Markets
Pepe (PEPE) drops 14% after recent all-time high, Bitcoin (BTC) loses $68,000 (Market Watch)
Bitcoin was stopped at just over $70,000 earlier this week and has failed to resume its upward momentum since then, as it fell as low as $67,000 yesterday.
Alternative coins are also in retreat, with SHIB, DOT, DOGE, PEPE and WIF losing substantial percentages of their dollar value overnight.
BTC unstable at $68K
Last week’s Ethereum ETF news sent the primary cryptocurrency on a wild ride that included a massive surge to nearly $72,000 and a subsequent rejection and freefall to $66,400 just days later.
However, once these financial products were given the green light on Thursday, BTC began to regain some ground and spent the weekend hovering around $69,000.
Monday was even more promising as bulls began a rally that saw Bitcoin soar to a multi-day peak of just over $70,500. However, this is where the trend changed and cryptocurrency began losing value quickly. A few hours later, it dropped below $67,500.
Another jump followed, but the scenario repeated itself, and BTC fell to a multi-day low of $67,200 last night. It was unable to recover most of the losses and is now below $68,000 again.
Bitcoin’s market capitalization fell to $1.330 trillion, but its dominance over alts increased by 0.5% in a day to 50.2%.
Bitcoin/Price/Chart 05/30/2024. Source: TradingView
PEPE, WIF in decline
As reported A few days ago, the two best performing assets were from the meme coin niche – PEPE and WIF. The former continued rising and reached another all-time high, while the latter gained momentum with a double-digit increase.
The scenario is totally different now as PEPE dumped 14% in one day while WIF dropped over 11%. Other top-cap alts in the red include SHIB (-7%), DOT (-5%), DOGE (-4.5%), SOL (-3%), NEAR (-4.5%), and more.
Binance Coin missed the $600 level after a 1% daily drop, while ETH fell 2% to $3,750.
The total crypto market capitalization saw over $60 billion disappear overnight and dropped to $2.650 trillion in CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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