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Bitcoin failed to conquer the $30,000 level yesterday, and the subsequent rejection drove it south by over $1,500.
The altcoins are Laos slightly in the red on a daily scale, with ETH struggling to remain above $1,900 and SHIB dumping by over 4%.
<h2 id="bitcoin-back-at-29k">Bitcoin Back at $29K</h2>
After the unfavorable start of the week, which saw BTC slumping to under $27,800, the asset began its recovery almost immediately and spiked to $29,000 by Thursday. This came even after the US Fed&#8217;s latest interest rate <a href="https://cryptopotato.com/bitcoin-reclaims-29k-after-feds-latest-interest-rate-hike-market-watch/" data-wpel-link="internal">hike</a> of 25 bps.
The cryptocurrency went on a roll on Saturday morning, which drove it to $29,900. As the bulls were preparing to take down the coveted $30,000 line, the bears stepped up and <a href="https://cryptopotato.com/pepe-floki-skyrocket-by-double-digits-bitcoin-stopped-ahead-of-30k-weekend-watch/" data-wpel-link="internal">pushed</a> BTC south hard.
As a result, bitcoin dropped by over $1,500 in hours and fell to a daily low of $28,400 (on Bitstamp). It has been able to recover some ground since then and currently stands at around $29,000.
Nevertheless, BTC is still 1.5% down on the day. Its market capitalization has slid to $560 billion, but its dominance over the altcoins has increased slightly to 47.2% on CMC.
<figure id="attachment_249520" aria-describedby="caption-attachment-249520" style="width: 1834px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-5.png" data-wpel-link="internal"><img class="size-full wp-image-249520" src="https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-5.png" alt="BTCUSD. Source: TradingView" width="1834" height="875" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-5.png 1834w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-5-300x143.png 300w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-5-1024x489.png 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-5-768x366.png 768w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-5-1536x733.png 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-5-50x24.png 50w" sizes="(max-width: 1834px) 100vw, 1834px" /></a><figcaption id="caption-attachment-249520" class="wp-caption-text">BTCUSD. Source: TradingView</figcaption></figure>
<h2 id="it-8217-s-pepe-8217-s-show">It&#8217;s PEPE&#8217;s Show</h2>
It&#8217;s safe to say that the past few weeks belong to the new craze in the crypto and memecoin space &#8211; <a href="https://cryptopotato.com/what-is-pepe/" data-wpel-link="internal">PEPE</a>. It went on a tear shortly after its launch in mid-April. The past week alone saw a massive surge of 350%, which made it the 45th largest cryptocurrency by market capitalization as of now. The latest massive <a href="https://cryptopotato.com/pepes-market-cap-soars-above-1-billion-following-another-60-daily-surge/" data-wpel-link="internal">pump</a> came after it was listed on Binance alongside Floki Inu.
Most of the larger-cap alts are in a less favorable position, though. ETH is down by over 2.5% in the past 24 hours and is close to breaking below $1,900 once more. Binance Coin, Ripple, Cardano, Dogecoin, MATIC, Solana, Polkadot, Tron, and Litecoin are also well in the red.
Shiba Inu has declined the most from the larger-cap alts, being down by 4.5%.
The total market cap has seen roughly $25 billion gone in the day, and the metric has dipped below $1.2 trillion.
<figure id="attachment_249521" aria-describedby="caption-attachment-249521" style="width: 1880px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-4.jpg" data-wpel-link="internal"><img class="size-full wp-image-249521" src="https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-4.jpg" alt="Cryptocurrency Market Overview. Source: Quantify Crypto" width="1880" height="851" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-4.jpg 1880w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-4-300x136.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-4-1024x464.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-4-768x348.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-4-1536x695.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-4-50x23.jpg 50w" sizes="(max-width: 1880px) 100vw, 1880px" /></a><figcaption id="caption-attachment-249521" class="wp-caption-text">Cryptocurrency Market Overview. Source: Quantify Crypto</figcaption></figure>
The post <a href="https://cryptopotato.com/bitcoin-slides-to-29k-pepe-to-end-the-week-with-350-gains-weekend-watch/" rel="nofollow">Bitcoin Slides to $29K, PEPE to End The Week With 350% Gains (Weekend Watch)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Bitcoin Slides to $29K, PEPE to End The Week With 350% Gains (Weekend Watch)

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