Bitcoin and Ethereum Want a Raise, But the Global Market Cap of Cryptocurrencies is Down to $2.11 Trillion

The 40-point FGI is associated with a percentage decline of 0.49%. Investors are naturally worried about allocating funds to digital assets.

The global cryptocurrency market cap stands at $2.11 trillion, showcasing a 40-point FGI. This translates to a 0.49% decline over the past 24 hours. The market is displaying signs of apprehension, which is impacting investors’ decisions regarding fund allocation.

Crucially, the absence of any report offering a clear assessment of the Federal Reserve’s rate cuts and the possibility of inflation resurfacing are causing concern. Furthermore, if the liquidity supply continues to fall, it could drive Bitcoin and Ethereum to new lows, especially during the winter season.

Bitcoin and Ethereum both want a raise

To be fair, BTC and ETH have both put in the work and deserve a better rating. They are currently striving to achieve a higher value; however, it is possible that they will experience a decline in the near future.

The Spot Bitcoin ETF has ensured a better status for the flagship token, which is now listed at $56,895.65, down by 1.27% in the last 24 hours. The last couple of hours have seen significant volatility in both directions.

Its value failed to surpass the $57,660 mark, which would have been ideal considering it targets a breach of the ATH.

Ethereum’s wait for a Spot Ether ETF listing to be approved gets longer without any new reports. The effect is clear, with ETH inching closer to a low of $3,000. A slight decline of 0.20% in a single day has done decent enough harm.

One aspect in which Ether outperforms BTC is the color of trade. Most of the trades for ETH have been in green, fetching positive returns irrespective of their size.

Meme coins fell from grace

The meme coin market cap decreased by 2.02%, while the trading volume increased by 6.59%.

PEPE led the trend with a decline of 6.23% in the last 24 hours, followed by SHIB with a slip of 1.92% and DOGE down by 1.70% during the same time window. Notably, they have all gained in the last 7 days—a part where PEPE lags.

Shiba Inu was the biggest gainer in the category, rising by 20.62%, followed by Dogecoin with 10.05% and PEPE with 4.10%.

DOGE and SHIB are currently trading at $0.1057 and $0.00001602, respectively, in the same order. At the time of writing this article, PEPE is listed at $0.000008529.

BONK and FLOKI have also shed some weight, decreasing by 10.82% and 4.37%, respectively.

Our other gainers and losers today

XRP edged upward by 1.93% but is now down by 0.60% in an hour. The hourly downfall might not hit as hard as one thinks.

SOL has let go of almost 3.43% of its token value and is potentially looking at a further decline to $130. It could alternatively hit a high of $150 in the next couple of weeks. Biased sentiments are optimistic.

WIF has lost 3.03% in a single day, while BRETT is down 8.72%.

Most of these dips come as discussions about owning celebrity-based meme coins are gaining traction.

Conclusion

BTC and ETH have to travel a bit longer to surpass their respective psychological milestones. These are $60,000 and $3,500, respectively. Others will follow, and the same applies to the entire meme coin segment, which was previously the best option ahead of the much-anticipated altcoin season.

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