The global crypto market is up by 1.83%, hovering around $2.25 trillion with an FGI of 51 points. It is only safe to say that the crypto market took off days after the Federal Reserve slashed rates by 50 bps. Plus, two more cuts are expected to happen by the end of this year, that is, 2024. BTC and ETH, for instance, have gained more than 2% in the last 24 hours. The story is similar for meme coins; however, their pace has cooled down briefly.
BTC and ETH Fly
Bitcoin has surpassed the mark of $64,000 and is currently exchanging hands at $64,389.74, up by 2.01% in the last 24 hours. In the last 24 hours, ETH has also surged by 3.18%, listing at $2,679.37. This is not the first time that ETH has outperformed BTC. Bitcoin tokens also lagged in the previous week when Ethereum tokens took a major lead.
BTC is next predicted to reach a value of $80,000. That could happen by the end of October 2024, setting the stage for a major milestone of $100,000, which is now very much in the picture for year-end. Analysts are optimistic that it could go on to find support at $150,000. Ether is targeting to reach $4,000 before the calendar changes to the next year.
Meme Coins See a Slow Pace
The declining pace of meme coins was unexpected. In a single day, the top two tokens in the segment are up only by 0.01% and 0.07%. The listing order for DOGE and SHIB is $0.1082 and $0.00001477, which also applies to the surge percentage. Investors and traders have likely gravitated towards the major segment to secure profits at the optimal moment. People often view meme coins as a safe haven. It is uncommon for the likes of BTC and ETH to make a certain profit in the long run.
People are primarily concerned about the growth of DOGE, with many speculating whether the token will continue to rise. It stems from the fact that the top-ranked has lost almost 62% since it achieved a yearly high of $0.2288 in March 2024. During the decline, Dogecoin has also formed a bullish wedge pattern to bring in more resistance and support levels.
Other Gainers and Losers
There are few losers at this moment, but the names are big ones. In the last 24 hours, XRP has plummeted by 0.99%, and SOL has declined by 0.77%. Their token values are $0.593 and $147.30, respectively. BNB is more than successful, fetching gains worth 1.91% so that traders can exchange it for $594.63. The BNB’s next target is $600 before October 2024 ends.
PEPE is still one of the most popular meme coins. It has lost 0.25% in the last 24 hours and is floating at $0.000008226. The frog-themed meme coin is rising because of the tone it has set over the past few weeks. PEPE managed to reach highs at a time when the market was moving within a specific range.
Conclusion
Two more pushes are expected to come for the crypto market. They would be in the form of two more cuts coupled with the delayed response to Bitcoin Halving.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.