After last week’s enhanced volatility that resulted in numerous massive pumps and dumps, bitcoin’s price has entered a consolidation phase, standing in a range between $68,000 and $69,000.
Ethereum resumed its run after the approval of the spot ETH ETFs in the States, and it has reclaimed the $3,900 level.
The primary cryptocurrency was among the biggest beneficiaries of last week’s positive rumors regarding the US SEC’s potential approval of spot Ethereum ETFs. The asset skyrocketed by five grand last Monday and tapped a multi-week peak of almost $72,000.
However, it started to retrace in the following days and slumped hard just hours before the US regulator indeed greenlighted eight such financial products. At the time, BTC dumped to $66,250 before the bulls intercepted the move and stopped the freefall.
The asset bounced off and shot up to $69,500 by Saturday but failed to continue upwards and challenge the $70,000 line again. In fact, it has calmed around those levels and has spent the last 36-48 hours in a range of around $69,000.
The slight decline on a daily scale means that its market cap has slipped to $1.350 trillion on CG. Its dominance over the alts has taken a beating and is down to under 50% for the first time in months.
Bitcoin/Price/Chart 27.05.2024. Source: TradingView
As reported yesterday, PEPE has become the biggest gainer on a weekly scale and the popular meme coin has only doubled down on its run in the past 24 hours. A further 13% surge since yesterday has propelled PEPE to yet another all-time high of just over $0.000017. In fact, only JASMY has 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 alts are sluggish, Ethereum has taken the main stage with a 3.5% surge. As a result, the second-largest cryptocurrency now trades well above $3,900.
In contrast, 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
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