Bitcoin’s price yesterday failed to make the quick recovery that many seemed to have been hoping for. On the contrary – it is now trading just below USD 29,000 and the general market sentiment has changed.
Meanwhile, the hype surrounding the explosive PEPE memecoin continues. The cryptocurrency is up a few thousand percent over the past few days and doesn’t seem to be slowing down.
Bitcoin price fights around $29,000
Bitcoin price has taken a worst turn in the last 24 hours, falling below $29,000 and liquidating hundreds of millions in long leverage positions.
BTC crashed to $29,000 in minutes yesterday and many were hoping for a quick recovery, but so far that has not been the case. On the contrary, the price is currently trading below this level or the market sentiment has shifted.
Source: TradingView
According to data from alternative.me, which provides a multi-factorial crypto market sentiment analysis given the so-called Fear and Greed Index, current sentiment is neutral at 52 points. For comparison: yesterday at Greed (63 points).
PEPE doesn’t have it
PEPE is the newest kid on the block — a zero-value altcoin created just for the meme.
The cryptocurrency started gaining momentum a few days ago when its market cap was less than one million. Now it’s traded on several major exchanges and has become the 250th largest crypto, literally printing money for those who got in early, with a market cap of nearly $140 million.
Many of them are unable to sell at face value due to lack of liquidity, but that is changing fast as it already has over $130 million worth of 24-hour trading volume, according to CoinGecko.
Elsewhere, however, the market looks bleak.
Source: Quantify Crypto
As can be seen in the heatmap above, most altcoins are trading well in the red with some minor exceptions given DOGE, TRX, and ATOM.
It will be interesting to see if the market will recover or if there is more pressure coming our way.
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Cryptocurrency charts from TradingView.
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