PEPE, FLOKI Skyrockets in Double Digits, Bitcoin Halts Before $30K: Weekend Watch
Bitcoin started a rally over the past 24 hours that brought it just inches away from the coveted $30,000 line. However, the asset is yet to break it.
Altcoins are also on the rise, with ETH approaching $2000, while SOL and UNI are up 4% daily. However, the day belongs to PEPE and Floki Inu.
Bitcoin stopped short of $30K
The work week, which was also the beginning of the new month, started on a bad note for bitcoin, which fell by about two thousand in hours to a multi-day low of $27,650 (on Bitstamp). However, the bulls managed to defend the asset’s position and pushed it above $28,000 shortly after.
The FOMC meeting also failed to rattle BTC’s cage. The latest 25bps interest rate hike, which may actually be the last, had no immediate effect on bitcoin. Hours later, however, the asset began to gain value and recovered $29,000.
The last 24 hours saw another price jump from bitcoin that drove it to just under $30,000. Still, BTC has not been able to overcome that level as of now and is around $500 below it.
The market value has approached 570 billion dollars, while the dominance over altcoins is 47%.
PEPE, FLOKI on the run
The last few days were all about one relatively new cryptocurrency – PEPE. Launched in mid-April, it’s essentially a memecoin with no real use. However, the crypto market is known for such projects to explode in popularity and price quickly, which has been the case with PEPE.
It has often recorded double- and even triple-digit daily gains, resulting in entering the top 100 and even the top 50 digital assets by market capitalization as of yesterday. The latest push came when Binance announced the listing of PEPE, as well as Floki Inu, in its innovation zone.
Somewhat expected, FLOKI has also skyrocketed – over 40% increase in the last 24 hours. This memecoin is now in the top 100 coins by market cap as it trades near $0.00005.
The top ten altcoins have seen significantly more modest price increases from the likes of Ethereum (3.6%) and Solana (4%). Uniswap has lost $5.5 after a similar daily jump.
The total crypto market capitalization has retaken the $1.2 trillion line after gaining around $20 billion daily.
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