This came even after the US Fed’s most recent interest rate raise of 25 bps

Bitcoin failed to surpass the $30k mark yesterday, and the resulting rejection led it down by more than $1,500.

The altcoins are also marginally in the red on a daily scale, with ether struggling to stay higher than $1,900 and shiba inu dropping more than 4 per cent.

Following the unfavourable beginning to the week, which saw bitcoin dipping to below $27,800, the asset started its recuperation almost right away and rose to $29k by Thursday. This came even after the US Fed’s most recent interest rate raise of 25 bps.

The crypto currency rallied on Saturday morning, which led it to $29,900. As the bulls were getting ready to take down the coveted $30k line, the bears consolidated and pushed the coin down sharply.

As a consequence, bitcoin declined by more than $1,500 in hours and dropped to a daily low of $28,400 (on Bitstamp). It has been able to recoup some ground since then and presently sits at nearly $29k.

Nonetheless, bitcoin is still 1.5 per cent lower on the day. Its market capitalization has tumbled to $560bln, but its dominance over the altcoins has risen marginally to 47.2 per cent on CMC.

It is safe to state that the last few weeks belong to the new craze in the crypto and memecoin space – PEPE. It surged shortly after its launch in mid-April. The past week alone saw a huge surge of 350 per cent, which made it the 45th biggest crypto currency in terms of market capitalization as of now. The latest surge came after it was listed on Binance alongside Floki Inu.

Majority of the larger-cap alt coins are in a less favourable position, however. Ether is more than 2.5 per cent lower during the last 24 hours and is close to breaking below $1,900 once again. Binance Coin, Ripple, Cardano, Dogecoin, MATIC, Solana, Polkadot, Tron, and Litecoin are also well in the red.

Shiba Inu has dropped the most from the larger-cap alt coins, being lower 4.5 per cent.

The total market cap has seen around $25bln gone in the day, and the metric has dived below $1.2trln.