Cryptocurrencies React to Early Voting in the US

The global crypto market cap is down by 0.02%, hovering around $2.31 trillion with an FGI of 52 points for neutral sentiments. Reports can be seen citing that crypto is getting hammered; however, crypto enthusiasts believe that it is a natural course of correction ahead of a rebound. Early voting has commenced in the US with speculation that the Democratic Party is leading by a decent margin of around 9-10 percentage points. That could be another contributing factor to the decline. There is not any association but sentiments in the initial phase could reflect otherwise for a couple of days.

All sights are two events – last speeches by Trump & Harris and a tentative timeline for the next rate cut.

BTC and ETH Slip

Bitcoin, however, has managed to regain an uptick of 0.35% in the last 24 hours. BTC is exchanging hands at $67,389.  Also working well for Bitcoin tokens is the fact that Bitcoin holds over 57% of the dominance in the market when it comes to market cap. The earlier decline in BTC was credited with causing values to plummet across the crypto sphere. The principle holds validity under the traditional belief that the flagship crypto influences the prices of all digital tokens. Spot Bitcoin ETFs recorded a net inflow of $192.4 million. The streak broke on October 22, 2024, when there was an outflow of $79.1 million led by Ark’s ARKB.

Ethereum can be seen perfectly following the trails of BTC’s earlier sentiments. ETH is down by 2.39% in the last 24 hours, listed at $2,550.91. Spot Ether ETFs are literally architecting their historical cumulative flows with small drops. The latest entry pertains to October 23, 2024, for $1.2 million. That takes the total outflow to $475 million as Grayscale dominates with its influence of outward movements which are yet to be subsided.

Meme Coins Attempt Recovery

DOGE and SHIB are attempting to recover as general cryptocurrencies undergo fluctuations. Dogecoin is up by 1.81% in a single day and 13.85% in the last 7 days. SHIB is currently down by 0.06% but did tease a surge of around 1.1% before that. Its weekly losses stand at 1.72%. Nevertheless, other meme coins in the segment are working their best to make profits when the likes of BTC and ETH are getting hammered.

For one, WIF has gained 6.52% in the last 24 hours for a value of $2.56. Similarly, POPCAT has surged by 18.15% in the same time frame to $1.65. This has also made POPCAT one of the most desirable meme coins at the moment.

Other Gainers and Losers

All sights are on SOL and XRP with both being the contestants to have their ETFs in the market soon. Solana tokens are up by 4.88%, floating in the market at $172.94. Ripple’s token has soared by 0.22% to $0.5309. Interestingly, there is a weekly gain for SOL of 12.80% but a weekly loss of 5% for XRP.

PEPE and BONK have surged by 0.76% and 0.85%, applicable in the same order, in the last 24 hours. Their values are $0.000009996 and $0.00002258, respectively.

Conclusion

More fluctuations are on the horizon as the political landscape across the US heats up. Research and risk assessment are recommended before allocating funds to cryptocurrencies.

Disclaimer: Values are true at the time of writing this article. Content is not investment advice.