The global market cap of cryptocurrencies is up by 1.99%, hovering around $2.01 trillion. The FGI is also up, showing 43 points for a neutral sentiment. The current condition in comparison to recent trends is not sufficient to instill confidence, but recovery is on the horizon for the crypto market. Bitcoin and Ethereum have made notable gains in the last 24 hours, while meme coins have sustained most of their gains.
Bitcoin and Ethereum mark upticks
BTC and ETH are up by 1.95% and 0.56%. At the moment, every inch of profit the community makes is a bonus, especially considering how quickly the decline unfolded. The Bitcoin price is currently at $56,928.23, while ETH is trading at $2,508.56. Due to concerns about the recession, both tokens are reportedly down. Plus, controlling inflation and bringing it down to 2% turned out to be more challenging. The Federal Reserve is likely to cut rates in September this year. This is something that many believe is a late measure.
Interestingly, a dip in the value of Ethereum has done little to hamper positive flows into Spot Ether ETF. It banked an inflow of $98.4 million on August 6, 2024, despite an outflow of $39.7 million from Grayscale’s ETHE. It is taking longer to subside, and hence, numbers are pretty controlled for ETH’s ETF. For detailed insights on where ETH price might be headed next, check out the latest ETH predictions.
Meme Coins sustain gains, lose volume
The market cap of meme coins is up by 2.12%, but the trading volume has plunged by 49.28%. The latter nearly reflects a reversal of the trend in the meme coin segment. In a single day, the top two meme coins have marked upticks. DOGE and SHIB have gained 0.25% and 0.08%, respectively. Their token values are $0.09862 and $0.00001371, applicable in the same order. Meme Coins demonstrated superior performance compared to generic digital assets. One aspect has been curbed for some time now.
Meme Coins remain a safer bet as altcoins for now. PEPE, a frog-themed token, is up 4.98% to exchange hands at $0.000008027. It has surpassed the top meme coins—and so has WIF, which is up by 14.82%. Reports surfacing have declared that the meme season has returned—potentially signaling that it is time for meme coins to move with an upward trajectory on the price graph.
Other Gainers and Losers
BNB, SOL, and XRP have made notable gains, except XRP, which is slightly up by 1.06%. BNB and SOL have gained 3.21% and 10.18%, respectively, for a token value of $492.95 and $151.96, applicable in the same order. Cardano’s ADA has surged by 3.78% to a token value of $0.3378. The upcoming Chang Hard Fork is largely responsible for the rise. It is expected to happen in the next couple of months.
MEW, BONK, and FLOKI are the top trending meme coins, or some of the few trending meme tokens. For a token worth $0.006015, gains in MEW are 21.19%. The token, therefore, has made a splash across the market, with many investors pondering the idea of selling it and taking profit home. FLOKI is up 5.42%, and BONK has soared 10.27%.
Conclusion
The recent decline in the values of cryptocurrencies sent shockwaves across the market. However, recovery is likely now that flagship tokens—BTC and ETH—are showing signs of an upswing. Meme Coins sustaining their gains is another sign that recovery is likely, irrespective of the pace at which it happens.
Disclaimer: All values were true at the time this article was written. The content is intended to only serve as a reference point. It should not be taken as investment advice and/or recommendation.