Bitcoin Slides to $29K, PEPE to End The Week With 350% Gains (Weekend Watch)

Bitcoin failed to conquer the $30,000 level yesterday, and the subsequent rejection pushed it south by more than $1,500.

Altcoins are Laos a bit in the red on a daily basis, with ETH struggling to stay above $1,900 and dumping SHIB by more than 4%.

Bitcoin returns to $29,000

After an unfavorable start to the week, which saw BTC drop below $27,800, the asset started to recover almost immediately and climbed to $29,000 by Thursday. This came even after the US Federal Reserve recently raised interest rates by 25 basis points.

The cryptocurrency started to rally on Saturday morning, which led it to $29,900. As the bulls were preparing to take down the coveted $30k line, the bears rallied and pushed bitcoin south hard.

As a result, bitcoin dropped more than $1,500 in a matter of hours and fell to a daily low of $28,400 (on Bitstamp). It has managed to recover some ground since then and is currently worth about $29,000.

However, Bitcoin (BTC) is still down 1.5% on the day. Its market capitalization decreased to $560 billion, but its dominance among altcoins increased slightly to 47.2% on CMC.

It’s a PEPE show

It is safe to say that the past few weeks belong to a new craze in the crypto and memecoin space – PEPE. It broke into tears shortly after its release in mid-April. The past week alone has seen a massive 350% surge, making it the 45th largest cryptocurrency by market cap to date. The latest huge pump came after it was listed on Binance along with Floki Inu.

However, most of the alternatives with a larger cap are in a less favorable position. ETH is down over 2.5% in the last 24 hours and is close to crashing below $1,900 again. Binance Coin, Ripple, Cardano, Dogecoin, MATIC, Solana, Polkadot, Tron, and Litecoin are also in the red.

The biggest loser of the larger-cap swing was Shiba Inu, down 4.5%.

The total market cap saw nearly $25 billion per day vanish, and the scale fell below $1.2 trillion.