As an experienced analyst, I’ve seen my fair share of market volatility in the crypto space, and this latest episode with Bitcoin (BTC) and some meme tokens like Pepe is no exception.
Yesterday, Bitcoin experienced a significant price surge of more than $2,000. However, this upward trend was disrupted today due to technical issues originating from the leading American cryptocurrency exchange, Coinbase.
Simultaneously, various alternative coins have drawn attention with significant increases in value, among them, Pepe stands out as particularly noteworthy.
BTC’s Pump and Dump
Around a week ago, on last Monday, bitcoin reached a peak of $65,500 – its highest point in several weeks. However, this rise was short-lived as bears took control and caused a sharp decline. The downward trend peaked on Friday with a significant drop in price, pushing bitcoin down to $60,200.
Many investors were bracing themselves for further drops in cryptocurrency prices, potentially causing it to fall below the significant $60,000 mark. Surprisingly, however, the asset made a turnaround during the weekend and regained some value, rising to approximately $61,000.
On Monday, Bitcoin showed an optimistic start as it surged from $60,800 to $63,500 within a brief timeframe. Yet, it couldn’t sustain this upward trend and retreated, settling close to $63,000.
Earlier this morning, Coinbase reported network troubles, which negatively impacted the landscape and led to an instant decrease in Bitcoin’s value, causing it to plummet to $61,400.
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin (BTC) has not quite reached the $62,000 mark since then. Its market capitalization now hovers around $1.220 trillion. Remarkably, despite this setback, Bitcoin maintains a robust dominance over the alternatives, accounting for approximately 51.1% of the total market share.
PEPE Leads the Way
Meme coins have regained center stage in the cryptocurrency world, with many experiencing significant price surges in the last 24 hours. PEPE is currently the frontrunner among larger-cap meme tokens, recording a 20% increase and setting a new all-time high.
As a researcher studying the cryptocurrency market, I’ve observed some intriguing trends. Floki (10%), Dogecoin (4%), and WIF (3%) have shown positive growth within this group of digital assets. Conversely, most alternative coins are experiencing declines. For instance, ETF has dropped by 2%, now hovering around $2,900. Similarly, BNB has dipped below $590.
The total crypto market cap has slumped beneath $2.4 trillion after losing $40 billion in a day.
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2024-05-14 12:06