The Global Crypto Market Cap is Down by 2.16%, BTC and ETH Decline

The global crypto market cap is down by 2.16%, hovering around $2.33 trillion with an FGI of 57 points for neutral sentiments.

The global crypto market cap saw a decline of 2.16%, hovering around $2.33 trillion with a Fear and Greed Index (FGI) of 57 points, indicating neutral sentiments in the market on October 22, 2024. This development comes after WazirX reportedly moved funds amounting to $73 million, with a portion of the funds being received by Bybit, while Kucoin received the remaining $1.5 million. Earlier, WazirX encountered a security breach on the platform, leading to an approximate loss of $230 million from WazirX.

In another headline, Elon Musk expressed his appreciation for cryptocurrencies, referring to them as a valuable bulwark against centralized control. While he didn't specifically endorse any digital token, Musk highlighted how their inherent nature contributes to individual freedom. Investors are quietly buzzing the market, eagerly waiting to accumulate dips.

Bitcoin (BTC) and Ethereum (ETH) saw declines. Bitcoin tokens are trading below $68,000 and saw a 1.98% decrease in the last 24 hours, bringing its value to $67,586.94. This dip might be of particular interest to investors who are observing the market closely. Notably, BTC teased a new high as investors anticipate a Bitcoin price prediction of $80,000 by year-end. On another note, Spot Bitcoin ETFs recorded a net inflow of $294.3 million, marking the seventh consecutive day of inflows. Among the ETFs, BlackRock's IBIT saw a net outflow valued at $23.16 billion, contributing to the historical cumulative net inflow of $21.3 billion.

Meanwhile, Ethereum tokens slipped below $2,700 and are down by 3.35% in the last 24 hours. At the time of writing, ETH is seen exchanging hands at $2,643.25. Spot Ether ETFs broke a streak of net inflows as ETF issuers recorded a net outflow of $20.8 million on October 21, 2024. This brings the historical cumulative net outflow to $488.1 million. Notably, Grayscale continues to record outflows; the recent number comes to $29.6 million.

Dogecoin (DOGE) and Shiba Inu (SHIB) saw a difference of around $11 billion in their market cap, which is a positive note to take home. This news might be favorable for holders of DOGE and enthusiasts of meme coins who are considering including Dogecoin tokens in their portfolio. Dogecoin is currently trading at $0.1457, showing a 1.17% decrease in the last 24 hours but still reflecting a gain of 25.05% over the previous 7 days.

On the other hand, Shiba Inu is currently trading at $0.00001847, marking a decrease of 3.90% in a single day and reflecting a gain of 0.72% over the last 7 days. A bearish run is observed across the meme coin segment, including PEPE and FLOKI, which saw decreases of 4.07% and 2.23%, respectively, in the last 24 hours. Considering the craze around meme coins, investors might be accumulating dips in the sector before a rebound. A changing preference of investors amid high volatility or fluctuations could be a factor contributing to a surge.

Other gainers include XRP, which saw a slight decrease of 0.84%, trading at $0.5431. Another ETF contender, SOL, plunged by 1.44% to the value of $167.94. By the conclusion of October, the objective for Solana tokens was to establish a support level of $170, which would pave the way for a mark of at least $195 by the end of this year.

Meanwhile, among the losers are WIF and BONK, which saw decreases of 6.31% and 3.91%, respectively, in the last 24 hours. Their values are $2.53 and $0.00002354, respectively.

As the US Presidential elections come closer, we can expect more fluctuations in the crypto sphere. Ongoing dips are being considered for purchase, but it is better to conduct your own research before investing in cryptos.

The values used in this article were true at the time of writing. This content is not to be taken as investment advice.