There’s not much going on in the market over the past few days, and even the rate hike of the US Federal Reserve didn’t invoke the volatility that it usually does.
There is one obvious exception, however, and that’s the thriving memecoin – PEPE. All eyes are on the frog-inspired cryptocurrency as it continues its epic bull run and forays through the top 100.
Bitcoin Flatlines at $29K
Bitcoin’s price failed to produce any meaningful results in the past 24 hours and remains where it was back then – at $29K. The price did go through some volatility, tapping $29.5K briefly, but retraced almost immediately as the bulls were unable to sustain the momentum.
It appears that the BTC price is stuck in a relatively tight range, and breaking out or below it would likely determine its direction for the near term. However, at the time of this writing, the volatility remains minuscule.
The liquidations over the past 24 hours are around $26 million, specific to Bitcoin, which attests to the relatively low volatility.
PEPE Leads Altcoin Market
The altcoins have also failed to perform impressively throughout the past 24 hours, as seen in the heatmap below.
Most of the cryptocurrencies have failed to chart any notable increases. The only exception to this is the PEPE memecoin.
PEPE was launched less than three weeks ago and is already trading at a market cap closing in on a whopping $1 billion. This has produced unimaginable returns for early investors, provided they didn’t sell, of course. There are multiple stories of people turning small double-digit sums into hundreds of thousands of dollars.
In any case, it’s interesting to see if PEPE will be able to keep up its ascend and if it will eventually challenge SHIB and DOGE.