After a brief bullish run, the crypto market’s latest session brought a quick dip. Now, the top 10 cryptocurrencies are suffering slightly while the meme tokens are rejoicing.
Most of the top cryptos have lost value in the past 24 hours, while new meme tokens have emerged. Amid the sudden rise of the new tokens, BlackRock and other experts are warning users not to fall for apparent rug pulls.
On that note, let’s look at the daily crypto update with the top winners and losers.
Bitcoin
After looking like the BTC price would hit the $70k mark, the biggest crypto in the market experienced a sudden crash. The crypto is now trading at the 66.5k dollar mark, having suffered a 4.37% loss in the past 24 hours.
With the US national debt hitting a record high of 35 trillion dollars, experts are suggesting the use of BTC reserves. However, the ongoing volatility of the crypto is making authorities second-guess the decision.
Ethereum
Ethereum, much like Bitcoin, has experienced a decline in value over the past 24 hours. However, the coin appears to be considerably more stable, with only a 1.79% decline.
After teasing the 3,500 dollar mark, Ethereum has dropped to the 3,300 dollar mark. Despite the recent ETF approval, ETH has failed to gain major market momentum.
Galaxy Digital predicts $5 billion in inflows for ETH ETFs by the end of 2024 despite their current underperformance.
Neiro Ethereum
Neiro Ethereum is undoubtedly the week’s wildcard entry. The coin has gained 241.27% value in the past 24 hours.
Given its abrupt entry, several experts have warned users of a potential rug pull scheme. According to CoinMarketCap, the project has a market capitalization of 47 million dollars and has not yet been approved.
Despite the coin’s attractive returns, traders should conduct a thorough investigation before investing in it.
Pepe
PEPE is one of the meme coins that are struggling in an uncertain market. After a day of bullish tendencies, Pepe has lost 3.21% in the past 24 hours.
It is currently trading at 0.00001182 dollars, with an expected 7% growth in Q4 2024. Unlike Neiro, PEPE has an approved market cap of 5 billion dollars (approximately) on CoinMarketCap, making it an appealing choice for traders.
Bitcoin SV
BSV, or Bitcoin SV, emerged after the hard fork of the Bitcoin Cash blockchain. It now ranks among the top 100 cryptocurrencies in the world.
The coin has gained 5.31% in the past 24 hours to reach the 53-dollar mark. Trump’s pro-crypto vows are believed to be a major reason behind the coin’s surge. The former US president announced plans for the digital asset, including a push for a national BTC stockpile.
Since the coin has not made any other significant market updates, these plans are expected to be the catalyst behind the surge.
As the crypto market becomes more uncertain, traders mostly opt for a short-term stance. Under such circumstances, meme coins are the best way to generate a profit. However, the established names promise longevity and long-term returns.