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 since been unable to resume its bullish momentum, as it even fell towards $67,000 yesterday.
Alternative coins are also in retreat, with SHIB, DOT, DOGE, PEPE and WIF losing substantial percentages of their USD value overnight.
BTC shaky at $68,000
Spot Ethereum ETF news last week sent the leading cryptocurrency on a wild ride that included a massive surge to nearly $72,000 and a subsequent rejection and crash to $66,400 just a few days later.
However, once these financial products were given the green light on Thursday, BTC began to regain ground and spent the weekend at around $69,000.
Monday was even more promising as bulls kicked off a rally that saw bitcoin skyrocket to a multi-day high of just over $70,500. However, this is where the trend changed and cryptocurrency began LOSE value quickly. Just a few hours later, it collapsed below $67,500.
Another bounce following, but the scenario repeated itself and BTC slipped to a multi-day low of $67,200 late overnight. It was unable to recover most of its losses and now sits well below $68,000 again.
Bitcoin’s market capitalization fell to $1.33 trillion, but its dominance over alts increased 0.5% in one day to 50.2%.
Bitcoin/Price/Chart 05.30.2024. Source: TradingView
PEPE, WIF in decline
AS reported a couple of days ago, the two best performing assets were from the meme coin niche: PEPE and WIF. The former continued to rise and marked another all-time high, while the latter gained momentum with a double-digit increase.
The landscape is completely different now as PEPE has lost 14% in one day, while WIF has fallen by over 11%. Other larger-cap alternatives in deep red include SHIB (-7%), DOT (-5%), DOGE (-4.5%), SOL (-3%), NEAR (-4.5%) and more .
Binance Coin lost the $600 level after a 1% daily decline, while ETH slipped 2% to $3,750.
The total capitalization of the cryptocurrency market saw over $60 billion disappear overnight and fell to $2.65 trillion on CG.
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Cryptocurrency charts from TradingView.