The global crypto market cap is down by 0.32%, hovering around $2.32 trillion with an FGI of 58 points for neutral points. Bitcoin’s dominance has reached 57.69% amid newer developments in the market. For one, the Trump family has recorded 75% of crypto revenue without any liability. The Trump-linked entity is yet to receive the net protocol revenues, but the 13-page document clarifies that it is due any time now.
Most importantly, elites across the Asian region are reportedly beginning to experience the magic of cryptocurrencies. According to a report by Aspen Digital, in the second half of 2024, approximately 76% of family offices had exposure to cryptocurrencies. This is up from 58% in 2022. It indicates the rising interest in allocating funds to the crypto market for investment.
BTC and ETH React
Bitcoin tokens have surged slightly by 0.48% in the last 24 hours, for a value of $67,779.56. It continues to trade above $67,000, which officially sets a comfortable support level. It is likely to remain a foundation for the upticks in the near future. As per the expert BTC prediction, its price will reach $80,000 by the end of October 2024 or by the middle of November this year. On October 17, 2024, Spot Bitcoin ETFs recorded a net inflow of $470.5 million, marking the fifth consecutive day of inflow. It is also the second successive day for BTC ETFs to record a number above $400 million in inflows.
Ethereum tokens are slightly down by 0.60% to $2,6177.68. Their weekly gains are 8.84%—sufficient to keep them going for a few more days. ETH is next targeting the milestone of $2,700, which it teased briefly but not precisely attained. Spot Ether ETFs recorded a net inflow of $48.4 million on October 17, 2024, for the second consecutive day. It previously recorded an inward flow worth $24.2 million. Its historical cumulative net outflow stands at $469.2 million.
Meme Coins Mark a Rise
Dogecoin, for one, is up by 6.84% to the value of $0.1327, which further reflects a surge of 23.58% in the last 7 days. Shiba Inu is up by 2.61% in the last 24 hours and is exchanging hands at $0.00001881. Pepe Unchained ICO likely drives the meme coin segment. It has reportedly secured $20 million for a new meme coin L2 network.
Moving forward, the team behind Pepe Unchained is currently building a decentralized exchange, or DEX, with a specific focus on meme coins. Any dips in the meme coin segment could potentially serve as opportunities for accumulation before the tokens rebound. Another factor that could cause an uptick in the value of meme coins is the bullish expectation for BTC and ETH.
Other Gainers and Losers
XRP and SOL are down by 2.52% and 0.56%, respectively. Their token values are $0.5437 and $152.60, applicable in the same order. Both are vying for the launch of their ETFs in 2025.
FLOKI and POPCAT have made some massive gains. They have soared by 4.68% and 13.14% in a single day, for a value of $0.0001541 and $1.39, respectively.
Conclusion
Asian elites shifting even a portion of their funds to the crypto market is a notable event. It signals growing adoption and paves the way for their seamless operation in the days to come. Meanwhile, the likes of BTC, ETH, DOGE, and SHIB continue to move on the price chart amid volatility.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.