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Bitcoin attempted to breach the $27,000 mark yesterday but was unsuccessful due to low trading volumes over the weekend, resulting in minimal movement.
The altcoins are also experiencing a lack of significant price fluctuations, with ETH recovering to $1,800 and BNB rising above $310.
Bitcoin Remains Steady
The last few days have not been favorable for the leading cryptocurrency. The situation began on Wednesday when the asset surged from $27,500 to $28,400 within minutes following the release of the US CPI figures for April.
Although BTC initially gained momentum, it quickly reversed course and plummeted by nearly $2,000 to a multi-week low of $26,600 (on Bitstamp).
The bulls attempted to halt the decline and pushed the cryptocurrency back up to $28,000. However, another rejection ensued, causing it to drop back to $27,000. As the weekend approached, BTC fell again to below $26,000 for the first time in two months.
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Nonetheless, it managed to rebound and even test the $27,000 level in the last 24 hours, but has yet to succeed. Currently, the asset is trading just below that threshold, while its market capitalization has risen back to $520 billion. Its dominance over altcoins remains steady on a daily basis at 46.3%.
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BTCUSD. Source: TradingView
PEPE Returns to the Forefront
The buzz in the crypto community over the past month has centered around the newly launched memecoin – PEPE. It has emerged as one of the top performers, with its market cap soaring from $1 million to nearly $2 trillion during this period, enriching numerous investors overnight.
However, as the excitement peaked, listings on various exchanges, including BitMEX and Binance, occurred. This resulted in a sell-the-news scenario, leading PEPE to lose more than half of its value in the subsequent days.
The last 24 hours have been significantly more favorable for the memecoin, which has increased by 20%. Yet, on a weekly basis, PEPE is still down by over 30%.
In contrast, the larger-cap altcoins are relatively quiet today, with minimal movements observed among ETH, BNB, XRP, ADA, DOGE, SOL, and several others.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
