Bitcoin and Ethereum Drop Steeply, Meme Coins Mark Downticks as Well

The global crypto market cap is down by 5.34%, hovering around $2.09 trillion with an FGI of 47 points for neutral points. Bitcoin is below $60k

The global crypto market cap decreased by 5.34% in the last 24 hours, hovering around $2.09 trillion with an FGI of 47 points for neutral points. Among the top cryptocurrencies, Bitcoin is below $60k, while Ethereum is exchanging hands at around $2,400.

According to Swan Bitcoin’s Steven Lubka, the decline could be because of a material drop in Ether, as the token has struggled against BTC for a long time. He added that leverage-drive flushes are often a great opportunity to make a purchase.

Bitcoin and Ethereum Drop Steeply

The price of BTC has dropped by 5.46% in the last 24 hours to $59,566.65. The flagship cryptocurrency quickly entered a downtrend. It first inched closer to $61,000 and sustained that fall till it reached $60,000. Meanwhile, Nasdaq is planning to offer Options on Spot Bitcoin. The federal regulators are currently considering a request. If approved, it could help expand investors’ exposure.

ETH has slipped to $2,479.05, down by 7.75%. It has shed more weight than Bitcoin and could see more glass before eventually navigating to a new high. BlackRock's significant breakthrough with the Ethereum ETF sparked speculation about a potential decline. It recently got the product listed on the Brazilian Stock Exchange with a ticker code ETHA39. Since March of this year, its Bitcoin ETF has been trading on the platform.

Meme Coins Mark Downticks as Well

The decline is particularly significant in the meme coin segment. Dogecoin and Shiba Inu plunged 6.10% and 6.20%, respectively. In the past 24 hours, the price has dropped to $0.09943 and $0.0000138.

All sights are on SunPump. It has only been ten days since its debut, and it already features 20,000 daily active users. It is expected that the project will soon catch up to the reputation of Pump.fun.

DOGE currently has a market cap of less than $15 billion, giving it even more cause for concern. It was once around $20 billion. The top two meme coins’ confidence is being maintained by their ability to withstand the strain for the time being. Most of the meme coins are down by double digits, including WIF and PEPE.

Other Gainers and Losers

Stablecoins have maintained their holders’ trust. Given that they have a 1:1 direct peg to the fiat currency, they will keep doing this. Besides, XRP is down 4.25% and is trading at $0.5685. Whales purchased 50 million coins in a single day between August 26 and August 27, 2024, leading to speculation that the price will rise in the coming days. The move comes after whales liquidated their holdings in 7 days, creating selling pressure.

WIF and PEPE are not the only tokens to have lost huge numbers. BONK has plummeted by 9.55% and is listed at $0.00001815. Some of the meme coins that have made it to a list of must-buys despite a slowdown are STARS, PEPU, and MGMES. The current decline presents a perfect opportunity to expand holdings, as upticks are certain.

The above is the detailed content of Bitcoin and Ethereum Drop Steeply, Meme Coins Mark Downticks as Well. For more information, please follow other related articles on the PHP Chinese website!