Bitcoin and Ethereum Retrace Their Steps as the Global Crypto Market Cap Hovers Around $2.06T

The global crypto market cap is down by 0.79%, hovering around $2.06 trillion. The FGI has slipped below 45 points and currently reflects 41

The global crypto market cap has decreased by 0.79%, currently valued at $2.06 trillion. The Fear and Greed Index (FGI) has further slipped below 45 points, indicating a neutral market sentiment.

Bitcoin and Ethereum, the top two cryptocurrencies, have retraced their steps. BTC is now trading at $58,275.66 after falling 0.52% in the last 24 hours. Despite coming close to breaching the $60,000 mark, Bitcoin has encountered resistance at this level. A rate cut is anticipated, but investors are concerned about the possibility of a 25 basis point (bps) increase, which may not be sufficient to drive crypto inflows.

Ethereum outflows, which were expected to occur last week, have not yet materialized. Ether is currently trading at $2,601.07, indicating a 1.87% decrease in a single day. However, compared to Bitcoin tokens, Ether has experienced less decline, losing 2.72% of its value in the last 7 days.

Meme Coins, such as Dogecoin (DOGE) and Shiba Inu (SHIB), continue to struggle. Their values are dancing around $0.1012 and $0.00001339, respectively, indicating a decrease of 1.46% and 1.69% in the last 24 hours. The gap between their market capitalizations has narrowed to nearly $7 billion.

Shiba Inu may be attempting to fight harder, as the token has surged by 0.14% in the last hour. Most tokens in the meme coin segment are trading in red within a single day’s time frame.

Other Gainers and Losers

Toncoin (TON) has experienced a 2.80% increase and is currently trading at $6.87. Toncoin is also up when viewed from an hourly and weekly perspective. The digital asset has gained 1.63% and 7.96% in respective time windows. However, following its inclusion in the Binance Launch Pool and Pyth Network Partnership, speculation about fluctuations has arisen. This is because TON experienced a 5% decline prior to the uptrend.

Pepecoin (PEPE) and Bonk (BONK) were trending previously, but they have encountered a decline of 5.99% and 2.59% in the last 24 hours. Their token values are $0.000007454 and $0.0000185, respectively. Meme Coins may appear to be a safer choice, but their volatility is on par with other cryptocurrencies.

Giga Token (GIGA) is making the most out of this phase. In a single day, the token has increased by 15.43%. It is trading at $0.02899.

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