Despite hopes for a quick rebound, Bitcoin is currently trading below $29K and the market sentiment has turned negative. However, the hype surrounding the surging PEPE #memecoin remains strong, as it has experienced a massive surge of several thousand percent in the past few days and shows no signs of slowing down.
Bitcoin Price Battles for $29K
Bitcoin struggles to maintain its position at $29k as its price experienced a sudden drop below this level in the past 24 hours. This caused the liquidation of long leverage bets worth hundreds of millions of dollars.
Yesterday, BTC fell to $29k within minutes, and although many expected a rapid rebound, the price has remained below this level. This indicates a shift in market sentiment.
Alternative.me, a platform that offers multifactorial crypto market sentiment analysis through its Fear and Greed Index, reports that the current sentiment stands at a neutral level of 52 points. This is a shift from yesterday's sentiment, which was in the Greed zone at 63 points.
PEPE Refuses to Back Down
PEPE, a meme-based altcoin with no inherent value, has recently gained significant popularity in the crypto space. Just a few days ago, its market cap was under a million dollars, but now it is being traded on multiple major exchanges and has become the 250th largest cryptocurrency with a market cap of almost $140 million. Early investors have been able to profit significantly from this surge, although some are facing issues with selling due to limited liquidity. Nevertheless, the coin's trading volume has already exceeded $130 million in the past 24 hours, according to CoinGecko. However, the overall market sentiment remains bleak.
As observed in the heatmap above, the majority of cryptocurrencies are in the red, with a few minor exceptions in the form of DOGE, TRX, and ATOM.
It will be interesting to observe if the market begins to rebound or if further pressure is on the way.
Source: cryptopotato
image Source: Kanchanara on Unsplash
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Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
