Bitcoin (BTC) and Solana (SOL) were among the top assets affected by the recent downturn in the crypto market, with Pepe (PEPE) experiencing an even more pronounced price drop.
This downturn had a ripple effect throughout the entire cryptocurrency market, resulting in a significant 10% decrease in the global crypto market cap to $2.32 trillion over the course of the last week, representing a loss of over $280 billion.
The performance of some of the most impacted cryptocurrencies over the week can be summarized as follows:
BTC, SOL, and PEPE prices – April 14 | Source: Santiment
BTC Hits a 1-Month Low
Bitcoin started the week on a positive note, aiming to build on the momentum gained from April 3 to 7. The premier cryptocurrency managed to surpass the $70,000 mark on April 8, reaching over $72,000 and closing with a 3.25% increase. However, the following day saw bears taking control, pushing BTC below $70,000 and resulting in a 3.45% loss. The release of hotter-than-expected U.S. inflation data further contributed to the downward trend. Despite a brief comeback to the $71,000 zone, Bitcoin faced resistance and continued to decline throughout the week, hitting a one-month low of $61,596 on April 13. Currently down 8% in the past two days, BTC struggles to reclaim the $65,000 territory.
SOL Breaks Below 50-Day EMA
Solana’s performance was less remarkable than Bitcoin’s at the beginning of the week, but it experienced a sharper decline in price. After a modest 0.67% rise on April 8, SOL plummeted by 4.63% the following day as BTC initiated a downtrend. Despite a minor recovery on April 10, the rest of the week saw a significant drop of 21.19% for Solana, breaching key support levels. This decline also led to a break below the crucial 50-day EMA, a level not seen since September 2023. Currently trading at $139.94, SOL has lost 24% this week, shedding $19 billion in market cap since April 8.
PEPE CCI Drops to 9-Month Low
Pepe also experienced a decline in the broader market this week, dropping to a one-month low below the $0.000004 support level. Despite initial gains exceeding Bitcoin’s, Pepe’s losses were more substantial, highlighting the increased volatility in the meme coin market. Following a 4.30% surge on April 8, Pepe suffered a 9.28% drop, erasing most of its previous gains. After a brief recovery, Pepe saw a significant 19% intraday decline on April 12, marking its largest drop in nearly a year. Currently trading at $0.00000525, Pepe has lost 29% this week, with its CCI plummeting to -245, the lowest value in nine months, suggesting that the asset is undervalued and has room for growth.