PEPE Price Jumps 6% Daily, Bitcoin Recovers to $94K After Monthly Low (Market Watch)

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As a seasoned analyst with over a decade of experience in the crypto market, I have seen the peaks and valleys that this dynamic industry presents. The recent downturn in Bitcoin‘s price has been a stark reminder of the volatility inherent in the cryptocurrency world.

I remember vividly the days when BTC was trading at pennies, and today seeing it struggle to maintain its footing above $94,000 is somewhat disheartening. However, I’ve learned that the market ebbs and flows like an ocean, and these dips are part of the ride.

The current state of most altcoins is a reflection of this broader downtrend, with ETH, LINK, XRP, and others sluggish at best. It’s always intriguing to observe how the market reacts to news and events, such as the Fed’s 2025 outlook that seemingly reversed BTC’s trajectory.

What catches my attention, though, is the resilience of PEPE in this bearish environment, defying the market sentiment with a 6% surge. It’s almost as if it’s saying, “I’m not your typical meme coin!”

In closing, I’d like to share a joke that always puts things into perspective: Cryptocurrency trading is like watching paint dry – but at least with crypto, you can paint the walls with your profits!

Yesterday, I observed a deepening predicament with the value of Bitcoin. It plummeted to a price point not seen in more than a month – around $91,300. However, it managed to regain some footing later on.

Towards the close of the year, many alternative cryptocurrencies (altcoins) have been experiencing a slowdown. For instance, Ethereum (ETH) has dropped below its $3,400 benchmark, while Chainlink (LINK) has been on a continuous decline.

BTC Eyes $94K

At the end of the year, Bitcoin’s small-scale performance has been quite tough. Just two weeks ago, the cryptocurrency was above $108,000, experiencing a gain of around $40,000 since Trump’s victory in the US presidential elections. But then, the Federal Reserve’s warnings about potential rate hikes in 2025 caused the asset’s direction to reverse, leading to a rapid decline in its value.

That Friday saw a significant drop to $92,000, followed by an effort to regain some value during the ensuing week. On several instances, it reached towards $100,000, only to be halted in its progress and forced back down sharply each time.

Yesterday marked the end of this pullback when bears started a significant drop causing Bitcoin to touch a monthly low of approximately $91,300 on Bitstamp. As concerns about a possible fall below $90,000 spread rapidly, the bulls stepped in and managed to drive the price back up to around $94,000 as we speak.

Despite reaching a market cap of $1.860 trillion, it continues to face challenges in this area. Meanwhile, its control over the alternatives has grown to 54.3% on CoinGecko.

PEPE on Recovery Road

Currently, many larger alternative cryptocurrencies are experiencing a dip, with ETH dropping below $3,300, XRP struggling to hold above $2.1, and coins like DOGE, ADA, TRX, AVAX, and TON losing approximately 1-2% of their value again. Chainlink’s native token is also falling, having dropped by another 3% in the last 24 hours. This downward trend is noticeable in SHIB, HBAR, and DOT as well.

In contrast to other cryptocurrencies like CRO, TAO, and AAVE that have plummeted further, PEPE has bucked the negative market trend by jumping 6% to reach $0.00002.

The total crypto market cap continues to bleed and is close to breaking below $3.4 trillion.

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2024-12-31 12:48