After being below $27,000 for a few days, Bitcoin finally jumped above that level in the last 24 hours but has yet to retake it for good.
Aside from trending memecoin PEPE, most altcoins are seeing insignificant intraday gains.
Bitcoin uncertain at $27,000
The last week started on a positive note for Bitcoin, surging above $27,600 after the stagnant weekend. However, this was short-lived and the asset plummeted below $27,000 within a few days. Another price increase followed, which took the price back up to $27,500, which was again stopped.
This time, the rejection was even more severe, pushing the cryptocurrency to a weekly low of $26,400 (on Bitstamp). The bulls tried to intercept the move and helped BTC gain some ground.
With that, Bitcoin returned to its usual level of around $27,000 and stayed there for a few days. It finally jumped above it a few hours ago but was again stopped at $27,300. Although BTC has lost some value since then, it is currently still just above $27,000.
Its market cap has increased slightly to $525 billion, while its dominance over altcoins stands at nearly 46.5%.
BTCUSD. Source: TradingView
PEPE on the rise again
All eyes in the crypto community have been on PEPE for about a month as the memecoin went from being an unknown coin launched in mid-April to a massive trend with a market cap approaching $2 billion a few weeks later.
After making several savvy investors overnight millionaires, it was listed on several well-known exchanges, including Binance, which proved to be a big seller. PEPE lost some momentum and its market cap dropped by over a billion in a matter of days.
The last 24 hours has been a much more positive one for the memecoin as it has gained over 12% in value and is back in the top 70 cryptocurrencies.
The large-cap alternatives are also in the green on a daily basis, albeit to a more modest extent. ETH, BNB, XRP, ADA, MATIC, SOL, LTC, DOT, and TRX are all up as much as 2% in one day.
The total crypto market cap has increased by around $10 billion daily and stands at $1.130 trillion.
Overview of the cryptocurrency market. Source: Quantify Crypto
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