In short: Bitcoin failed to reach $30,000 and dropped over $1,500 in a few hours on Saturday. Currently standing at around $29,000, BTC's market cap has slid to $560 billion and is still 1.5% down on the daily scale. Additionally, most of the larger-cap altcoins are in a less favorable position; however, PEPE surged 350% in the last week, becoming the 45th largest cryptocurrency by market capitalization. The total market cap has seen roughly $25 billion dip below $1.2 trillion.
Our quick analysis:
Bitcoin has been having a tough time trying to conquer the $30,000 level, with a recent rejection causing it to plummet south by over $1,500. However, it managed to recover some ground and currently stands at around $29,000 but is still 1.5% down on the day. The altcoins are also struggling, with ETH barely maintaining its position above $1,900 and SHIB experiencing a 4% decline.
Even after the US Fed's latest interest rate hike of 25 bps, Bitcoin's price was able to recover quickly, spiking to $29,000 by Thursday. However, as the bulls were preparing to take on the $30,000 line, the bears took over, causing BTC to fall by more than $1,500 in just a few hours.
While most of the larger-cap altcoins are in a less favorable position, the past few weeks belong to the latest craze in the crypto and memecoin space - PEPE. This new cryptocurrency has seen a massive surge of 350%, making it the 45th largest cryptocurrency by market capitalization. Its recent listing on Binance alongside Floki Inu also contributed to its latest massive pump.
Shiba Inu has been hit the hardest, experiencing a 4.5% decline. The total market cap has seen a dip below $1.2 trillion, with about $25 billion gone in the day.
In conclusion, the battle to reach $30K continues for Bitcoin, while the rise of memecoin PEPE is making waves in the crypto space. Will Bitcoin make a comeback and surge beyond $30K? Only time will tell.
Image provided by Unsplash Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Bitcoin has been having a tough time trying to conquer the $30,000 level, with a recent rejection causing it to plummet south by over $1,500. However, it managed to recover some ground and currently stands at around $29,000 but is still 1.5% down on the day. The altcoins are also struggling, with ETH barely maintaining its position above $1,900 and SHIB experiencing a 4% decline.
Even after the US Fed's latest interest rate hike of 25 bps, Bitcoin's price was able to recover quickly, spiking to $29,000 by Thursday. However, as the bulls were preparing to take on the $30,000 line, the bears took over, causing BTC to fall by more than $1,500 in just a few hours.
While most of the larger-cap altcoins are in a less favorable position, the past few weeks belong to the latest craze in the crypto and memecoin space - PEPE. This new cryptocurrency has seen a massive surge of 350%, making it the 45th largest cryptocurrency by market capitalization. Its recent listing on Binance alongside Floki Inu also contributed to its latest massive pump.
Shiba Inu has been hit the hardest, experiencing a 4.5% decline. The total market cap has seen a dip below $1.2 trillion, with about $25 billion gone in the day.
In conclusion, the battle to reach $30K continues for Bitcoin, while the rise of memecoin PEPE is making waves in the crypto space. Will Bitcoin make a comeback and surge beyond $30K? Only time will tell.
Image provided by Unsplash Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
0 Comments
Please, behave!