Ethereum (ETH) Hits $4000, PEPE’s Bull Run Continues With Fresh ATH (Market Watch)

After last week’s spike in volatility that led to numerous bombs and massive dumps, the price of bitcoin has entered a consolidation phase, settling in a range between $68,000 and $69,000.

Ethereum resumed its run after the approval of ETH spot ETFs in the United States and has recovered the $3,900 level.

BTC Shaky at $69,000

The major cryptocurrency was among the biggest beneficiaries of last week’s positive rumors about the US SEC’s possible approval of spot Ethereum ETFs. The asset soared by five thousand last Monday and hit a multi-week high of nearly $72,000.

However, it began to retreat in the following days and plunged sharply just hours before the US regulator actually gave the green light to eight such financial products. At the time, BTC dropped to $66,250 before the bulls intercepted the move and halted the free fall.

The asset bounced back and soared to $69,500 on Saturday, but failed to continue higher and challenge the $70,000 line again. In fact, it has calmed down around these levels and has spent the last 36-48 hours in a range around $69,000.

The slight drop on a day-to-day basis means its market cap has dropped to $1.350 trillion in CG. Its dominance over the highs has taken a beating, falling 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 basis and the popular meme coin has doubled in just the last 24 hours. A more than 13% increase since yesterday has pushed PEPE to another all-time high of just over $0.000017. In fact, only JASMY has surpassed it on a 24-hour scale.

FLOKI and BONK are also doing well in the green, with gains around 13% each. While most larger-cap alternatives are sluggish, Ethereum has taken center stage with a 3.5% increase. As a result, the second largest cryptocurrency is now trading well above $3,900.

In contrast, DOGE, XRP, TRX, AVAX, NEAR and BCH are slightly in the red.

The total crypto market capitalization has held its position since yesterday at just over $2.7 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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