The global market cap of the crypto sphere has slipped by 3.83%. It is now hovering just above $2.31 trillion. The Fear & Greed Index has declined to 59 points for neutral sentiments. This is not necessarily a shock, as a fall was expected. Experts now predict a market will rebound as Spot Ether ETF allocates more time on trading boards.
Bitcoin and Ethereum take severe hits
ETH is down by 7.47% in the last 24 hours. Traders and investors have responded well to the debut of its regulated investment vehicle. This is evident from the fact that Ethereum’s exchange-traded fund reportedly breached the $1 billion milestone. Ethereum had previously sustained momentum at around $3,400. It is now exchanging hands at $3,138.11 at the time of writing this article.
BTC is comparatively on the safer side. In a single day, it plunged by 2.48%, landing at $64,257.36. For a quick reference, all figures mentioned in this piece are true at the press time. Bitcoin’s downfall comes at a time when speculation for a new ATH was gaining traction. Near-term projections expect the flagship crypto token to reach $84,000 in the next 30 days.
Meme Coins carry forward the bear
The global market cap of the meme coin segment is down by 5.52%, along with trading volume, which has plummeted by 3.8%. Dogecoin’s market cap is down, but DOGE has little to worry about. There is a gap of approximately $9 billion between its market cap and Shiba Inu’s number in that category. The price of DOGE has dropped by 5.50% in the past 24 hours.
SHIB is at $0.00001625, down 4.54% during the same time window. It roughly translates to a decline of 13.19% over the last 7 days. DOGE, on the other hand, is up by 1.12% in that timeline. A recovery could be on the horizon, given that every meme coin has begun to mark upticks in the last hour. DOGE and SHIB agave gained 0.94% and 0.70%, applicable in the order, during that time window.
Other Gainers and Losers
XRP, SOL, and BNB have lost a portion of the token values, except the BNB token, which has lost the most. It is down by 3.80% and is listed at $561.16. An early resistance level is likely around $560. It is still poised to reach $600 by the end of this year, that is, 2024. Solana and XRP have lost 0.81% and 0.87%, respectively, of their weights. XRP is currently trading at $0.6, while SOL is trading at $172.14.
WIF has still been up by 14.01% in the last 7 days, but it has shed almost 2.70% of its value in the previous 24 hours. The token is on the road to recovery, with a trading value of $2.54. PEPE is likely to take some time, as it has only risen by 0.86% in the last 24 hours.
Conclusion
The crypto market, particularly BTC and ETF, has experienced a decline compared to its previous performance. A rebound is on the horizon, as most of the meme coins have also started gaining some weight in the last 1 hour.
Disclaimer: This article is only for reference. It does not intend to serve as investment advice and/or recommendation.