Today, on October 22nd, 2024, the crypto market saw a small drop, amid geopolitical tensions and electoral uncertainties in the United States. Meanwhile, the total value of all cryptocurrencies fell by 2.2%, down to $2.34 trillion. However, Bitcoin, the biggest cryptocurrency, has gone down in price to $67k, and some memecoins are still growing, catching the attention of many investors.
Bitcoin Drops Below $67k
Bitcoin’s price has fallen by 2.4%, now sitting at $67,160.67. Just recently, Bitcoin briefly touched $69,000 for the first time in a month, but it couldn’t keep up the momentum. Many thought the $287 million inflow into Bitcoin ETFs would push the price higher, but the results have been disappointing.
One of the reasons for this drop is the uncertainty around the U.S. presidential election. Investors are worried about the outcome and are pulling out of riskier assets like Bitcoin. Many are choosing safer investments, like gold and the U.S. dollar.
Ethereum Aims for $3k
Ethereum has done better than Bitcoin lately. Although it has gone down a bit, Ethereum saw a strong rise last week. As long as Ethereum’s price stays above $2,700, experts believe it could reach $3k or even $3.2k soon.
Memecoins Gain Strength
Memecoins are shining in the market, especially with the Fear & Greed Index showing more “Greed” and standing at 70. Investors are excited and think a bull run might be near.
Memecoins like Dogecoin, Bonk, and Pepe have been performing well. Dogecoin’s price jumped by over 15%, 14%, and 8% this week respectively.
Pepe, which is the third-largest memecoin, has a market value of $4.22 billion and has gone up 28% in the last 30 days. However, its growth has slowed down because of competition from newer coins like Popcat and NEIRO.