Bitcoin (BTC) and Solana (SOL) were among the top assets affected by the recent crypto market downturn, while Pepe (PEPE) experienced an even steeper drop in price.
This market crash had a ripple effect on the entire cryptocurrency market, resulting in a $280 billion loss in the global crypto market cap over the past seven days. As of now, the market cap stands at $2.32 trillion, representing a significant 10% decrease.
Here is a breakdown of how some of the most impacted cryptocurrencies fared during this tumultuous week:
BTC, SOL and PEPE prices – April 14 | Source: Santiment
BTC slips to 1-month low
The week started off on a positive note for Bitcoin, as it tried to build on the momentum it gained from April 3 to 7. On April 8, the premier crypto asset reclaimed the $70,000 level for the first time in over a week, surpassing $72,000 and closing the day with a 3.25% increase.
However, the following day saw the bears take over, pushing BTC below $70,000 and causing a 3.45% loss, effectively wiping out the gains made on Monday. The release of hotter-than-expected U.S. inflation data further exacerbated the downward trend. BTC managed to bounce back when it hit the $68,318 support at the 21-day EMA.
A resurgence of strength helped Bitcoin reclaim the $71,000 zone, but it faced resistance that prevented further gains. The rest of the week saw a consistent decline in price, with tensions surrounding the potential conflict between Iran and Israel adding to the bearish pressure.
Bitcoin experienced three consecutive days of losses from April 11 to 13, ultimately crashing to a one-month low of $61,596 on April 13. Although it has recovered from this low, BTC is still in a downward trend, with an 8% decrease in the past two days. It is currently struggling to reclaim and maintain the $65,000 level.
SOL breaks below 50-day EMA
Solana’s week did not start as auspiciously as Bitcoin’s, but its subsequent drop in price was much steeper. Despite a modest 0.67% increase on April 8, when BTC led the market to a temporary recovery, SOL plummeted by 4.63% the following day when BTC started its downward trend.
Similarly, the 0.56% increase in value on April 10 was followed by one of the biggest price drops for Solana this year. From April 11 to 13, SOL saw a discouraging 21.19% decrease, breaking through several Fibonacci support levels (0.618, 0.5, and 0.382) in the process.
Moreover, Solana’s three-day downward spiral caused it to fall below the crucial 50-day EMA, which was at $162.30 as of April 12. SOL remained below this level for two consecutive days, something that hadn’t happened since September 2023.
In addition, SOL has also lost the psychological support levels at $150 and $140, and is currently trading at $139.94. The cryptocurrency has dropped by 24% this week, resulting in a $19 billion loss in market cap since April 8.
PEPE CCI drops to 9-month low
Even Pepe did not escape the market bloodbath that occurred this week. The meme coin hit a one-month low below the $0.000004 support level. Although it initially saw more gains than Bitcoin at the start of the week, it also experienced more losses, highlighting the extreme volatility in the meme coin market.
On April 8, Pepe surged by 4.30%, reaching a high of $0.00000796, before dropping by 9.28% and giving up not only the gains made on Monday but also most of its value from the previous week.
After a mild recovery over the next two days, Pepe saw a significant 19% drop on April 12, marking its biggest intraday decline in nearly a year. The last time it experienced such a price crash was on May 8, 2023, shortly after its launch, when it dropped by 30.47%.
Following the 19% decrease on April 12, Pepe continued its downward trend the next day, losing another 14.86% in value.
Despite a slight increase in price today, Pepe is still trading below $0.000006 at $0.00000525. This week, the meme coin has seen a 29% decrease in price, with its commodity channel index (CCI) dropping to -245, the lowest it has been in nine months.
Such a low CCI indicates that Pepe is significantly undervalued and has room for growth. The last time its CCI was this low was nine months ago, and it experienced three more months of consistent declines before eventually recovering.
Follow Us on Google News
