Bitcoin made a significant move in the last 24 hours, approaching the highly sought-after $30,000 benchmark, although it has yet to break through it.
Altcoins are also seeing gains, with ETH edging closer to $2,000, and SOL and UNI increasing by 4% per day. However, PEPE and Floki Inu are the stars of the day.
Bitcoin Stops Short of $30K
Bitcoin got off to a rough start this week, falling by around $2,000 within hours to a multi-day low of $27,650 (on Bitstamp). However, the bulls rallied and pushed the asset back above $28,000 shortly thereafter.
The FOMC meeting did not have an immediate impact on BTC, despite the recent 25bps interest rate hike, which may be the last. A few hours later, however, the asset began to appreciate and recaptured $29,000.
In the last 24 hours, Bitcoin has experienced another price surge, pushing it just below $30,000. Nonetheless, BTC has yet to overcome that level and is currently trading around $500 below it.
Bitcoin’s market capitalization has approached $570 billion, with its dominance over altcoins currently at 47%.
PEPE, FLOKI on the Rise
The past few days have been dominated by one relatively new cryptocurrency – PEPE. Launched in mid-April, it is essentially a memecoin with no real-world use. Nevertheless, the crypto market is well-known for rapidly popularizing and raising prices of projects like PEPE.
It has seen daily surges in the double and even triple digits frequently, resulting in its entrance into the top 100 and even top 50 digital assets by market cap as of yesterday. The most recent push came when Binance announced it would be listing both PEPE and Floki Inu in its innovation zone.
Unsurprisingly, FLOKI has skyrocketed as well, experiencing over a 40% surge in the last 24 hours. This memecoin now trades near $0.00005 and is among the top 100 coins by market cap.
The top ten altcoins have seen much more modest price increases, such as Ethereum (3.6%) and Solana (4%). Uniswap has hit $5.5 after a similar daily jump.
The total crypto market cap has regained the $1.2 trillion line after daily gains of around $20 billion.
