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Cryptocurrency News Articles
Asian Elites Begin to Experience the Magic of Cryptocurrencies, BTC and ETH React
Oct 18, 2024 at 05:11 pm
The global crypto market cap is down by 0.32%, hovering around $2.32 trillion with an FGI of 58 points for neutral points. Bitcoin's dominance has reached 57.69% amid newer developments in the market.
The global cryptocurrency market capitalization decreased by 0.32% to $2.32 trillion, with a Fear and Greed Index (FGI) of 58 points, indicating a neutral market sentiment. Bitcoin's dominance in the market stood at 57.69%.
According to a report by Aspen Digital in the second half of 2024, about 76% of family offices had exposure to cryptocurrencies, which is up from 58% in 2022. This indicates a growing interest among Asian elites in allocating funds to the crypto market for investment.
BTC and ETH Price Action
Bitcoin tokens saw a slight increase of 0.48% over the last 24 hours, trading at $67,779.56. BTC continued to trade above the $67,000 level, which acted as a support zone. Experts predicted that BTC might reach $80,000 by the end of October 2024 or mid-November this year.
On October 17, 2024, Spot Bitcoin ETFs recorded a net inflow of $470.5 million, marking the fifth consecutive day of inflows. This was also the second consecutive day that BTC ETFs saw inflows exceeding $400 million.
Ethereum tokens saw a slight decrease of 0.60% to $2,617.68. However, their weekly gains were 8.84%, which could sustain them for a few more days. ETH was next targeting the $2,700 level, which it briefly touched but did not fully achieve.
On October 17, 2024, Spot Ether ETFs recorded a net inflow of $48.4 million for the second consecutive day. It had previously recorded an inflow of $24.2 million, and its historical cumulative net outflow stood at $469.2 million.
Meme Coins Show Strength
Dogecoin tokens rose by 6.84% to $0.1327, indicating a further increase of 23.58% over the last 7 days. Shiba Inu tokens also rose by 2.61% over the last 24 hours, trading at $0.00001881.
The Pepe Unchained ICO might have contributed to the strength in the meme coin segment, as it reportedly secured $20 million for a new meme coin L2 network.
The team behind Pepe Unchained was building a decentralized exchange (DEX) with a focus on meme coins. Any dips in the meme coin segment could present opportunities for accumulation before the tokens rebounded. Bullish expectations for BTC and ETH could also drive up the value of meme coins.
Other Gainers and Losers
XRP and SOL tokens decreased by 2.52% and 0.56%, respectively, trading at $0.5437 and $152.60. Both tokens were vying for the launch of their ETFs in 2025.
FLOKI and POPCAT tokens made some strong gains, rising by 4.68% and 13.14% in a single day, trading at $0.0001541 and $1.39, respectively.
Conclusion
Asian elites shifting even a portion of their funds to the crypto market signaled growing adoption, which could pave the way for their seamless operation in the days to come. In the meantime, BTC, ETH, DOGE, and SHIB continued to navigate the price chart with volatility.
Values were correct at the time of writing and are subject to change. This content is not intended to be used as financial advice.
Disclaimer:info@kdj.com
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- Mpeppe (MPEPE) Emerges as the New Hot Token, Attracting Investors from Pepecoin (PEPE) and Shiba Inu (SHIB)
- Oct 18, 2024 at 10:25 pm
- The cryptocurrency market continues to witness significant shifts as investors search for the next big opportunity. Recently, Pepecoin (PEPE) and Shiba Inu (SHIB) have been major players in the meme coin market. However, many investors are beginning to reallocate their holdings, with Mpeppe (MPEPE) emerging as the latest hot token.
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- Oct 18, 2024 at 10:25 pm
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