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MARKET UPDATE: BITCOIN STRUGGLES TO HOLD $29K, HYPE AROUND MEMECOINS CONTINUES

The price of Bitcoin was unable to recover as quickly as many hoped it would yesterday, On the contrary, the price traded below $29k and is currently trading below that price point which as a result of that, shifted the broader market sentiment.

In the past 24 hours, Bitcoin’s price has taken a turn for the worst thereby causing hundreds of millions of liquidations on long leverage positions.

Image Source: TradingView

According to data from alternative.me, the current sentiment on the Fear and Greed Index is neutral at 52 points as opposed to yesterday when it read 63 points indicating Greed.

Meanwhile, in the past few days, a lot of memecoins have been flying around, one of which is PEPE – the cryptocurrency in the past few days has rallied by a few thousand percent and doesn’t seem to be slowing down anytime soon.

PEPE gained attention when its market cap was less than a million, but has now grown to become the 250th largest cryptocurrency with a market cap of nearly $140 million and is now been traded on multiple major exchanges.

Elsewhere, the market looks grim with most altcoins treading well in the red as seen in the heatmap below.

cryptocurrency_heatmap_2004231

Image Source: Quantify Crypto

Featured Image Source: CNBC

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