PEPE, WIF, SHIB Experience Significant Declines as Bitcoin Struggles to Maintain $69K (Market Watch)
Bitcoin’s price experienced heightened volatility in the last 24 hours, briefly reaching $70,200 before facing a violent rejection and dropping back down to $69,000. Meanwhile, most altcoins are seeing losses, with the exception of KAS, which has surged by 19% and now trades close to $0.18.
BTC has been unstable at the $69,000 level, trying but failing to surpass it. After reaching a multi-day low at $66,600, the bulls stepped in to prevent further decline. However, over the weekend, BTC remained mostly range-bound around $67,500. The situation changed on Monday when bitcoin briefly surged above $70,200 for the first time in a week before encountering resistance and retracing by almost $2,000.
Since then, BTC has hovered around the $69,000 mark. Its market capitalization stands just above $1.360 trillion, and its dominance over altcoins has risen to 50.4% on CG.
In terms of altcoins, many of the larger-cap coins have turned red today, except for TON, which has gained 4.5% and trades close to $7. ETH has slipped by 1.5% and is on the verge of dipping below $3,750. SOL, XRP, ADA, TRX, MATIC, and UNI are experiencing minor losses. Meme coins such as Pepe (-7.5%) and WIF (-5%) have seen notable declines, while KAS has surged by 18% and is now trading close to $0.18.
The total crypto market cap has slightly decreased since yesterday but remains above $2.7 trillion on CG.