Memecoins
These Meme Coins Explode Every Day as Bitcoin Faces More Volatility (Market Watch)
Yesterday the price of Bitcoin rose by over two thousand dollars, but today it was pushed back due to system problems coming from the largest US cryptocurrency exchange, Coinbase.
At the same time, several altcoins have taken to the main stage with impressive gains, but none more notable than Pepe.
BTC Pump and Dump
It was just over a week ago – last Monday – when bitcoin jumped to a multi-week high of $65,500, but bears quickly intercepted the move and took it lower. The correction culminated in a price drop on Friday that pushed BTC as low as $60,200.
While most were bracing for another drop that could see the cryptocurrency miss the coveted $60,000 level, the asset actually reversed its trajectory and recovered some value over the weekend to around $61,000 dollars.
This Monday started on a more positive note as BTC skipped from $60,800 to $63,500 in just a few hours. However, he failed to maintain his run and fell back to just under $63,000.
The landscape got worse early this morning when Coinbase reported some problems with your network. Bitcoin reacted with an immediate drop in price which brought it to $61,400.
Despite having recovered ground since then, BTC is still below $62,000. Its market capitalization has fallen to $1.22 trillion, while its dominance over alts stands at 51.1%.
Bitcoin/Price/Chart 14.05.2024. Source: TradingView
PEPE leads the way
Meme coins have become the main point of discussion once again in the cryptocurrency sector, with several impressive price pumps over the past day. PEPE is the leader of the largest cap meme tokens, having gained over 20% in the last day. Also, the good tracked a new all-time high this morning.
Floki (10%), Dogecoin (4%), and WIF (3%) follow the lead of this cryptocurrency cohort. In contrast, most other alternatives are in the red, with the ETF consolidating below $3,000 after a 2% decline and BNB falling below $590.
The total capitalization of the cryptocurrency market has fallen below $2.4 trillion after losing $40 billion in one day.
Cryptocurrency market overview. Source: SPECIAL OFFER Coin360 (Sponsored)
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Cryptocurrency charts from TradingView.