Bitcoin and Ethereum Take Severe Hits as the Global Crypto Market Cap Slips by 3.83%

The global market cap of the crypto sphere has slipped by 3.83%. It is now hovering just above $2.31 trillion.

The global crypto market cap has taken a hit, falling by 3.83% to stand just above $2.31 trillion. The Fear & Greed Index has also declined, indicating neutral sentiments at 59 points.

This downturn was anticipated, and a market rebound is predicted as Spot Ether ETF spends more time on trading boards.

Bitcoin and Ethereum both took severe hits.

ETH has plunged by 7.47% in the last 24 hours. Despite this setback, traders and investors have responded positively to the debut of its regulated investment vehicle. This is evident from the fact that Ethereum’s exchange-traded fund reportedly breached the $1 billion milestone.

Ethereum had previously managed to sustain momentum at around $3,400. It is now exchanging hands at $3,1383.11 at the time of writing this article.

BTC, on the other hand, managed to stay comparatively on the safer side. In a single day, it plunged by 2.48%, landing at $64,257.36. For a quick reference, all figures mentioned in this piece are true at the press time.

Bitcoin’s downfall comes at a time when speculation for a new ATH was gaining traction. Near-term projections expect the flagship crypto token to reach $84,000 in the next 30 days.

Meme Coins carry forward the bear.

The global market cap of the meme coin segment has fallen by 5.52%, along with trading volume, which has plummeted by 3.8%. Dogecoin’s market cap took a hit, but DOGE has little to worry about. There is a gap of approximately $9 billion between its market cap and Shiba Inu’s number in that category.

The price of DOGE has dropped by 5.50% in the past 24 hours.

SHIB is at $0.00001625, down 4.54% during the same time window. It roughly translates to a decline of 13.19% over the last 7 days. DOGE, on the other hand, is up by 1.12% in that timeline. A recovery could be on the horizon, given that every meme coin has begun to mark upticks in the last hour. DOGE and SHIB agave gained 0.94% and 0.70%, applicable in the order, during that time window.

Other Gainers and Losers

XRP, SOL, and BNB have lost a portion of the token values, except the BNB token, which has lost the most. It is down by 3.80% and is listed at $561.16. An early resistance level is likely around $560. It is still poised to reach $600 by the end of this year, that is, 2024. Solana and XRP have lost 0.81% and 0.87%, respectively, of their weights. XRP is currently trading at $0.6, while SOL is trading at $172.14.

WIF has still been up by 14.01% in the last 7 days, but it has shed almost 2.70% of its value in the previous 24 hours. The token is on the road to recovery, with a trading value of $2.54. PEPE is likely to take some time, as it has only risen by 0.86% in the last 24 hours.

Conclusion

The crypto market, particularly BTC and ETF, has experienced a decline compared to its previous performance. A rebound is on the horizon, as most of the meme coins have also started gaining some weight in the last 1 hour.