The cryptocurrency market saw little change in the past seven days and the total capitalization remains largely the same, with only slight volatility in between. However, one exception is the newly-minted and trending PEPE coin. Let’s take a closer look.
Bitcoin is currently trading near $29K, where it was exactly seven days ago. It briefly dropped to $27,500, but quickly recovered. Its momentum is uncertain, and a breakout in either direction could determine its short-term future. Explosive moves are common during times like these, so it’s important to keep an eye on the markets at all times.
Speaking of explosive moves, let’s talk about PEPE. This new memecoin was introduced less than three weeks ago but can now be traded on major exchanges like Binance and has a market cap of over $1 billion, putting it in the top 50 coins by market cap. Could it challenge SHIB and DOGE? Anything is possible in the cryptocurrency market, so it’s exciting to see how it will perform in the coming days.
Market Data
Market Cap: $1,257B | 24H Vol: $43B | BTC Dominance: 45.2%
BTC: $29,313 (-0.6%) | ETH: $1,949 (+2%) | BNB: $327 (-1.5%)
This Week’s Crypto Headlines You Can’t Miss
PEPE’s Market Cap Soars Above $1 Billion Following Binance Listing. PEPE is this week’s highlight, and it’s the cryptocurrency that soared a whopping 1200% in seven days. This was only accelerated following the decision of Binance to also list it for trading.
Ethereum Median Gas Fee Hit 12-Month High Amid Memecoin Resurgence. Amid the ongoing meme hype, the gas fees on Ethereum also skyrocketed. They reached a 12-month high amid the incredibly memecoin resurgence.
Coinbase Posts $79M Net Loss But Beats Expectations. Coinbase posted a $79 million net loss for the first quarter of 2024. Despite this, the results were reported to be not as bad as they initially expected, which could be attributed to the market recovery.
SUI Faced Massive Volatility Minutes After Mainnet Launch. The newest contestant in the L1 field – SUI – saw its mainnet launch this week. Unfortunately for the native cryptocurrency of the protocol, this led to a massive crash in its price.
Fed Announces 25bps Rate Hike to 5%, Bitcoin Remains Flat. Another month, another rate hike. This time, the US Federal Reserve increased the rates by another 0.25 basis points, bringing it up to 5%. The cryptocurrency market failed to react.
Biden Administration Pushes Congress to Pass 30% Tax on Bitcoin Mining. The administration of US President Joe Biden proposed a 30% tax on Bitcoin mining. The change is titled Digital Asset Mining Energy (DAME) excise tax.
Charts
For a complete price analysis of Ethereum, Ripple, Cardano, PEPE, and Tron, click here.
