PEPE Shoots Up 20% Daily, Bitcoin Flat at $27K _Weekend Watch_

2023-05-14 07:21:15

Bitcoin tried its hand at taking down $27,000 yesterday but failed amid low weekend trading volumes and has remained relatively still.

The altcoins are also lacking any substantial price moves, with ETH reclaiming $1,800 and BNB pumping above $310.

Bitcoin Stays Flat

The past several days didn’t go well for the primary cryptocurrency. It all started on Wednesday when the asset jumped from $27,500 to $28,400 in minutes after the US CPI numbers came out for April.

Although BTC went on the offensive first, it reversed its trajectory almost immediately and dumped hard by almost $2,000 to a multi-week low of $26,600 (on Bitstamp).

The bulls tried to intercept the price slump and pushed the cryptocurrency back up to $28,000. However, another rejection followed that drove it back down to $27,000. As the weekend approached, BTC nosedived once again to under $26,000 for the first time in two months.

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Invalid email address Your privacy is guranteed.Thanks for subscribing, you will get your first report in the next hours! Nevertheless, it managed to bounce off and even challenge $27,000 in the past 24 hours but to no avail so far. As of now, the asset trades inches away from that level, but its market cap has gone back up to $520 billion. Its dominance over the alts is also flat on a daily scale at 46.3%.

BTCUSD. Source: TradingView## PEPE Back on the Offensive

The word in the crypto town for the past month or so has been on the recently launched memecoin – PEPE. It became arguably the best performer as its market cap skyrocketed from $1 million to almost $2 trillion within this timeframe, making numerous investors rich overnight.

As the hype was at its highest, though, came listings on multiple exchanges, such as BitMEX and Binance. This turned out to be a sell-the-news moment as PEPE lost over half of its value in the following days.

The past 24 hours have been a lot more positive for the memecoin, which is up by 20%. On a weekly scale, though, PEPE is still down by over 30%.

In contrast, the larger-cap alts sit a lot quieter today, with little-to-no movements from the likes of ETH, NB, XRP, ADA, DOGE, SOL, and many others.

Cryptocurrency Market Overview. Source: Quantify Crypto SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).