Tuesday’s promising crypto market rebound fell flat on Wednesday, with most major cryptos trading in the red versus 24 hours ago per CoinMarketCap, and investors scouring altcoin markets in their hunt for top crypto performers today.
Bitcoin (BTC) was last changing hands in the mid-$55,000s, down around 2% in the past 24 hours.
Ethereum (ETH), meanwhile, was down close to 6% and BNB (BNB) was down nearly 3%.
Even Solana (SOL), which led Tuesday’s rebound amid a surge in a number of its biggest meme coins, has stalled, losing 1.3% in the past 24 hours.
The crypto market’s stalling momentum comes despite more dovish commentary coming from the Bank of Japan.
JPY strength and rising Japanese interest rates had been a major source of angst for global markets in recent days, triggering a forced unwind of over-saturated pro-risk carry trade that weighing on risk assets like stocks and crypto across the board.
The latest more dovish commentary from the bank suggests it is pausing its tightening efforts – good news for risk assets.
But US recession risks continue to hang over the market.
The only major crypto to buck the trend and rally was XRP (XRP), following a favorable ruling in the Ripple versus SEC lawsuit.
BOOOOOOOOOOOOOOOOOOM!!!
Judge Torres has ruled that @Ripple shall pay $125 million in civil penalties and cease any further violations of securities laws, concluding the protracted four-year legal dispute with the SEC!
Congratulations #XRP holders we made it! 💪 pic.twitter.com/GS90APKgGd
— JackTheRippler ©️ (@RippleXrpie) August 7, 2024
XRP was last trading above $0.61, up nearly 20% making it a top crypto gainer today.
With the cryptocurrency eyeing a break above a long-term downtrend, more gains are possible.
But XRP is not a compelling investment option for many investors.
The cryptocurrency’s centralization and lack of compelling use-cases compared to its major rivals means that it has lacked a strong adoption narrative in recent years.
Some investors, meanwhile, may prefer to look up the risk curve and invest in smaller, lesser-known altcoins.
Here are two other top crypto performers today that analysts will be watching.
Top Crypto Performers Today
Popcat (POPCAT)
Solana meme coin Popcat (POPCAT) is a top crypto performer today, charging 19% higher in the past 24 hours, per CoinMarketCap.
However, the bulls aren’t necessarily in control again. POPCAT, last at $0.51, rejected a retest of its 50DMA at $0.60.
That said, POPCAT has plenty of potential growth left. Its market cap was last only around $500 million, well below some of its biggest dog and frog meme coin rivals.
Dogwifhat (WIF)
Speaking of Popcat’s dog rivals, fellow Solana-based meme coin dogwifhat (WIF) is up 10% in the past 24 hours, per CoinMarketCap, making it a top crypto gainer today.
Last near $1.60, WIF is close to 50% since Monday’s making it a leading coin in the rebound.
That means its market cap was last around $1.6 billion, down nearly 3x from earlier yearly highs.
That means there is plenty of room left for appreciation for WIF, assuming sentiment continues improving.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
