Bitcoin

These Meme Coins Explode Daily as Bitcoin Faces Enhanced Volatility (Market Watch)

2 Mins read

Bitcoin’s price soared by over two grand yesterday but was pushed back down today amid system issues coming from the largest US crypto exchange, Coinbase.

At the same time, several altcoins have taken the main stage with impressive gains, but none more notable than Pepe.

BTC’s Pump and Dump

It was just over a week ago – last Monday – when bitcoin jumped to a multi-week peak of $65,500 but the bears quickly intercepted the move and drove it south. The correction culminated on Friday with a price drop that pushed BTC all the way down to $60,200.

As most were preparing for another leg down that can see the cryptocurrency losing the coveted $60,000 level, the asset actually reversed its trajectory and reclaimed some value during the weekend to around $61,000.

This Monday began on a more positive note as BTC jumped from $60,800 to $63,500 in just a few hours. However, it failed to maintain its run and retraced to just under $63,000.

The landscape worsened earlier this morning when Coinbase reported some issues with its network. Bitcoin reacted with an immediate price drop that drove it to $61,400.

Despite recovering some ground since then, BTC is still below $62,000. Its market cap has declined to $1.220 trillion, while its dominance over the alts stands tall at 51.1%.

Bitcoin/Price/Chart 14.05.2024. Source: TradingView
Bitcoin/Price/Chart 14.05.2024. Source: TradingView

PEPE Leads the Way

Meme coins have become the main talking point once again in the cryptocurrency industry, with numerous impressive price pumps over the past day. PEPE is the leader of the larger-cap meme tokens, having gained over 20% in the past day. Moreover, the asset charted a new all-time high earlier today.

Floki (10%), Dogecoin (4%), and WIF (3%) follow suit from this cohort of crypto assets. In contrast, most other alts are in the red, with ETF solidifying its place below $3,000 after a 2% drop and BNB down beneath $590.

The total crypto market cap has slumped beneath $2.4 trillion after losing $40 billion in a day.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: Coin360
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Cryptocurrency charts by TradingView.


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