Bitcoin Price Battles at $29K, But PEPE Hype Continues (Market Watch)

Bitcoin’s price failed to make the rapid recovery that many seemed to have hoped for yesterday. On the contrary – it is now trading just under $29K and the broader market sentiment has changed.

Meanwhile, the hype surrounding the explosive PEPE memecoin continues. The cryptocurrency has risen a few thousand percent in the past couple of days, and it doesn’t seem to be slowing down.

Bitcoin Price Battles for $29K

Bitcoin’s price took a turn for the worst in the last 24 hours, falling below $29,000 and causing hundreds of millions in liquidations of long leveraged positions.

BTC fell towards $29K in minutes yesterday and many were hoping for a quick recovery, but that has not been the case so far. On the contrary, the price is currently trading below this level, and the market sentiment has changed respectively.

According to data from alternative.me, which provides multifactorial crypto market sentiment analysis in the face of the so-called Fear and Greed Index, the current sentiment is neutral of 52 points. For comparison, it was on Greed (63 points) yesterday.

PEPE doesn’t have it

PEPE is the last kid on the block – a zero-value altcoin made just for memes.

The cryptocurrency started gaining traction a couple of days ago when the market cap was less than a million. Now traded on several major exchanges, it has become the 250th largest crypto with a market cap of nearly $140 million, literally printing money for early entrants. Many of them cannot sell at face value due to a lack of liquidity, but that is changing quickly because it already has over $130 million worth of 24-hour trading volume, according to CoinGecko.

Elsewhere, the market looks gloomy.

As seen in the heat map above, most altcoins are treading well in the red, with some small exceptions in the face of DOGE, TRX and ATOM.

It will be interesting to see if the market will start to pick up again or if there is more pressure to come.