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Crypto Market Live: Markets Consolidating as BTC, ETH & Others Plunge Hard While PENGU & BGB Prices Surge
The start of the week was marked by a massive bull run, with the Bitcoin price breaking out of consolidation and surging above $107,700. This triggered a widespread rally across the markets, with many altcoins jumping in line to follow suit. However, things have taken a dramatic turn as we move into the second half of the week.
As of writing this article, it is clear that the majority of cryptos are in the red zone, with even the mighty Ethereum (ETH) plummeting hard. While some altcoins have managed to maintain their gains, many others are witnessing significant losses. The market capitalization has taken a hit as well, dropping by over $150 million.
One token that continues to defy expectations is Pudgy Penguins’ token, PENGU. Despite the overall bearish trend, it has continued to climb and reach new highs. This sudden surge in price is largely attributed to its recent listing on Bitget Global, which has led to a massive influx of buyers eager to get their hands on this newfound gem.
On the other hand, we have Bitcoin Breakout’s token, BGB, which is also bucking the trend and surging alongside PENGU. The RSI (Relative Strength Index) for BGB has reached an astonishing 93.61, indicating a healthy upswing that may continue well into the future.
As the market consolidates its losses, it remains to be seen whether this bearish momentum will persist or if we’ll see some cryptos make a comeback.
Source: coinpedia.org
