Markets
Uniswap (UNI) Skyrockets 20% Every Day, Pepe (PEPE) Marks New All-Time High (Market Watch)
The price of Bitcoin has undergone some sharp fluctuations in recent days, dropping below $66,500 before jumping to just over $69,000 last night.
Altcoins are also slightly in the green on a daily scale. UNI took the main stage with a massive 20% increase that took it above $10, while PEPE marked another new high.
PEPE New ATH, UNI skyrocketing
The biggest news this week in the cryptocurrency sector came from the US Securities and Exchange Commission and mainly affected ETH. The regulator approved eight Ethereum spot ETFs on Thursday, which, combined with the hype around the news, fueled a massive rally for the underlying asset. ETH rose from $3,100 on Monday to above $3,900 mid-week before retracing slightly to its current position of $3,750.
Several other altcoins posted substantial gains during the week, and PEPE emerged like one of them. The popular meme coin exploded another 12% over the past day and marked another all-time high of $0.00001538 hours ago.
Uniswap’s native token is the other mind-blowing gainer today. UNI is up 20% and is now trading near $11. XRP, DOGE, TON, SHIB, DOT, IMX and NEAR are also in green.
The total cryptocurrency market capitalization has recovered over $60 billion since yesterday and is now approaching $2.7 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto
BTC aims for $69,000
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 retracing sharply in subsequent days.
The most substantial price drop occurred on Thursday, hours before the US SEC announced its decision, taking BTC below $66,500. However, the asset rebounded I felt a few more fluctuations over the next few hours, and last night I started heading north.
This culminated in a price surge to just over $69,200 positive inflows towards spot ETFs. However, at this point the bears picked up the pace and did not allow further increases. As of now, bitcoin is trading just below $69,000.
Its market capitalization has increased to $1.35 trillion, while its dominance over alts stands at 50.2%.
Bitcoin/Price/Chart 05.25.2024. Source: TradingView SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.