Cryptocurrency News

Bearish movement within the crypto sphere while Pepe price rise

The crypto sphere’s market cap is down by 0.06% at the time of writing this article, to around $2.45 trillion. The 24-hour trading volume has plummeted by 8.61% to $79.07 billion. What stands out is that most cryptocurrencies are experiencing a bear run at the moment. This includes the flagship dominant crypto, BTC. It is followed by ETH, SOL, PEPE, and BONK.

Bitcoin has slipped past $68,000 to exchange hands at $67,493.70, slightly up by 0.36% in the last 24 hours. However, it does reflect a dip of 4.80% in the previous 7 days and an upswing of 10.66% in the last 30 days. Sentiments have transitioned to neutral amid the volatility of 3.28%. Spot Bitcoin ETFs are keeping the interest in Bitcoin alive across institutional and retail investors. It was after 19 days that the collective market saw an outflow from the ETFs.

Near-term predictions are optimistic, with the next 5 days expected to see the value surge past $76,000. The following 30 days are more imperative, for the value could go as high as $87,458, a jump of 29.82% from the current value. Almost 50% of trades were in green in the last month.

Ether enthusiasts are speculating about the launch of Spot Ether ETF. It could happen later this year, but the speculation is helping the token regain or rebound to a higher value. It can be seen accumulating around $3,500 with a dip of 0.02% in a single day. That has brought the value to $3,524.79 at the press time. It further reflects a downtrend of 7.06% in the last 7 days and an upswing of 21.03% in the previous 30 days.

Ethereum could only soar by 2.46% per the ongoing bearish sentiments. This will bring the value to $3,623.93 in the next 30 days amid the volatility of 9.25%.

Solana’s SOL has plummeted by 1.22% in a single day, with a value of around $151.79. Bearish sentiments are likely to be temporary, as the next 30 days are predicted to mark an upward trajectory of 15.92%, taking the value to $172.78. It is initially imperative for SOL to maintain the resistance of $149.67. Falling beneath that level could bring further decline.

Interestingly, PEPE and BONK have made a breakthrough for a neutral sentiment. BONK is still dancing within the bearish range but is expected to grow by more than 200% in the next 30 days. This will bring the value of $0.00008597 on the price charts. For PEPE, the monthly growth is expected to mirror the BONK trend as the token achieves a value of $0.00004317.

The time to come is crucial for the crypto market because the Federal Reserve will likely decide on the rate cut.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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