Bitcoin Slips To $29K, PEPE To End Week With 350% Gain (Weekend Watch)

Bitcoin failed to capture the $30,000 level yesterday, and the subsequent rejection drove it south by over $1,500.

Altcoins are Laos slightly in the red on a daily scale, with ETH struggling to stay above $1,900 and SHIB dumping over 4%.

Bitcoin back to $29K

After the inauspicious start to the week, which saw BTC fall below $27,800, the asset began its recovery almost immediately, rising to $29,000 by Thursday. This came even after the US central bank’s latest rate hike of 25 bps.

The cryptocurrency went on a roll on Saturday morning, taking it to $29,900. As the bulls prepared to take down the coveted $30,000 line, the bears stepped up and pushed BTC hard south.

As a result, bitcoin fell by over $1,500 in hours and fell to a daily low of $28,400 (on Bitstamp). It has been able to regain some ground since then and currently stands at around $29,000.

Nevertheless, BTC is still down 1.5% on the day. Market cap has fallen to $560 billion, but dominance over altcoins has increased slightly to 47.2% on CMC.

It’s PEPE’s show

It is safe to say that the last few weeks belong to the new craze in the crypto and memecoin space – PEPE. It broke shortly after its launch in mid-April. The last week alone saw a massive 350% increase, making it the 45th largest cryptocurrency by market cap as of now. The latest massive pump came after it was listed on Binance alongside Floki Inu.

However, most of the larger altars are in a less favorable position. ETH is down over 2.5% in the last 24 hours and is close to breaking below $1900 again. Binance Coin, Ripple, Cardano, Dogecoin, MATIC, Solana, Polkadot, Tron and Litecoin are also well in the red.

Shiba Inu has fallen the most from the larger companies, with a decrease of 4.5%.

The total market capitalization has seen approximately $25 billion lost during the day, and the calculation has dipped below $1.2 trillion.