Possible rebound for Bitcoin, Ethereum, and other cryptocurrencies

The global market cap of cryptocurrencies is up by 2.48% and is currently above $2.47 trillion. The Fear & Greed Index is now greedy, with 63 points, sending signals that a new ATH for several digital assets may be very well on the horizon. Bitcoin ($BTC) and Ethereum ($ETH) have crossed the psychological milestones except Ether needs to improve. The meme coin segment’s market cap has also surged, but the trading volume is significantly lower.

Bitcoin and Ethereum breach psychological marks

It was essential for BTC to move above $67,000. The price of BTC has risen to $69,311.73 in the past 24 hours. With over 50% of its name, the flagship token dominates the market. A slight downswing has been noted of 0.04% in the last 24 hours at the press time but is believed to be less notable or largely temporary.

ETH has yet to benefit from Spot Ether ETF approval. It will take time, but for now, the digital asset has jumped by 3.44% in the last 24 hours. Ether is listed at $3,342.59. Interestingly, Ethereum has made more gains than Bitcoin in a single day. The value of ETH is likely taking a hit due to selling pressure from the Grayscale Ethereum Trust ETF outflow. As of July 26, 2024, its cumulative net outflow was $1.51 billion.

Meme Coins see a downtrend in trading volume

Dogecoin ($DOGE) is leading the increase in its market cap by 3.11%, surpassing $51.15 billion; however, the trading volume has significantly declined. In terms of trading volume, meme coins are down by 29%. Dogecoin and PEPE have gained the most among the top-ranked digital assets. DOGE is up by 4.11%, and PEPE has gained 4.58% in a single day. Their token values are $0.134 and $0.00001216, which are both applicable in the same order.

Shiba Inu has made little gains, but it is trading well nonetheless. Its listed value is $0.00001716, with a surge of 2.39% in the last 24 hours. SHIB lags behind DOGE in terms of market cap, and the difference is still approximately $9 billion.

Other Gainers and Losers

SOL and BNB have gained 6.26% and 2.73% in a single day, respectively. XRP is also up by 1.56%, exchanging hands at $0.6076. The verdict of Ripple vs. the SEC is approaching its conclusion. It is speculated that the market is gearing up for all possible outcomes. The ruling in Ripple vs. the SEC is expected to take center stage this week.

WIF and FLOKI gained 3.71% and 4.29%, respectively. Investors target meme coins as the best alternative to avoid heavy fluctuations or volatility. A downtrend in trading volume potentially shows that investors are waiting for an outbreak when they can sell their holdings.

Conclusion

Bitcoin is closer to its ATH and could reach $84,000 in the next 30 days. Meanwhile, projections indicate that Ethereum will eventually reach $4,000, demonstrating the strength of its ETF in the market. Meme coins will continue to hold the flag as the best option to consider for decent returns.

Disclaimer: All numbers in the article are true at the time of drafting. This is only a reference piece, not investment advice or recommendation.