Markets
Ethereum (ETH) targets $4K, PEPE bull run continues with new ATH (market watch)
Following last week’s heightened volatility that resulted in numerous surges and massive dumps, the price of bitcoin entered a consolidation phase, sitting in a range between $68,000 and $69,000.
Ethereum resumed its run after the approval of spot ETH ETFs in the United States and recovered the $3,900 level.
BTC unstable at $69K
The primary cryptocurrency was among the biggest beneficiaries of last week’s positive rumors regarding the potential US SEC approval of spot Ethereum ETFs. The asset soared five thousand last Monday and hit a multi-week high of nearly $72,000.
However, it began to retrace in the following days and fell sharply just hours before the US regulator actually gave the green light to eight of these financial products. At the time, BTC fell as low as $66,250 before bulls intercepted the move and stopped the free fall.
The asset ricocheted and shot to $69,500 on Saturday, but failed to continue rising and challenge the $70,000 line again. In fact, it calmed down around these levels and spent over the last 36-48 hours in a range of around $69,000.
The slight decline on a daily scale means that its market capitalization has dropped to 1.350 billion dollars in CG. Its dominance over alts took a beating and fell below 50% for the first time in months.
Bitcoin/Price/Chart 27.05.2024. Source: TradingView
ETH heads north, PEPE another ATH
As reported yesterday, PEPE has become the biggest gainer on a weekly scale and the popular meme coin has only doubled in the last 24 hours. An additional 13% increase since yesterday has propelled PEPE to yet another all-time high of just over $0.000017. In fact, only JASMY outperformed on a 24-hour scale.
FLOKI and BONK are also well in the green, with gains of around 13% each. While most large-cap alts are slow, Ethereum took center stage with a 3.5% increase. As a result, the second-largest cryptocurrency now trades well above $3,900.
In contrast, DOGE, XRP, TRX, AVAX, NEAR and BCH are slightly in the red.
The total crypto market capitalization has maintained its position since yesterday at just over $2.7 trillion in CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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