Bitcoin Rejected at $28.5K, PEPE Dumps 11% Daily (Market Watch)

Bitcoin’s price rally to a new multi-week high came to a halt in the past 12 hours or so, with the asset plummeting by over a grand.

The alternative coins have suffered just as badly, if not worse, with PEPE dumping by double digits.

BTC Stopped at $28.5K

The primary cryptocurrency traded flat for several days, starting last Thursday, when it pumped to around $27,000. It spent most of the weekend sideways at around that level.

However, the landscape began to change on Monday morning during the Asian trading session. The bulls took complete control of the market and initiated a massive leg up. This resulted in BTC soaring past $28,000 for the first time in weeks and culminated in touching $28,600, which became a 6-week peak.

However, bitcoin failed to maintain its run and started to lose value rather quickly. In a matter of half a day, the asset lost more than a grand and dipped below $27,400 earlier today.

Despite recovering a few hundred dollars since then, the cryptocurrency is still roughly 3% down on the day. Its market cap has lost over $15 billion and is south of $540 billion, but its dominance over the alts stands tall at 49.4%.

BTCUSD. Source: TradingView## Alts Turn Red

Most alternative coins exploded yesterday with notable gains, but, as expected, the tides have turned today, and red dominates most charts. Ethereum is among the poorest performers now, having dumped by almost 5%. Consequently, ETH has fallen below $1,700 once more.

Binance Coin, Ripple, Dogecoin, Tron, Toncoin, Polkadot, and Litecoin are also well in the red, while SOL, ADA, and BCH have posted minor retracements.

Further daily losses come from the likes of Aptos and Optimism, perhaps in anticipation of the token unlocks later this month.

PEPE has dumped the most from the top 100 alts. The meme coin is down by 11% in a day.

The total crypto market cap has erased most gains from yesterday and is down below $1.1 trillion again.

Cryptocurrency Market Overview. Source: Quantify Crypto