Markets
PEPE and FLOKI Explode into Double Digits, Bitcoin Uncertain at $70,000 (Market Watch)
After skyrocketing by five thousand dollars in a matter of hours and hitting a multi-month high, bitcoin’s price rally calmed down and the asset slipped below $70,000 earlier today.
The performances of altcoins are quite variable, as ETH, DOGE and SHIB have recorded gains of 3%, while TON, ADA and NEAR are in the red.
BTC calms down to $70,000
There were several days at the end of the previous workweek where BTC recovered ground and mostly settled in a range between $66,000 and $67,000. The weekend was no different as the asset failed to overcome the latter.
However, the landscape changed a lot on Monday amid rumors that the US SEC could give the green light to targeting 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, becoming its highest price since April 9th.
After this impressive rally, the bears finally re-emerged on the scene and initiated a small pullback that pushed BTC south below $70,000 today. At the moment, the asset has managed to stay around that level, but there are some uncertainties about its near-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 05.22.2024. Source: TradingView
PEPE, FLOKI Keep pumping
As expected, ETH was the biggest winner from the positive Ethereum ETF news as it skyrocketed more than 20% in just a few hours. Similar to BTC, Ether also recorded a multi-week high of over $3,800. Despite recovering slightly from that high, ETH is still in the green on a daily scale, trading near $3,800.
DOGE and SHIB are the other large-cap stocks that gained 3% each. In contrast, TON, ADA, BCH and NEAR fell by 3-5%.
The biggest gains in the last day come from two meme coins. FLOKI rose 13%, while PEPE exploded 26% and marked a new all-time high today.
The total capitalization of the cryptocurrency market has decreased slightly, but is still close to $2.750 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.