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PEPE Tanks Double Digits as Bitcoin Gets Rejected at $75K: Market Watch

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Bitcoin’s rebound attempt fell short at $75,000 yesterday, and the asset has lost over $1,500 since then, currently fighting to stay above $73,000 once again.

Most altcoins have mimicked BTC’s performance over the past day, with ETH sliding by more than 0.5%, while BNB is down by 1.2%. ZEC continues to be on the wrong side of the $1,000 barrier.

BTC Fails Again

The primary cryptocurrency went on a violent rollercoaster a week ago after the conclusion of the US midterm elections. It dipped to $75,600 after the results came in, then skyrocketed to $81,000 12 hours later, reaching a local peak. The volatile trading sessions continued a day later, on Thursday, but in the opposite direction.

The bears took complete control of the market and initiated a massive leg down to BTC’s starting point of under $76,000. On Friday, they took it up a notch and pushed the cryptocurrency to $74,800. The weekend was less volatile, with bitcoin trading close to $76,000. However, Monday began with another leg down, this time even more severe, to $73,800.

The asset tried to recover some ground the following day or so, but it was stopped at $75,600. The bears stepped up once again on Tuesday, driving it to a fresh multi-month low of $72,800 after the CPI reading. Wednesday was a recovery day, with BTC climbing to $74,800. As the title of this article suggests, though, it was rejected again and has fallen to $73,400 as of press time.

Bitcoin’s market capitalization remains at $1.470 trillion on CMC, while its dominance over the alts has increased to over 60.5%.

BTCUSD November 12. Source: TradingView
BTCUSD November 12. Source: TradingView

Alts Struggle, Too

Ethereum continues to fight to stay above $2,050, but it’s currently losing that battle. BNB has dipped to $673 after a 1.3% decline, while XRP is inches above $1.05. SOL, TRX, HYPE, ZEC, DOGE, XMR, and LINK are also well in the red.

Even more painful declines come from the likes of QNT, ENA, PEPE, AAVE, RAIN, and BTW. The frog-themed meme coin is actually today’s poorest performer, having dumped by 12%. ICP, CRO, and WLFI are among the few exceptions in the green.

The total crypto market cap has declined again, this time by 0.5% to $2.440 trillion on CMC.

Cryptocurrency Market Overview November 12. Source: QuantifyCrypto
Cryptocurrency Market Overview November 12. Source: QuantifyCrypto

 

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