The cryptocurrency market is booming in 2024, recovering from a slump and setting the stage for explosive growth. This year is shaping up to be especially turbulent for Ethereum (ETH) and meme coins, which have been gaining attention following the approval of the long-awaited ETH ETF.
But what exactly is driving this surge? And are these meme coins the next big thing? Let's take a closer look.
ETF Approvals Spark Market Rally
The recent green light from the U.S. Securities and Exchange Commission (SEC) for eight Ethereum spot exchange-traded funds has created a frenzy in the market. Big names like BlackRock, Grayscale, and Fidelity have filed for these ETFs, showing strong confidence in the Ethereum ecosystem. While Ethereum buyers struggle to push the price above $3,950, the meme coin space has seen a surge in activity.
The meme coin boom begins
Interestingly, while Ethereum price volatility has been somewhat subdued, the meme coin market is full of excitement. Coins such as PEPE, FLOKI, and TURBO have driven a staggering 4% surge in the meme coin market in the past 24 hours alone.
The meme coin's market capitalization has now soared to $66 billion, with daily trading volume approaching $9 billion.
Expert opinion on recommended products
Renowned analyst Brandts has named two meme coins that could thrive in 2024. His insights shared on X shed light on the potential of Pepe and Floki.
- Pepe: Despite a recent 140% surge, Bluntz believes PEPE still has room to grow. Currently ranked 12th by trading volume and 30th by market cap at $3.59 billion, PEPE has seen an impressive 221.45% price increase over the past year. Bluntz predicts a price target of $0.000028, which would represent a massive 75% increase from the current price of $0.000016.
- FlokiFLOKI may not match PEPE's performance, but it still shows promise. Ranked 42nd among the top cryptocurrencies by trading volume and boasting a market cap of $1.7 billion, FLOKI has the potential to grow. Bluntz compared FLOKI's current trajectory to its all-time high phase prior to PEPE and predicted a new high of $0.00044. Currently trading at $0.000294, FLOKI's potential for strong growth is clear.
Ethereum and Bitcoin Journey
Beyond meme coins, Brandts is keeping a close eye on the performance of Ethereum, particularly its trading pair with Bitcoin (ETH/BTC). His prediction of a short-term drop below 0.052 BTC ($3,553) followed by a sharp rise to 0.06 BTC ($4,100) is in line with Elliott Wave Theory.
Currently trading at 0.05625 BTC ($3,842), ETH/BTC presents an interesting situation for investors, as Bluntz has identified a bearish divergence, suggesting a loss of momentum ahead of an expected drop and subsequent recovery.
It's a very exciting time!
The cryptocurrency market is thriving in 2024, with Ethereum and meme coins leading the way. Analysts expect these trends to continue, with the hot meme coins hitting new all-time highs.
Want to learn more about meme coins? Check out our guide to the top meme projects: Top 13 Meme Coins to Buy for 10-50x Profits in 2024
