Markets
Ethereum (ETH) aims for $4,000, PEPE’s bullish run continues with new ATHs (Market Watch)
After last week’s increased volatility which resulted in numerous pumps and massive dumps, the price of bitcoin has entered a consolidation phase, settling in a range between $68,000 and $69,000.
Ethereum resumed its run after the approval of ETH spot ETFs in the United States, and returned to the $3,900 level.
BTC shaky at $69,000
The leading cryptocurrency was among the biggest beneficiaries of last week’s positive buzz regarding the US SEC’s potential approval of Ethereum spot ETFs. Last Monday the asset skyrocketed by five thousand dollars and reached a multi-week high of nearly $72,000.
However, it began to rise in the following days and fell heavily just hours before the US regulator actually authorized eight of these financial products. At that time, BTC plummeted to $66,250 before the bulls intercepted the move and stopped the free fall.
The asset bounced and shot to $69,500 by Saturday, but failed to continue rising and challenge the $70,000 line again. In fact, around those levels the situation calmed down and that was it spent 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 fallen to $1.350 trillion on CG. Its dominance over alternatives took a hit and fell below 50% for the first time in months.
Bitcoin/Price/Chart 05.27.2024. Source: TradingView
ETH points north, PEPE another ATH
As reported yesterday, PEPE became the biggest gainer on a weekly scale and the popular meme coin only doubled its rally in the last 24 hours. A further 13% increase since yesterday pushed PEPE to another all-time high of just over $0.000017. In fact, only JASMY outperformed it on a 24-hour scale.
FLOKI and BONK were also positive, with gains of around 13% each. While most larger-cap alternatives are slow, Ethereum took the main stage with a 3.5% increase. As a result, the second largest cryptocurrency is now trading well above $3,900.
In contrast, DOGE, XRP, TRX, AVAX, NEAR and BCH are slightly in the red.
The total cryptocurrency market capitalization held its position as of yesterday at just over $2.7 trillion on CG.
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Cryptocurrency charts from TradingView.