As of the time of writing, the cryptocurrency market‘s value decreased by 0.1% to 2.54 trillion dollars. Despite the decline, daily trading volume increased by 1.8% to over 84 billion dollars. Despite the drop in the altcoin and meme coin market, Bitcoin (BTC), which is at the top of the market, is trading at 68,477 dollars. During this period, BTC experienced a 1% increase and continues to remain in the positive region. Despite the developments in BTC, meme tokens saw a 5% decrease, bringing the total value down to 65.5 billion dollars. We have analyzed the top 3 cryptocurrencies in the market during this period.
Ethereum (ETH) Outlook
Ethereum dominated the cryptocurrency world, especially in the second half of this month, and its price rose by 22%, surpassing the 4,000 dollar resistance level. This rise in Ethereum occurred after the Securities and Exchange Commission (SEC) approved spot ETH ETFs.
Additionally, analysts’ views that potential low volumes may not significantly impact the asset’s price led to opposing opinions about the effects that the ETF might create. Ethereum’s price is trading at 3,756 dollars after a 0.24% increase in the last 24 hours. This does not change the fact that there has been a rise of over 16% on a monthly basis.
Ripple (XRP) Coin Comments
XRP price continues to face uncertainties due to the legal pressure applied by the SEC. This year, short-term losses were observed in the XRP price, leaving investors with rising expectations for the cryptocurrency unfulfilled for now.
The ongoing legal process between the SEC and Ripple causes many to maintain a bearish outlook on the altcoin. Ripple is trading at 0.5197 dollars after a 0.70% drop in the last 24 hours and a 1.68% drop this month. Although XRP’s trading volume increased by 14%, it also raised questions about a potential short sale.
Shiba Inu (SHIB) Price Update
Shiba Inu aligned with the rest of the meme coin market and drew attention with significant losses in the last 24 hours. SHIB, the second-largest in terms of volume, is trading at 0.00002596 dollars after a 7% price drop today.
SHIB’s downward movement also reflected in its 24-hour trading volume. SHIB’s trading volume fell by over 40% in the last 24 hours, reaching 1.15 billion dollars.
