Bitcoin has started to rally in the past 24 hours which has taken it just inches away from the coveted $30,000 line. However, the original has yet to breach it.
Altcoins are also on the rise, with ETH nearing $2,000, while SOL and UNI are up 4% daily. However, the day belongs to PEPE and Floki Inu.
Bitcoin stopped before $30k
The business week, which was also the start of a new month, started on a sour note for bitcoin, which fell by about two thousand in hours to a multi-day low of $27,650 (on Bitstamp). However, the bulls were able to defend the asset’s position and pushed it back above $28,000 soon after.
The FOMC meeting couldn’t shake the BTC cage either. The recent 25 basis point interest rate hike, which may in fact be the last hike, had no immediate impact on Bitcoin. Hours later, the assets started gaining value and recovered $29,000.
The past 24 hours saw another price jump from bitcoin that pushed it to just under $30,000. However, BTC has not been able to overcome this level yet and stands around $500 below it.
Its market capitalization approached $570 billion, while its dominance among altcoins reached 47%.
Babe, Floki’s on the run
The past several days have been all about a relatively new cryptocurrency – PEPE. Launched in mid-April, it is basically memecoin without real use. However, the cryptocurrency market is known for having such projects rapidly growing in popularity and price, which was the case with PEPE.
It has repeatedly posted double and even triple digit daily highs, 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 inclusion of PEPE and Floki Inu in its Innovation Zone.
Somewhat predictably, FLOKI also jumped – over 40% increase in the last 24 hours. This memcoin is now among the top 100 altcoins by market cap as well, trading near $0.00005.
The top ten altcoins saw modest price increases notably from the likes of Ethereum (3.6%) and Solana (4%). Uniswap took advantage of $5.5 after a similar daily jump.
The total cryptocurrency market cap has regained the $1.2 trillion line after earning about $20 billion per day.
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