The global crypto market cap is up by 0.40%, hovering around $2.32 trillion with an FGI of 60 points for greed sentiments. This is an increase over the last two days to signal that investors are slowly beginning to take risks with cryptocurrencies like BTC and ETH. The prices of Bitcoin tokens once again flirted with a high above $68,000, maintaining the same level of liquidity as it did the previous day.
One positive development for the crypto market is from Google. The search engine giant has reportedly restored price charts for Bitcoin and other tokens in its search results.
Bitcoin and Ethereum Tokens Sustain their Gains
Bitcoin is still above the $67k mark, exchanging hands at around $67,328.40 with a surge of 0.37% in the last 24 hours. It briefly teased a high beyond $68,000 but could not maintain that momentum. Nevertheless, it has soared by 10.75% in the previous 7 days to now match the uptick of Ethereum during the same time frame. On October 16, 2024, Spot Bitcoin ETFs banked net inflow once again, making it 4th consecutive day. The total was $458.5 million for the historical cumulative total net inflow of $20.26 billion.
Ethereum’s gain in the last 24 hours is approximately 0.68%, taking its value to $2,631.07. The gap from the $3,000 mark is starting to close significantly. Chances are it would do so by the end of this month, that is, October 2024—or, according to ETH predictions it could take a maximum of the middle of November to trigger an upward trajectory to $4,000 by the year-end. Spot Ether ETFs marked net inflows worth $24.2 million on October 16, 2024, to take the historical cumulative total net outflows to $517.6 million.
Meme Coins Reverse the Trend
Meme Coins, which were previously declining, have reversed these trends by experiencing a sudden surge in their price. Dogecoin, for one, is up by 3.61% to exchange hands at $0.1233. Shiba Inu is up by nearly 1% for a value of $0.00001825, with both rises reflecting a change in the last 24 hours. In terms of market cap, DOGE surpasses SHIB. Another feather to that cap is the weekly gain. Dogecoin is up by 14.60%, while Shiba Inu is up only by 7.28% in the last 7 days.
Meme Coins are still the preferred altcoins; however, they will have to do much better to maintain their reputation. Investors might be looking to accumulate the dips right now, which makes more sense considering there is a rebound on the horizon ahead of the US Presidential elections. Furthermore, the Federal Reserve is likely to cut rates two more times by the end of the year.
Other Gainers and Losers
XRP has made a massive gain of 3.53%, reaching a value of $0.5584. Speculation about its ETF launch in 2025 is gaining strength. On the other hand, SOL is gaining momentum after experiencing a drop of 0.49% in a single day. It is now listed at $153.37.
BONK is one of the highest gainers in the meme coin segment. It has added almost 8.44% of value to its token, which is now trading at $0.00002431. PEPE has declined by 0.37% for $0.00001033.
Conclusion
Experts predict that cryptocurrencies like BTC and ETH will continue their recent surges. This helps set an upward trajectory for the entire market where volatility remains relevant.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.
