Ethereum Eventually Finds a Way to Outperform Bitcoin: Nov. 8 Crypto Update

The global crypto market cap is up 1.88%, hovering around $2.48 trillion with an FGI of 62 points for greed sentiments. Making the headline is the fact that Ethereum tokens have outperformed Bitcoin tokens in the last 24 hours. BTC is still within the range but ETH has inched closer to the psychological mark of $3k.

Values are increasing now that pro-crypto Republican, Donald Trump has won the US Presidential election in 2024. Chances are that he will stand true to his words of helping the market go mainstream for broader adoption. Crypto enthusiasts are also looking forward to having more clarity when it comes to regulations around digital tokens.

ETH Edges Over BTC

Bitcoin have soared by 0.24% to $74,682 in the last 24 hours. BTC has sustained the previous day’s gains without shedding a lot of value on the chart. If anything, it has marked an uptick from approximately $73,000 to move closer to $75k. This paves the way for a milestone of $80k which is speculated to happen by the end of November 2024.

Courtesy: Coinmarketcap

Spot Bitcoin ETFs have recorded a heavy net inflow of $621.9 million on November 06, 2024, to officially break the 3-day streak of net outflows. The historical cumulative net inflow now stands at $24.19 billion.

Ethereum tokens are exchanging hands at $2,849.09, up by 10.61% in a single day. It was last seen to have an upward trajectory of lower gains – keeping it around $2,400. This could be happening because investors have explored their options with BTC and are now looking to divert allocations to the second flagship cryptocurrency. Spot Ether ETFs recorded a net inflow of $52.3 million on November 06, 2024. The historical cumulative net outflow now stands at $489.8 million.

Meme Coins Undergo Correction

Top meme coins – DOGE and SHIB – are down as a part of correction. They made significant gains yesterday and are now on the way to facilitating more accumulation. Dogecoin is listed at $0.1945, down by 4.69% and Shiba Inu is floating in the market at $0.00001884, down by 1.16%, in the last 24 hours. Their weekly gains are still noteworthy with DOGE up by 13.05% and SHIB up by 1.14%.

There is still a gap between them in terms of market cap except Dogecoin has lost its position by slipping to the 8th rank on the crypto chart. It has a market cap of $28.50 billion and Shiba Inu has a market cap of $11.09 billion. WIF is another meme coin to see a downtrend in the last 24 hours. It has plunged by 2.71% to $2.37.

Other Gainers and Losers

Most of the cryptocurrencies have only gained value since it was confirmed that Donald Trump will take office. There is a month-long formality to be completed but his position is more or less locked now. SOL is up by 2.10% to $188.72, XRP is up by 4.62% to $0.5569, and BNB has gained 3.74% to $600.56.

PEPE is one of the biggest gainers, for it has added 11.13% to its value. NEIRO and GOAT have recorded gains of 23.18% and 14.14%, applicable in the same order, to become the biggest gainers in the meme coin segment.

Conclusion

Dips in cryptocurrencies are likely a window to accumulate like whales were earlier seen adding PEPE and BTC to their wallets from exchange platforms. Still, do research and risk assessment before making any crypto investment.

Also Read: $425.21M Crypto Liquidations in Past 24 Hours, With $259.7M in Short Positions