The Bitcoin Prize is fighting for $ 29,000, but the pepe hype continues (market observation)

The Bitcoin Prize is fighting for $ 29,000, but the pepe hype continues (market observation)

The price of Bitcoin could not achieve the quick relaxation yesterday that many seemed to have hoped. On the contrary - it is now just under USD 29,000, and the general market mood has changed.

Meanwhile, the hype continues to exploding the explosive pepe-memo coin. The cryptocurrency has increased by a few thousand percent in the past few days and does not seem to slow down.

Bitcoin price fights around $ 29,000

The price of Bitcoin has turned to the worst in the last 24 hours, has fallen under $ 29,000 and has liquidated hundreds of million in long leader positions.

BTC crashed to $ 29,000 yesterday and many hoped for a quick relaxation, but that was not the case so far. On the contrary, the price is currently noticed below this level or the market mood.

Btcusdt_2023-20_1-41-05 Tradingview

According to data from Alternative.Me, which offers a multifactorial analysis of the crypto market mood in view of the so-called Fear and Greed Index, the current mood neutral is 52 points. For comparison: yesterday at Greed (63 pts.).

pepe does not have

pepe is the latest child on the block - an old coin with zero value that was only created for the meme.

The cryptocurrency started to win a few days ago when their market capitalization was less than a million. Now it is traded on several large stock exchanges and has become the $ 250 with a market capitalization of almost $ 140 million, which literally prints money for those who have risen early. Many of them cannot sell to the nominal value due to a lack of liquidity, but that changes quickly, since according to Coingecko it already has a 24-hour trade volume worth over $ 130 million.

elsewhere the market looks dark.

Cryptocurrency_Heatmap_2004231 Krypto quantify

As can be seen in the above heat map, most old coins move well in the red numbers, with some minor exceptions in view of Doge, Trx and Atom.

It is interesting to see whether the market will recover or whether more pressure is coming up.

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