Markets
PEPE, FLOKI explode in double digits, Bitcoin uncertain at US$ 70 thousand (market observation)
After skyrocketing five thousand in hours and reaching a multi-month high, bitcoin’s price rally calmed down and the asset fell below $70,000 earlier today.
Altcoin performance varies greatly, as ETH, DOGE, and SHIB have recorded 3% gains, while TON, ADA, and NEAR are in the red.
BTC calms down at US$70 thousand
There were several days towards the end of the previous trading week where BTC recovered some ground and was mostly in the $66,000 to $67,000 range. The weekend was no different, as the asset failed to overcome the latter.
However, the scenario changed greatly on Monday amid rumors that the US SEC could give the green light to identify Ethereum ETFs as early as this week. BTC, along with most of the market, reacted with an immediate price increase that took it from around $67,000 to $72,000, which became its highest price since April 9.
After this impressive rally, the bears finally re-emerged on the scene and initiated a small pullback that took BTC south below $70,000 earlier today. So far, the asset has managed to remain at this level, but there are some uncertainties about its short-term future.
Bitcoin’s market capitalization fell to $1.380 trillion, while its dominance over alts fell to 50.4% on CG.
Bitcoin/Price/Chart 22.05.2024. Source: TradingView
PEPE, FLOKI keep pumping
As expected, ETH was the biggest winner from the positive Ethereum ETF news as it soared over 20% within hours. Similar to BTC, Ether also reached a multi-week high of over $3,800. Despite having pulled back slightly since that high, ETH is still in the green on the daily scale, trading near $3,800.
DOGE and SHIB are the other largest-cap gainers, having jumped 3% each. In contrast, TON, ADA, BCH and NEAR decreased by 3-5%.
The most substantial gains in the last day came from two meme coins. FLOKI soared 13%, while PEPE exploded 26% and reached a new all-time high today.
The total crypto market capitalization has decreased slightly, but is still close to $2.750 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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