PEPE, WIF, SHIB Drop Hard as BTC Struggles to Maintain $69K (Market Watch)
SHIB has slumped by more than 5% in the past day, while PEPE is down by 8%.
Bitcoin’s price faced some enhanced volatility in the past 24 hours as it popped to $70,200 but was violently rejected there and pushed down to $69,000.
The altcoins are mostly in the red, while KAS skyrocketed by 19% and now trades close to $0.18
BTC Shaky at $69K
The primary cryptocurrency had a fluctuating end of the previous business week in which it attempted to overcome $69,000 but was stopped there by the bears. Moreover, the subsequent rejection saw the asset slump to $66,600, which became a multi-day low.
The bulls finally stepped up at this point and didn’t allow any further pain. Just the opposite, BTC bounced off and spent most of the weekend trading sideways at around $67,500.
It all started to change on Monday when bitcoin started a leg up that drove it to just over $70,200 for the first time in about a week. However, as it happened during the previous such attempt, BTC was stopped and it pulled back by nearly two grand.
Since then, the cryptocurrency has been shaky at around $69,000. Its market cap is just over $1.360 trillion, while its dominance over the alts has increased to 50.4% on CG.
Meme Coins in Retreat
Most of the larger-cap alts have turned red today, aside from TON, which has gained 4.5% and trades close to $7. ETH has slipped by 1.5% and is now close to breaking below $3,750, while SOL, XRP, ADA, TRX, MATIC, and UNI are with minor losses.
Shiba Inu, Avalanche, Chainlink, and NEAR have all dropped by 3-5%. More losses come from meme coins like Pepe (-7.5%) and WIF (-5%).
On the other hand, KAS has skyrocketed by 18% and now trades close to $0.18.
The total crypto market cap has shed samo value since yesterday but still remains north of $2.7 trillion on CG.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Indian Rupee extends decline on fresh escalation in hawkish Fed bets
Soaring oil prices intensify inflation pressure: Asian stocks and bonds plunge, Nikkei tumbles nearly 3%, US 10-year Treasury yield nears 5%
Brent crude oil prices rose by 0.2% on Friday, closing at $107.86 per barrel. The Nikkei 225 Index fell by as much as 2.8% in early trading, and the Indian Nifty Index also dropped by about 1%. Asian government bonds followed US Treasuries lower, with the yield on Australian three-year government bonds jumping as much as 20 basis points in a single day to 5.05%. The yield on US 10-year Treasuries hovered at 4.96%, just shy of the 5% mark. The market is holding its breath in anticipation of US CPI data on Friday.
Why Is Uniswap (UNI) Up 1.78% Today? Open Interest at $502M Signals Derivatives Demand
Crypto prices
More
