Ethereum
Ethereum (ETH) eyes $4,000, PEPE bull run continues with new ATH (Market Watch)
After last week’s increased volatility that resulted in numerous massive ups and downs, bitcoin price has entered a consolidation phase, hovering between $68,000 and $69,000.
Ethereum resumed activity after the approval of spot ETH ETFs in the United States, and reclaimed the $3,900 level.
BTC Shaky at $69,000
The leading cryptocurrency was among the biggest beneficiaries of last week’s positive rumors surrounding the US SEC’s potential approval of Ethereum spot ETFs. The asset soared five thousand dollars last Monday and reached a multi-week high of almost $72,000.
However, it began to retrace in the following days and collapsed just hours before the US regulator actually authorized eight such financial products. At the time, BTC had fallen to $66,250 before the bulls intercepted the move and stopped the free fall.
The asset rebounded and exploded at $69,500 on Saturday, but failed to continue its rise and challenge the $70,000 line again. In fact, the situation calmed down around these levels and spent the last 36-48 hours in a range of around $69,000.
The slight decline on a daily scale means its market capitalization has fallen to $1.350 trillion on CG. Its dominance over alts has been challenged and has fallen below 50% for the first time in months.
Bitcoin/Price/Chart 05/27/2024. Source: TradingView
ETH heads north, PEPE another ATH
As reported yesterday, PEPE has become the biggest gainer on a weekly scale and the popular coin has only doubled its price in the last 24 hours. A further 13% rise since yesterday has propelled PEPE to a new all-time high of just over $0.000017. In fact, only JASMY outperformed it on a 24-hour scale.
FLOKI and BONK are also well in the green, with gains of around 13% each. Even though most larger-cap alternative assets are sluggish, Ethereum took center stage with a 3.5% rise. As a result, the second-largest cryptocurrency is now trading well above $3,900.
On the other hand, DOGE, XRP, TRX, AVAX, NEAR and BCH are slightly in the red.
The total crypto market cap has maintained its position since yesterday at just over $2.7 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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