Markets
Pepe (PEPE) Drops 14% After Recent ATH, Bitcoin (BTC) Loses $68,000 (Market Watch)
Bitcoin was stopped at just over $70,000 earlier this week and has been unable to regain its bullish momentum since, as it even fell as low as $67,000 yesterday.
Alternative coins are also in decline, with SHIB, DOT, DOGE, PEPE and WIF losing substantial percentages of their USD value overnight.
BTC Shaky at $68,000
Last week’s Ethereum ETF spot news sent the leading cryptocurrency on a wild ride that included a massive surge to nearly $72,000 and a subsequent rejection and drop to $66,400 a few days later.
However, once these financial products actually received the green light on Thursday, BTC began to recover some ground and spent the weekend at around $69,000.
Monday was even more promising as the bulls launched a push that saw bitcoin skyrocket to a multi-day high of just over $70,500. However, this is where the trend changed and cryptocurrency began losing value quickly. A few hours later, it fell below $67,500.
Another twist follow up, but the scenario repeated itself and BTC fell to a multi-day low of $67,200 late last night. It failed to recover most of the losses and is now well below $68,000.
Bitcoin’s market cap fell to $1.33 trillion, but its dominance over alts increased by 0.5% in one day to 50.2%.
Bitcoin/Price/Chart 05/30/2024. Source: TradingView
PEPE and WIF in decline
As reported A few days ago, the two best performing assets were from the coin niche – PEPE and WIF. The former continued to grow and reached a new all-time high, while the latter gained momentum with a double-digit increase.
The landscape is completely different now as PEPE fell 14% in one day, while WIF is down over 11%. Other larger cap stocks deep in the 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 crypto market cap saw over $60 billion disappear overnight and fell to $2.650 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.