The global crypto market cap is up 4.07% and hovers above $1.96 trillion. The Fear & Greed Index has slipped to 32 points, indicating sentiments of fear among investors. Interestingly, meme coins are outperforming generic cryptocurrencies. Their market cap has increased by 10.26%, while trading volume has increased by 72.07%. When the market fell sharply, investing in cryptocurrencies became dubious. Upticks are still on the horizon.
Bitcoin and Ethereum show less sufficient recovery
There is an upswing in the values of BTC and ETH, but that does little to instill confidence among investors. Bitcoin has soared by 2.18%, and Ethereum has jumped by 4.74% in the last 24 hours. Their token values are $55,679.17 and $2,494.40, applicable in the same order. The flows in the Spot Ether ETF are likely to impact Ethereum. Analysts expect negative flows to subside soon.
Bitcoin plunging into darkness is an event that takes the market by storm. According to the most recent reports, a decline in its value has wiped out more than $220 million. This is due to concerns about the recession. The Federal Reserve indicated that it could cut the rate in September; however, some believe that the measure is coming later, further citing that the target of 2% inflation was always too aggressive.
Meme Coins shine
The meme coin segment has outperformed generic digital assets. This is demonstrated by its market cap and trading volume. If the momentum persists, the recovery in the said segment could be stronger than Bitcoin and Ethereum. Dogecoin is up by 6.56%, and Shiba Inu has surged by 12.38% in a single day. Their token values are $0.09819 and $0.00001371, respectively. The signals are favorable for SHIB, as the meme coin is gradually approaching the market cap of DOGE without making any significant progress. DOGE is shedding weight in terms of market cap, currently standing just above $14 billion.
According to reports, meme coins are oversold. This is an effect of FGI, which has declined to a large extent. Investors are seeking to safeguard their digital portfolio, and meme coins are emerging as a safe haven. A resurgence of altcoins, especially meme coins, is still awaited. The market must keep this trend going for a little while.
Other Gainers and Losers
In the last 24 hours, XRP and SOL have gained sufficient numbers. Both tokens are up by 6.87% and 9.09%, respectively. XRP has its sights on the verdict in the ongoing lawsuit against the SEC. Following that, it would speculate about launching its ETF in the market. SOL has a value of $139.67, just behind BNB with a token value of $480.56, which is up by 7.76% in a single day.
PEPE is one of the trending meme coins at the moment. It features a value of $0.000007812, up by 11.38%. MAGA TRUMP has also made double-digit gains. It is up 10.67% and is exchanging hands at $3.73. It is anticipated that MAGA TRUMP will soon breach the market of $5; it could be as early as the end of this year.
Conclusion
The week started on a rough note for the crypto market. The market is still trying to recover, but meme coins have adapted to the trend in a better way by outperforming generic tokens. It is uncertain whether the trend will persist or if sentiments will revert to their previous state a few days ago
Disclaimer: All values were true at the time this article was written. This content is only for reference and should not be taken as investment advice or recommendation.