After sitting below $27,000 for a few days, bitcoin finally jumped above that level in the past 24 hours but is yet to decisively reclaim it.
Most altcoins are with insignificant gains on a daily scale, aside from the trending memecoin – PEPE.
Last week started on a positive note for bitcoin, which jumped to over $27,600 after the stagnant weekend. However, that was short-lived, and the asset retraced to below $27,000 in a matter of days. Another price pump followed that drove it back up to $27,500, which, yet again, was stopped in its tracks.
This time, the rejection was even more vigorous and pushed the cryptocurrency south to a weekly low of $26,400 (on Bitstamp). The bulls tried to intercept the move and helped BTC recover some ground.
As such, bitcoin returned to familiar ground of around $27,000 and stood there for a few days. It finally jumped above it hours ago but was stopped once more at $27,300. Despite losing some value since then, BTC still stands inches above $27,000 as of now.
Its market cap has risen slightly to $525 billion, while its dominance over the altcoins sits close to 46.5%.
All eyes in the crypto community have been focused on PEPE for the past month or so, as the memecoin went from an unknown coin launched in mid-April to a massive trend with a market cap of almost $2 billion a few weeks later.
After making several savvy investors millionaires overnight, it was listed on multiple prominent exchanges, including Binance, which turned out to be a sell-the-news moment. PEPE lost some of its momentum, and its market cap dumped by over a billion in days.
The past 24 hours were a lot more positive for the memecoin, as it has added over 12% of value and is back within the top 70 largest cryptocurrencies.
The larger-cap alts are also in the green on a daily scale, albeit in a more modest fashion. ETH, BNB, XRP, ADA, MATIC, SOL, LTC, DOT, and TRX have all jumped by up to 2% in a day.
The total crypto market cap has added around $10 billion daily and sits at $1.130 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
The post PEPE Shoots Up 12% Daily, Bitcoin Shaky at $27K (Weekend Watch) appeared first on CryptoPotato.
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