PEPE, FLOKI Skyrocket by Double Digits, Bitcoin Stopped Ahead of $30K: Weekend Watch
Bitcoin initiated a leg up in the past 24 hours that brought it just inches away from the coveted $30,000 line. However, the asset is yet to breach it.
The altcoins are also on the rise, with ETH nearing $2,000, while SOL and UNI are up by 4% daily. However, the day belongs to PEPE and Floki Inu.
Bitcoin Stopped Ahead of $30K
The working week, which was also the beginning of the new month, started on a bad note for bitcoin, which slipped by roughly two grand in hours to a multi-day low of $27,650 (on Bitstamp). However, the bulls managed to defend the asset’s position and pushed it to above $28,000 shortly after.
The FOMC meeting couldn’t rattle BTC’s cage either. The latest interest rate hike of 25bps, which could actually be the last one, had no immediate effect on bitcoin. Hours later, though, the asset started gaining value and reclaimed $29,000.
The past 24 hours saw yet another price jump from bitcoin that drove it to just under $30,000. Nevertheless, BTC has been unable to overcome that level as of now and stands around $500 below it.
Its market capitalization has neared $570 billion, while its dominance over the altcoins is at 47%.
PEPE, FLOKI on the Run
The past several days were all about one relatively new cryptocurrency – PEPE. Launched in mid-April, it’s essentially a memecoin without real utilization. However, the crypto market is known for having such projects explode in popularity and price quickly, which has been the case with PEPE.
It has registered double and even triple-digit daily surges frequently, which resulted in entering the top 100 and even the top 50 digital assets by market cap as of yesterday. The latest push came when Binance announced listing PEPE, as well as Floki Inu, in its innovation zone.
Somewhat expectedly, FLOKI has skyrocketed as well – over 40% surge in the past 24 hours. This memecoin is now among the top 100 coins by market cap, too, as it trades close to $0.00005.
The top ten altcoins have seen significantly more modest price increases from the likes of Ethereum (3.6%) and Solana (4%). Uniswap has tapped $5.5 after a similar daily jump.
The total crypto market cap has reclaimed the $1.2 trillion line after gaining around $20 billion daily.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Filed under: Bitcoin - @ May 6, 2023 7:29 am