Bitcoin attempted to break the $27,000 mark but was unsuccessful due to low trading volumes over the weekend and has since remained relatively stable.
The altcoins have also experienced little price movement, with ETH regaining $1,800 and BNB surpassing $310.
Bitcoin Remains Stable
The primary cryptocurrency had a rough few days starting on Wednesday when it rapidly rose from $27,500 to $28,400 after the release of the US CPI numbers for April. However, BTC quickly reversed its trajectory and dropped almost $2,000 to a multi-week low of $26,600 (on Bitstamp).
Despite efforts by the bulls to ease the price slump, BTC was pushed back up to $28,000 before being rejected once again, sending it back down to $27,000. As the weekend approached, BTC fell once more to under $26,000, marking its lowest point in two months.
Nonetheless, BTC managed to bounce back and challenge $27,000 in the past 24 hours but has yet to succeed. Currently, the asset trades just shy of that level, but its market cap has risen to $520 billion. Its dominance over alts remains stable at 46.3% on a daily scale.
The talk of the crypto town for the past month has been the recently launched memecoin, PEPE, which has arguably been the best performer. Within this timeframe, its market cap has skyrocketed from $1 million to almost $2 trillion, making numerous investors wealthy overnight. However, as the hype reached its peak, PEPE was listed on multiple exchanges such as BitMEX and Binance. This became a “sell-the-news” moment as PEPE lost over half its value in the following days.
In the past 24 hours, there has been a more positive outlook for the memecoin, which has increased by 20%. However, PEPE is still down by over 30% on a weekly scale. In contrast, larger-cap alts are quiet today, with minimal-to-no movements from ETH, NB, XRP, ADA, DOGE, SOL, and many others.