Bitcoin was unsuccessful in surpassing the $30,000 mark yesterday, and the resulting rejection pushed its value down by more than $1,500.
On a daily basis, altcoins such as ETH are experiencing a small decrease, struggling to stay above $1,900, while SHIB has dropped more than 4%.
Bitcoin Returns to $29K
Despite the unfavorable start of the week, which saw BTC fall below $27,800, the asset began to recover immediately, spiking to $29,000 by Thursday. This occurred despite the US Fed’s recent interest rate hike of 25 basis points.
The cryptocurrency picked up momentum on Saturday morning, propelling it to $29,900. While bulls geared up to conquer the coveted $30,000 mark, bears stepped in and caused BTC to plummet.
Consequently, bitcoin lost more than $1,500 within hours and fell to a daily low of $28,400 (on Bitstamp). Since then, it has regained some ground and is presently hovering around $29,000.
Nevertheless, BTC remains 1.5% down for the day, with a market capitalization of $560 billion. However, its dominance over altcoins has slightly increased to 47.2% on CMC.
PEPE Takes Centre Stage
It is fair to say that the past few weeks have been dominated by the new craze in the crypto and memecoin space – PEPE. It began to surge shortly after its launch in mid-April and experienced a massive pump of 350% in the past week alone, making it the 45th largest cryptocurrency by market capitalisation at present. This was due to its listing on Binance alongside Floki Inu.
However, most large-cap altcoins are experiencing a less favorable position. ETH has fallen more than 2.5% in the past 24 hours and is on the verge of slipping below $1,900 yet again. Other altcoins such as Binance Coin, Ripple, Cardano, Dogecoin, MATIC, Solana, Polkadot, Tron, and Litecoin are also experiencing declines.
Shiba Inu has suffered the most among the large-cap altcoins, falling by 4.5%.
The total market capitalisation has decreased by about $25 billion, dipping below $1.2 trillion.
