Markets
PEPE and FLOKI explode by double digits, Bitcoin uncertain at $70,000 (market watch)
After soaring five thousand dollars in a matter of hours and hitting a multi-month high, bitcoin’s price rally subsided and the asset fell below $70,000 earlier today.
The performance of altcoins is quite variable as ETH, DOGE and SHIB show gains of 3%, while TON, ADA and NEAR are in the red.
BTC calms down at $70,000
There were several days at the end of the previous business week where BTC regained some ground and was mostly in a range between $66,000 and $67,000. The weekend was no different as Trump failed to overcome the latter.
However, the landscape changed significantly on Monday amid rumors that the US SEC could give the green light to Ethereum ETFs as early as this week. BTC, like most of the market, responded with an immediate price rally that took it from around $67,000 to $72,000, which became its highest price since April 9.
After this impressive rally, the bears finally re-emerged and initiated a slight pullback that pushed BTC south to below $70,000 earlier today. For now, the asset has managed to stay around this level, but some uncertainties remain about its short-term future.
Bitcoin’s market cap fell to $1.38 trillion, while its alt dominance fell to 50.4% on CG.
Bitcoin/Price/Chart 05/22/2024. Source: TradingView
PEPE, FLOKI continue to pump
As expected, ETH was the biggest winner from the positive news from the Ethereum ETF, as it soared more than 20% in a matter of hours. Similar to BTC, Ether also saw a multi-week peak of over $3,800. Although it has pulled back slightly since that high, ETH is still in the green on a daily scale, trading near $3,800.
DOGE and SHIB were the other largest-cap gainers, jumping 3% each. On the other hand, TON, ADA, BCH and NEAR decreased by 3-5%.
The most substantial gains over the past day came from two meme coins. FLOKI soared 13%, while PEPE exploded 26% and hit a new all-time high today.
The total crypto market capitalization has decreased slightly, but it remains close to $2.75 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.