Bitcoin’s price has failed to quickly bounce back as many had hoped, and is now trading slightly below $29K with a shift in market sentiment. Meanwhile, the hype around the memecoin PEPE continues to surge, with the cryptocurrency up a few thousand percent in the past few days.
Bitcoin Price Struggles with $29K Barrier
Bitcoin’s price decreased in the past 24 hours, falling below $29,000 and leading to the liquidation of hundreds of millions in long leverage positions. The price fell toward $29K in just a few minutes, with many hoping for a prompt recovery. However, the current market sentiment has shifted and the price is currently below this level.
According to alternative.me’s Fear and Greed Index, which provides multifactorial crypto market sentiment analysis, the current sentiment is neutral at 52 points, compared to Greed (63 pts) yesterday.
PEPE Altcoin on the Rise
PEPE is a newly emerging altcoin with zero value created solely for the meme. During the past few days, the cryptocurrency has been gaining traction, going from a market cap of less than a million to a traded currency on multiple major exchanges, making it the 250th largest cryptocurrency with a market cap of almost $140 million. Many early investors are now cashing in on its increase in value, which is expected to continue increasing given its $130 million worth of 24-hour trading volume, as reported by CoinGecko.
Elsewhere in the market, the outlook is pessimistic, as seen in the heatmap above, with most altcoins trading in the red. DOGE, TRX, and ATOM are among the few exceptions. Only time will tell if the market will recover, or if there are more challenges coming ahead.