Over the past week, the cryptocurrency market has remained relatively stable, with the total capitalization remaining unchanged. However, there was some slight volatility in between, which did not sustain. Bitcoin is currently trading at $29,000, which is the same as its value a week ago. The cryptocurrency fell to $27,500 in the middle of the week, but the bears were unable to sustain the selling pressure, and the price recovered. The momentum is shaky, and market participants are cautious as Bitcoin is trading in a range between $27,000 and $30,000. A breakout in either direction will likely dictate where the market will be headed in the short term.
PEPE Coin’s Market Cap Soars Above $1 Billion
PEPE is a brand new memecoin that was minted less than three weeks ago. It first made headlines when it soared towards a multi-million dollar market cap and produced a few success stories in the face of people who made hundreds of thousands of dollars on its back. Currently, this memecoin is traded across all major exchanges, including Binance, and has managed to acquire a market cap of over $1 billion, which puts it in the top 50 coins by means of total market cap. It has also soared 1200% in seven days, and its market cap only accelerated following Binance’s decision to list it for trading. It remains to be seen if it will challenge SHIB and DOGE, but anything can happen within the cryptocurrency market.
Ethereum Median Gas Fee Hits 12-Month High Amid Memecoin Resurgence
The gas fees on Ethereum skyrocketed amid the ongoing meme hype, reaching a 12-month high. This occurred following the resurgence of memecoins, which is a new trend within the cryptocurrency market.
Other notable news in the cryptocurrency market this week includes Coinbase posting a $79 million net loss for the first quarter of 2024, SUI facing massive volatility minutes after its mainnet launch, and the US Federal Reserve increasing rates by another 0.25 basis points, bringing it up to 5%. Additionally, the Biden administration proposed a 30% tax on Bitcoin mining.