Bitcoin Sustains the Market, While Ethereum Slips: A Market Cap and Trading Volume Rundown

The global market cap of the crypto industry is down by 0.63% and is hovering around $2.38 trillion. As a result of fluctuations, the market cap has slipped slightly.

The global crypto market cap has experienced a slight slip, decreasing by 0.63% and hovering around $2.38 trillion as a result of minor fluctuations. The Fear & Greed Index indicates a neutral stance with 60 points, suggesting that investors are holding their ground and reconsidering their current positions. This could indicate a holding period before Spot Ether ETF begins showing signs of impacting the market.

Bitcoin sustains the market, while Ethereum slips

BTC has maintained its momentum from the previous day with a drop of 0.85% in the last 24 hours, bringing its value down to $65,936.04. This slight decrease is attributed to the US hinting at selling tokens that were seized by the government. The news comes shortly after Donald Trump pledged to establish a government stockpile of digital assets if he is reelected. As a result, there are concerns regarding the selling of BTC, which have caused a minor drop in prices.

On the other hand, ETH is yet to fully reflect the strength of Spot Ether ETF approval. The token is currently trading at $3,284.99, showing a decrease of 0.92% in a single day. However, token value could soon hit a new upswing for two reasons: first, the ETF effect will eventually kick in; and second, the network is reportedly working on going through a transition wherein it will introduce a reduction in gas fees.

Meme Coins take a blow

The market cap and trading volume of meme coins have both experienced a decrease by 2.35% and 18.52%, respectively. The top three meme tokens, namely DOGE, SHIB, and PEPE, are leading the charge in the decline. Over the last 24 hours, they have decreased by 3.63%, 2.55%, and 4.78%, respectively. At the moment, Dogecoin is priced at $0.125, Shiba Inu at $0.00001632, and PEPE at $0.00001133.

Interestingly, holders of DOGE and SHIB are shifting their focus to other meme coins, such as PEPU, MGMES, and WAI, among others. The aim is to accumulate these coins at the right time and sell them to generate profits, rather than investing in meme coins that may only experience a slight uptick. Notably, PEPU is one of the top presales.

Other Gainers and Losers

Solana’s SOL has now made it to the headlines. The most recent update pertains to overtaking Ethereum in weekly fee revenue. This has happened for the first time and comes after it hit $5.5 million in transaction fees on July 28, 2024, the highest number in the last 3 months. SOL is listed at $180.07, down by 1.46% in the last 24 hours to test the resistance of $180 for a near-term target of $200. XRP is on a growth spree. The token has experienced a 8.71% surge in a single day, currently trading at $0.6535. The upswing comes amid hopes of securing a favorable verdict in the ongoing Ripple vs. SEC legal battle. Suffice it to say, hopes also fluctuate, further impacting the token value.

BOME is an outlier, with a gain of 1.50% in the last 24 hours. The token is valued at $0.0108. Every other meme coin in the list of top 100 crypto tokens has plunged during the same time window. The MAGA TRUMP is the next token to mark an upswing. It has gained 0.73% in a single day and is listed at $5.33. MAGA TRUMP is ranked 222nd overall.

Conclusion

Bitcoin has shown resilience, sustaining gains from the previous day. Meanwhile, Ethereum may soon be implementing fee reduction and ETF features. On the other hand, meme coins have a transition of their own as investors look to make the most of the less notable tokens in the segment.

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