Easy come – easy go. This week saw PEPE crash and burn, losing over 70% since its all-time high. The rest of the market is also bleeding out.
The past seven days saw the cryptocurrency market lose close to $100 billion off its total capitalization, which currently sits at $1.150B. It’s not been very fun for market participants as the majority of coins are trading well in the red. Once again, the hottest story of the week might as well be PEPE, but not for the same reasons as last week. Let’s dive in.
First things first, Bitcoin’s price crashed by roughly 9% through the past week and is currently trading at around $26,500. There’s no sugarcoating it – it’s been down-only, and buyers failed to catch a break. The bears were relentless and rejected the price at the single attempt at $30K this time last week, and it’s been an avalanche afterward.
The price dipped below $29K last Saturday and was unable to recover above that level. By Monday evening, it was already trading at close to $27K. The CPI announcement on Wednesday provided some hope, as BTC pumped above $28K, but it was shortlived as the correction was almost immediate. Since then, the cryptocurrency continued spiraling downward and is found where it currently trades at around $26,500.
Looking at the altcoins, it doesn’t get much better, as most of them are trading well in the red. ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, DOT – all of them are charting considerable losses.
But all of the above fade in comparison to PEPE. The memecoin that reigned over the market in the past few weeks seems to have finally found some sort of a top and has crashed by 60% on the weekly and by more than 70% since its ATH.
And while it’s interesting to see whether PEPE will stage a recovery, the odds aren’t looking very good at the moment.
All in all, the market sentiment has definitely shifted throughout the past few weeks, and the optimism is fading. It’s interesting to see if this is just a temporary correction or if a deeper winter is once again in the making, albeit in the summer. Sell in May and go away? Will the popular saying keep true?