The global crypto market valuation has increased by 1.92% and is currently at approximately $2.26 trillion, with a FGI of 53 points. This is sufficient to show that the market is neutral in terms of diverting its funds to cryptocurrencies like BTC and ETH. It is split into two categories: one that wants to make profits and another that wants to hold on just a little longer, potentially to the point where Bitcoin tokens reach $100,000. Analysts believe that the outcome of the upcoming US presidential elections will have little to no impact on the price movements. The actual events are yet to be determined in terms of the victorious party, as it may be intended to stabilize the market.
BTC and ETH Surge
Bitcoin tokens are notably up by 2.11% and have successfully overtaken Ethereum tokens. In the previous 24 hours, ETH had been outperforming BTC; however, this trend has since been reversed. At $64,412.02, BTC is steadily approaching a new high, maintaining its dominance over 50% of the market share. Chances are it will trade at $80,000 by the middle of October 2024, or at the most, by the end of that month.
There is a slight setback for Ether, but it still comes with a bull run. The token is up by 0.75% in a single day and is exchanging hands at $2,642.87. Nevertheless, it is still up by 13.28% in the last 7 days, while BTC is trailing with a growth of 6.41% during the same time frame.
Meme Coins Have a New Contender
PEPE is officially one of the most sought-after meme coins in the market. Despite its slower pace of rise, WIF trails behind PEPE. PEPE has surged by 8.95%, and WIF has gained more than 15.50% in the last 24 hours. The frog-themed meme coin is currently trading at $0.000008738, while WIF’s listing is at $2.04.
The sentiment stems from the fact that the top two meme coins have only been able to bank a growth rate of 2.46% and 3.98%, reflecting against DOGE and SHIB in the same order. Dogecoin and Shiba Inu are valued at $0.1106 and $0.00001504, respectively. DOGE crossing the $0.11 mark is the most welcomed move.
Other Gainers and Losers
SOL has made some heavy gains. It has climbed up by 3.63% in the last 24 hours and is floating in the market at $151.87. The stage is possibly set for an uptick to $165 by the end of October 2024. That could facilitate the surge to $200 by the end of this year, i.e., 2024. XRP has experienced a surge of 1.36% and is currently trading at $0.5929. Weekly gains for Solana tokens are way better, for it is up by 15.40%.
BONK and MEW are currently the best-performing meme coins. In the last 24 hours, their values have increased by 10.94% and 13.74%, respectively, in the same order. In fact, POPCAT and BRETT are also on the list, with gains of 12.52% and 10.34%, respectively, applicable in the same order. Other lower-ranked meme coins that have performed better than the top ones are BOME, MOG, and DOGS, with surges of 8.01%, 11.94%, and 5.88%, respectively.
Conclusion
Investors are likely to divert their investments to less risky cryptocurrencies. Consequently, the best tokens underperformed within the 24-hour timeframe. As 2024 concludes, it is anticipated that two additional rate cuts will occur. This will further boost the prices of cryptocurrencies.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.