Markets
Uniswap (UNI) soars 20% daily, Pepe (PEPE) records new all-time high (market watch)
The price of Bitcoin has seen some larger price fluctuations in recent days, dropping below $66,500 before jumping to just over $69,000 last night.
Altcoins are also slightly green on the daily scale. UNI took center stage with a massive 20% surge that took it above $10, while PEPE reached another new peak.
PEPE New ATH, UNI Rockets
The most important news in the cryptocurrency industry this week came from the US Securities and Exchange Commission and mainly affected ETH. The regulator approved eight Ethereum ETFs in sight on Thursday, which, coupled with the excitement surrounding the news, drove a huge rally for the underlying asset. ETH went from $3,100 on Monday to over $3,900 mid-week, before returning slightly to its current position of $3,750.
Several other altcoins made substantial gains during the week, and PEPE emerged as one of them. The popular meme coin exploded another 12% over the past day and reached another all-time high of $0.00001538 hours ago.
Uniswap’s native token is another mind-blowing gainer today. UNI has soared 20% and now trades near $11. XRP, DOGE, TON, SHIB, DOT, IMX, and NEAR are also well in the green.
The total cryptocurrency market capitalization has recovered more than $60 billion since yesterday and is now close to $2.7 trillion in CG.
Cryptocurrency market overview. Source: QuantifyCrypto
BTC targets $69K
The price of the primary cryptocurrency was also affected by the Ethereum ETF news. The asset rose from $67,000 to a multi-week high of $72,000 on Monday and Tuesday, before retreating sharply in the following days.
The most substantial price drop occurred on Thursday, just hours before the US SEC announced its decision, and sent BTC south below $66,500. However, the asset ricocheted, I felt some more fluctuations over the next few hours, and started heading north last night.
This culminated in a price increase to just over $69,200 amid the positive flows towards spot ETFs. However, the bears accelerated the pace at this time and did not allow further increases. As of now, bitcoin trades just inches below $69,000.
Its market capitalization has increased to $1.350 billion, while its dominance over alts remains at 50.2%.
Bitcoin/Price/Chart 25.05.2024. Source: TradingView SPECIAL OFFER (sponsored)
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