Bitcoin Struggles to Reclaim $27K Level
Bitcoin has been struggling to reclaim the $27,000 level in the past few days. After jumping to above $27,600, the cryptocurrency retraced below $27,000. It eventually rallied back to $27,500 but faced strong resistance and began to decline again. Bitcoin was pushed to a weekly low of $26,400 after being rejected multiple times. However, it later recovered to stay around $27,000. Bitcoin finally surged above $27,000 in the last 24 hours but couldn’t decisively reclaim it. At present, Bitcoin stands slightly above $27,000, with its market cap growing slightly to $525 billion and its dominance over altcoins near 46.5%.
PEPE Memecoin Bounces Back
PEPE, the popular memecoin, is back in the crypto community’s limelight. The coin gained over 12% of value in the past 24 hours and re-entered the top 70 largest cryptocurrencies with a market cap of nearly $2 billion. Previously, PEPE made overnight millionaires out of many savvy investors, but a sell-the-news moment ensued after the coin was listed on prominent exchanges like Binance. This caused its market cap to drop by over $1 billion in just a few days.
Apart from PEPE, most altcoins recorded insignificant gains on a daily scale, with larger-cap alts showing more modest increases: ETH, BNB, XRP, ADA, MATIC, SOL, LTC, DOT, and TRX jumped up to 2% in a day. However, the total crypto market cap has grown by about $10 billion in the past 24 hours, reaching $1.130 trillion.
Sources:
– “Bitcoin Uncertain at $27K”
– “PEPE on the Rise Again”
– “Cryptocurrency charts by TradingView.”
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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