Bitcoin Drops Below $67k, Memecoins Gain Strength Amidst Market Uncertainties

Today, on October 22nd, 2024, the crypto market saw a small drop, amid geopolitical tensions and electoral uncertainties in the United States.

Cryptocurrency markets saw a small drop on Saturday, as geopolitical tensions and electoral uncertainties in the United States continue to impact the markets. The total cryptocurrency market cap decreased by 2.2% to reach $2.34 trillion.

Bitcoin saw a slight decrease in price, dropping to $67k. Among memecoins, some saw significant gains, catching the attention of many investors.

Bitcoin Drops Below $67k

Bitcoin's price saw a decrease of 2.4%, bringing its current price to $67,160.67. Notably, just recently, Bitcoin briefly touched the $69,000 mark for the first time in a month. However, it was unable to sustain this momentum.

Despite the large inflows of $287 million into Bitcoin ETFs, which were expected to drive the price higher, the results have been underwhelming.

One of the key factors influencing this drop is the uncertainty surrounding the U.S. presidential election. Investors are apprehensive about the outcome and are observed to be pivoting away from riskier assets like Bitcoin. Instead, many are opting for safer investments, such as gold and the U.S. dollar.

Ethereum Aims for $3k

In recent times, Ethereum has outperformed Bitcoin. While it experienced a slight decrease, Ethereum saw a strong rise last week.

If Ethereum's price manages to stay above $2,700, experts anticipate that it could reach the $3k mark or even go as high as $3.2k soon.

Memecoins Gain Strength

Memecoins have been shining in the markets, especially with the Fear & Greed Index showing more “Greed” and standing at 70. Investors are feeling bullish and believe that a bull run might be just around the corner.

Memecoins like Dogecoin, Bonk, and Pepe have seen impressive gains. Dogecoin's price jumped by over 15%, 14%, and 8% this week, respectively.

Pepe, which ranks as the third-largest memecoin with a market value of $4.22 billion, saw a 28% increase over the last 30 days. However, its growth has slowed down due to competition from newer coins like Popcat and NEIRO.

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