Friday, September 29, 2023

PEPE Shoots Up 20% Each day, Bitcoin Flat at $27K (Weekend Watch)

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Bitcoin tried its hand at taking down $27,000 yesterday however failed amid low weekend buying and selling volumes and has remained comparatively nonetheless.

The altcoins are additionally missing any substantial worth strikes, with ETH reclaiming $1,800 and BNB pumping above $310.

Bitcoin Stays Flat

The previous a number of days didn’t go properly for the first cryptocurrency. It began on Wednesday when the asset jumped from $27,500 to $28,400 in minutes after the US CPI numbers got here out for April.

Though BTC went on the offensive first, it reversed its trajectory nearly instantly and dumped laborious by nearly $2,000 to a multi-week low of $26,600 (on Bitstamp).

The bulls tried to intercept the worth stoop and pushed the cryptocurrency again as much as $28,000. Nevertheless, one other rejection adopted that drove it again right down to $27,000. Because the weekend approached, BTC nosedived as soon as once more to underneath $26,000 for the primary time in two months.

Nonetheless, it managed to bounce off and even problem $27,000 previously 24 hours however to no avail thus far. As of now, the asset trades inches away from that stage, however its market cap has gone again as much as $520 billion. Its dominance over the alts can also be flat on a day by day scale at 46.3%.

BTCUSD. Source: TradingView
BTCUSD. Supply: TradingView

PEPE Again on the Offensive

The phrase within the crypto city for the previous month or so has been on the lately launched memecoin – PEPE. It grew to become arguably one of the best performer as its market cap skyrocketed from $1 million to nearly $2 trillion inside this timeframe, making quite a few buyers wealthy in a single day.

Because the hype was at its highest, although, got here listings on a number of exchanges, corresponding to BitMEX and Binance. This turned out to be a sell-the-news second as PEPE misplaced over half of its worth within the following days.

The previous 24 hours have been much more constructive for the memecoin, which is up by 20%. On a weekly scale, although, PEPE remains to be down by over 30%.

In distinction, the larger-cap alts sit quite a bit quieter at present, with little-to-no actions from the likes of ETH, NB, XRP, ADA, DOGE, SOL, and plenty of others.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Supply: Quantify Crypto

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Cryptocurrency charts by TradingView.

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