The global crypto market cap is up by 0.83%, hovering around $2 trillion with an FGI of 34 points. A lower score on the Fear & Greed Index stems from the concern about recession. It is anticipated that the US economy will be most significantly impacted by the end of this year unless rate cuts significantly boost investors’ ability to borrow funds for utility purposes.
The unemployment rate has plunged, or rather increased, consecutively, with the majority of the share markets undergoing correction. It is only natural for cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) to experience correction.
Trends in BTC and ETH Show Slight Recovery
Both flagship cryptocurrencies are up to demonstrate that recovery could be on the horizon despite anticipated economic challenges. BTC is up by 0.92% in the last 24 hours, and ETH has surged by 1.51%, outperforming bitcoin by a decent margin. The current price of Bitcoin tokens is $57,159.68, and the price of Ether is $2,410.23. For more detailed analysis and future forecasts, visit the Bitcoin price prediction page.
Recession fears stem from the fact that the unemployment rate has been steadily climbing since July 2022. In fact, this is the highest unemployment rate since July 2022, when the rate was approximately 3.5%. It still needs to be seen whether investors increasing liquidity in risky assets will have an immediate impact or if it will take its time returning to a comfort zone. BTC and ETH are poised to touch $84,000 and $2,700, respectively, in the next 30 days, signaling bullish sentiments for the near-term future.
Meme Coins are Mirroring Recovery Better
The top two meme coins—DOGE and SHIB—showcase that the segment is performing better than generic cryptos. Dogecoin and Shiba Inu are up by 1.04% and 2.22%, applicable in the same order, for a token value of $0.09674 and $0.00001338, respectively. Dog-themed meme coins are likely to face a challenge from the increased acceptance of cat-themed meme coins, with POPCAT and CAT now being the two most popular.
It could trigger a new challenge wherein SHIB and DOGE, for once, let go of their differences in terms of market cap. Cat-themed meme coins aim to surpass the position of dog-themed tokens. This puts them at risk of devaluation in the future. Upcoming performances will mirror how the likes of BTC and ETH move.
Also Read: Memecoin Market Recovery – 5 Coins to Watch This Altseason
Other Gainers and Losers
XRP and SOL have recovered from the recent decline. They are up by 0.07% and 4.21%, respectively, in the last 24 hours. Solana is currently trading at $132.68, with the potential to reach $150 as early as possible. BNB has not yet recovered from its losses and is experiencing significant declines. The most recent crash was 1.41% in a single day, now valued at $504.52.
DOGE is now in the 8th position, with a market value of more than $14 billion. PEPE and WIF are leading the way as the most popular altcoins. They have jumped by 1.12% and 5.25% in the last 24 hours. Gains across the meme coins segment are between 1% and 5%, except for WHY, which is up by 7.30% for a value of $0.0000002248.
Conclusion
Recession concerns are looming across the United States. The impact on the crypto market is evident, as top tokens struggle to sustain their gains. The Federal Reserve’s upcoming data is expected to shed more light on what happens to markets soon.
Disclaimer: All values were true at the time this article was written. This content is not investment advice or recommendation.