Markets
These Meme Coins Explode Daily As Bitcoin Faces Increased Volatility (Market Watch)
The price of Bitcoin rose over two thousand yesterday, but was pushed down today amid system issues emanating from the largest US crypto exchange, Coinbase.
At the same time, several altcoins have taken the main stage with impressive gains, but none more notable than Pepe.
BTC Pump and Dump
It was just over a week ago – last Monday – when bitcoin jumped to a multi-week high of $65,500, but bears quickly intercepted the move and took it south. The correction culminated on Friday with a price drop that pushed BTC to $60,200.
As most were bracing for another leg down that could see the cryptocurrency miss the coveted $60,000 level, the asset actually reversed its trajectory and regained some value over the weekend to around $61,000.
This Monday started on a more positive note with BTC jumped from $60,800 to $63,500 in just a few hours. However, it failed to maintain its run and returned to just under $63,000.
The scenario got worse this morning when Coinbase reported some problems with your network. Bitcoin reacted with an immediate price drop that took it to $61,400.
Despite having recovered some ground since then, BTC is still below $62,000. Its market value has fallen to $1.220 trillion, while its dominance over alternative markets remains high at 51.1%.
Bitcoin/Price/Chart 14.05.2024. Source: TradingView
PEPE leads the way
Meme coins have become the main point of discussion once again in the cryptocurrency industry, with numerous impressive price rallies in the last day. PEPE is the leader of the highest capitalization meme tokens, having gained more than 20% in the last day. Furthermore, the asset mapped a new all-time high earlier today.
Floki (10%), Dogecoin (4%) and WIF (3%) follow suit from this group of crypto assets. In contrast, most other alts are in the red, with the ETF solidifying its position below $3,000 after a 2% drop and BNB falling below $590.
The total value of the crypto market has fallen below $2.4 trillion after losing $40 billion in one day.
Cryptocurrency market overview. Source: Coin360 SPECIAL OFFER (sponsored)
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Cryptocurrency Charts by TradingView.