WIF and PEPE.
Other Gainers and Losers
Stablecoins have maintained their holders’ trust. Given that they have a 1:1 direct peg to the fiat currency, they will keep doing this. Besides, XRP is down 4.25% and is trading at $0.5685. Whales purchased 50 million coins in a single day between August 26 and August 27, 2024, leading to speculation that the price will rise in the coming days. The move comes after whales liquidated their holdings in 7 days, creating selling pressure.
WIF and PEPE are not the only tokens to have lost huge numbers. BONK has plummeted by 9.55% and is listed at $0.00001815. Some of the meme coins that have made it to a list of must-buys despite a slowdown are STARS, PEPU, and MGMES. The current decline presents a perfect opportunity to expand holdings, as upticks are certain.
Conclusion
The crypto market is once again experiencing declines, with BTC and ETH falling significantly. Meme Coins are currently experiencing a slow tempo; however, a few have been included in the list of tokens that are recommended for purchase. More moves are expected in the coming days as a decision on rate cuts is awaited.
Disclaimer: All values are true at the time of writing this article. Content is only for reference and should not be considered investment advice or recommendation.
