After several consecutive days of price declines, PEPE has bounced back quite impressively. Bitcoin traders tried to push the price above the $27,000 level yesterday but failed due to low trading volume over the weekend. The price also remained relatively stable. Altcoins also saw no significant price movements, with ETH climbing back above $1,800 and BNB climbing above $310.
Bitcoin Remains Stable
The past few days have not been good for the leading cryptocurrency. It all started on Wednesday, when the asset jumped from $27,500 to $28,400 within minutes after the release of the US CPI figures for April.
Although BTC initially surged higher, the news reversed the price almost immediately. In the process, the price dropped sharply by almost $2,000 to a multi-week low of $26,600 (on Bitstamp).
The bulls tried to stop the price drop and pushed the cryptocurrency back up to the $28,000 level. However, they were met with another rejection that took it back to $27,000 and even below. As the weekend approached, BTC fell below $26,000 for the first time in two months.
However, Bitcoin managed to bounce back in the last 24 hours. In the process, it continues to wink at the $27,000 level, but so far, the price has not managed to rise to this level. As of now, the asset is trading a few steps away from this level, but its market capitalization has risen to $520 billion. Its dominance over altcoins has also remained stable at 46.3% on a daily scale.
PEPE Rally Returns
The most talked about thing in the crypto world over the past month has been the recently launched memecoin PEPE. It was arguably the best performing cryptocurrency as its market capitalization skyrocketed from $1 million to almost $2 billion during this time, making numerous investors rich overnight.
With the hype at its peak, listings on multiple exchanges such as BitMEX and Binance followed. It turned out to be a sell-the-news event as PEPE lost more than half of its value in the following days.
The last 24 hours have been much more positive for memecoin, which is up 20%. On a weekly scale, PEPE is still down over 30%. In contrast, larger-cap altcoins such as ETH, XRP, ADA, DOGE, SOL and others are much quieter with little or no movement.
