The cryptocurrency market digest (BTC, ETH, PEPE). Overview for 12.05.2023

BTC has fallen to 26,323 USD by Friday. The weekly loss is currently 9.55%.

So, the market has passed below important support at 26,500 USD. What’s next? Next, we should all be cautious because it seems that buyers have not put much effort into defending this support. Exchanges closed long positions in BTC at 21.6m USD the day before and at least another 18.4m USD today.

If Friday closes the BTC below 26,500 USD, the nearest target for the bears will be at 23,600 USD.

The cryptocurrency market capitalisation has fallen to 1.100 trillion USD by today. The share of BTC on the floor fell to 46.3%, while the share of ETH rose to 19.6%.

Ethereum blockchain crashes

Yesterday, the Ethereum cryptocurrency network experienced a glitch that caused transactions to stop being validated. The pause lasted about 25 minutes, after which the blockchain returned to processing transactions as normal.

The PEPE token dropped 60% from its peak

The PEPE meme token lost about 60% of its peak value recorded on 5 May. The coin’s capitalisation fell to 790 million USD from 1.8 billion USD previously. Still, compared to the price on 18 April, the token is worth almost 3,000% more.