Pepe (PEPE) Dumps 14% After Recent ATH, Bitcoin (BTC) Loses $68K (Market Watch)

Bitcoin was stopped at just over $70,000 earlier this week and has been unable to resume its bullish momentum since then, as it even dipped toward $67,000 yesterday.

The alternative coins are also in retreat, with SHIB, DOT, DOGE, PEPE, and WIF losing substantial percentages of their USD value overnight.

BTC Shaky at $68K

The spot Ethereum ETF news from last week sent the primary cryptocurrency on a wild ride that included a massive surge to almost $72,000 and a subsequent rejection and nosedive to $66,400 just a few days later.

However, once those financial products were indeed greenlighted on Thursday, BTC started to recover some ground and spent the weekend at around $69,000.

Monday was even more promising as the bulls initiated a leg-up that saw bitcoin skyrocket to a multi-day peak of just over $70,500. However, this is where the trend changed, and the cryptocurrency started losing value rapidly. Just a few hours later, it slumped to under $67,500.

Another bounce-off followed, but the scenario repeated, and BTC slipped to a multi-day low of $67,200 late last night. It has been unable to recover most losses and now sits way beneath $68,000 once again.

Bitcoin’s market cap has dropped to $1.330 trillion, but its dominance over the alts has risen by 0.5% in a day to 50.2%.

Bitcoin/Price/Chart 30.05.2024. Source: TradingView

PEPE, WIF on the Decline

As reported a couple of days ago, the two top-performing assets were from the meme coin niche – PEPE and WIF. The former kept rising and charted yet another all-time high, while the latter had gained momentum with a double-digit surge.

The landscape is entirely different now as PEPE has dumped by 14% in a day, while WIF is down by more than 11%. Other larger-cap alts deep in the red include SHIB (-7%), DOT (-5%), DOGE (-4.5%), SOL (-3%), NEAR (-4.5%), and more.

Binance Coin lost the $600 level after a 1% daily decline, while ETH has slipped by 2% to $3,750.

The total crypto market cap has seen over $60 billion gone overnight and is down to $2.650 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.

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