Bitcoin, Ethereum, and Pepe: A Market Analysis of Popular Cryptocurrencies in May 2023
Table of Contents
Where is Bitcoin heading to?
Is Pepe, the meme coin still leading the crypto market?
Let’s find out !!
The cryptocurrency market is constantly expanding, and new coins are regularly added to the marketplace. Till now, almost 23,000+ cryptocurrencies are currently trading in the market over 600+ exchanges.
The cryptocurrency market volume in the last 24 h is $32.75B, which had a decrease of 11.98%. In recent days, Bitcoin, Ethereum, and other cryptocurrencies have been moving towards a downward movement.
We’ll analyze a few popular cryptocurrencies’ market trends.
Bitcoin is having a profitable journey for investors since the beginning of 2023. It reached the most anticipated mark of $30K in April. BTC has been having a bullish ride since then, with little ups and downs. The federal interest hike had minimal effect on the cryptocurrency market.
The May month started quite well for BTC investors. It started the day with a price of $28,571 with a daily market volume of $18.07B. The price then had a significant drop and it plunged to $27,764 on May 2nd. However, it regained its value slowly and reached $29, 818 with a 24h volume of $18.18B on May 6th. Then, the price slowly started to drop.
BTC is experiencing a downward trend and moving towards a bearish market since then. As of today, BTC is trading at a value of $28,211 at the time of writing. As per Crypto experts, the downward trend seems to continue for a few days. The Market Cap of BTC is $$544,677,887,706.
Related: Bitcoin future price predictions: 2023-2024
Ethereum started the month of May with a low, valued at $1844 with a daily trading volume of $$8.34B. Then it slowly regained its momentum and started to have a bullish trend and the price keeps rallying since then. The value was climbing and on May 6th, it touched the mark of $2k and settled on $2014.66 with a daily trading volume of $9.84B.
Then the price tumbled and started to experience a dip in the last few days. The current price of Ethereum is $1862. 66 at the time of writing. The Market Cap of Ethereum is $223,848,926,609.
PEPE, the meme token is a matter of the moment in the crypto world. It had been creating a huge buzz since last month and reached its peak last week. PEPE had started the month of May with a price of 0.000001068 with a 24h trading volume of $336.93M.
On May 5th, the price surged to $0.00000426 with a daily trading volume of $1.67B. Though it had a slight dip, it is still trading on the green. The current price of PEPE at the time of writing is $0.000002436. The Market Cap of $PEPE is $954,353,062.
Related: Best Performing Cryptocurrencies in May 2023
Crypto Market News
- The largest Crypto exchange Binance has stated that it had included popular meme tokens PEPE and FLOKI Inu on their platform on May 5.
- KuCoin has also added PEPE tokens to its listing. PEPE was also listed on Crypto.com.
- PepeZksync ‘s fair launch is happening on the 9th of May at 12:00 PM UTC. Pepepad, a dedicated launchpad, and DEX will be launched on the Zksync network.
- Total Supply: 200,000,000,000
- Fair launch: 35%
- $SPONGE, a community-driven meme coin was launched on May 7th on LBank centralized exchange. Currently, it is ranked in the top 10 meme tokens. It is gaining huge attention after the pepe token. The current price of $SPONGE at the time of writing is $0.001109. The price has seen a surge of 51% in the last 24h.
The cryptocurrency industry has enormous growth potential. Many people are becoming interested in the cryptocurrency industry as a result of the recent hype around popular tokens like Pepe and Floki. They see a quick road to earn a profit, however, don’t get tempted and invest blindly in hot cryptocurrencies.
Conduct thorough research and opt for modest investments to broaden your portfolio, instead of investing a substantial amount in a trending cryptocurrency. The cryptocurrency sector is highly unstable, and unpredictable fluctuations in prices could occur at any time.
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