Bitcoin Fails to Break $27,000 Amidst Low Weekend Trading Volumes

Bitcoin Fails to Break $27,000 Amidst Low Weekend Trading Volumes

Bitcoin attempted to surpass $27,000 recently, but it failed due to low weekend trading volumes, and has remained relatively stagnant. The altcoins have also not seen any significant price movements, with ETH currently holding onto $1,800 and BNB increasing to $310. The past few days have not been kind to the primary cryptocurrency, with it jumping from $27,500 to $28,400 on Wednesday following the release of US CPI numbers for April. However, BTC quickly reversed its trajectory and fell by almost $2,000 to a multi-week low of $26,600 on Bitstamp.

The bulls tried to intercept the price slump and pushed the cryptocurrency back up to $28,000, but another rejection followed, driving it back down to $27,000. As the weekend approached, BTC nosedived once again to under $26,000 for the first time in two months. Nonetheless, it managed to bounce back and challenge $27,000 in the past 24 hours, but to no avail so far. Despite this, its market cap has increased to $520 billion, with its dominance over the alts remaining flat on a daily scale at 46.3%.

The Hype on PEPE

Recently, the word in the crypto town has been on the memecoin PEPE, which became the best performer as its market cap skyrocketed from $1 million to almost $2 trillion within this timeframe, making numerous investors rich overnight. However, after its listing on multiple exchanges such as BitMEX and Binance, PEPE lost over half of its value in the following days, turning out to be a sell-the-news moment.

The past 24 hours have been more positive for PEPE, with it currently up by 20%. However, on a weekly scale, it is still down by over 30%. Meanwhile, the larger-cap alts such as ETH, NB, XRP, ADA, DOGE, and SOL have remained quieter, with little-to-no movements.


Articles You May Like

CoinEx to Launch Cryptocurrency Exchange for Hong Kong Users
Launchpad XYZ: The All-In-One Platform Streamlining the Crypto Space
Cryptocurrency Hackers Continue to Move Stolen Funds, Raising Total Losses to Over $1 Billion
Ethereum Co-Founder Vitalik Buterin and Crypto Relief Pledge $100 Million for COVID-19 Research in India

Leave a Reply

Your email address will not be published. Required fields are marked *