The global crypto market cap is up by 1.68%, hovering around $2.09 trillion with an FGI of 52 points. Bitcoin has largely sustained its previous day’s momentum. On the other hand, Ethereum has not only marked an uptick but has also outperformed Bitcoin in 24 hours. Most of the tokens are green as of August 13, 2024, at press time. It is likely that they will continue to exchange hands with the same sentiment for a few more days.
Ether outperforms Bitcoin
ETH is up by 4.48%, while BTC has only surged by 1.20% in the last 24 hours. Ether is currently trading at $2,661.28, while BTC is trading at $59,231.53. The latter is slightly less near to attaining the psychological milestone of $60k. That is likely to happen by the end of this week. Bitcoin miner Marathon raises funds to buy more tokens, which may work in favor of BTC. Marathon has announced the plan and is likely to stick to it by raising approximately $250 million.
Ethereum is driving on the trend of its Spot ETF. While outflows have yet to subside, the token is moving upward. A recent report has claimed that BlackRock’s Ether ETF could soon reach $1 billion. It was last recorded at $901.1 million on August 12, 2024, but this information was not available at the time of writing this article. The mark could be further pushed toward $1 billion by an update in that column.
Rebound in Meme Coins
Almost all meme coins are traded in green. This is evident from the surge in market cap and trading volume. Both are up by 2.19% and 20.58%, applicable in the same order. Dogecoin is up by 2.52% and is exchanging hands at $0.1045. Shiba Inu trails it with a 1.55% increase. The token is green at $0.00001371. Currently, the difference between their market caps is roughly $7 billion.
An uptrend in the meme coin segment has brought optimism to community members. One of the former Goldman analysts predicted that at least 25 digital tokens from the category could soon be included in the list of the world’s top 100 cryptocurrencies. While they have not mentioned many names, it is clear that meme coins in the top 55 positions will retain their spot on the chart.
Other Gainers and Losers
Ripple’s XRP has slightly increased by 0.47% to $0.5664. The increase in value could result from a statement by Ripple’s Chief Legal Officer, who stated that the chances of the US SEC filing an appeal should be minimal, considering the Biden-Harris administration is looking to settle ties with the market. This comes after the final verdict of $125 million in the lawsuit.
FLOKI has experienced a significant increase of 3.16% and is currently trading at $0.000122. This comes in a single day, with the potential for more raises in the days to come. PEPE has sustained gains and is up by 2.52% in the last 24 hours for a single token price of $0.00000806.
Conclusion
The race to outperform is underway amid fluctuations in the crypto market. Meme coins rebounding is a positive sign, as investors need an alternative to the flagship tokens in worst-case scenarios.
Disclaimer: All values in the article were accurate when drafting this piece. Content is neither investment advice nor recommendation, only reference material.
