Decentral Block Post

Confidence in the United States financial system seems to be eroding fast with investors trying to find the next weakest link that is about to collapse. Bill Ackman, CEO of hedge fund management firm Pershing Square, cautioned that time was running out to fix the problem.

The U.S. equities markets have become vulnerable to adverse news on the regional banks as seen from the sell-off in the past three days. Compared to that, Bitcoin (BTC) has held strong and is hovering near its critical overhead resistance at $31,000.

Bitcoin is not the only outperformer. Gold had risen close to its all-time high during the week. This shows that Bitcoin is currently behaving as a safe-haven asset and investors are adding it to their portfolio along with gold.

Could Bitcoin overcome the barrier at $31,000 and extend the up-move? Will the altcoins follow Bitcoin higher? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin continues to trade inside the symmetrical triangle pattern, indicating indecision among the bulls and the bears. Usually, the trend that was in force before the formation of the triangle tends to resume. That means the price is likely to break out to the upside.

The price of Sui (SUI) has dropped sharply after its market debut across leading cryptocurrency exchanges.

On May 5, SUI price was $1.26 per token, down about 70% from its record high of around $4, established two days ago on Binance.

Interestingly, on other exchanges like Kraken, the token's market top was $1.60 or lower, suggesting it was in "price discovery" mode after the launch.

Still, SUI maintains its overall market gains, up nearly 1,200% from its market debut.

Early SUI price fundamentals

SUI's initial uptrend draws support from traders who view Sui — a new entry into the long list of layer-one blockchain projects — as potentially more scalable than its rivals.

The price of Sui (SUI) has dropped sharply after its market debut across leading cryptocurrency exchanges.

On May 5, the SUI price was $1.26 per token, down about 70% from its record high of around $4, established two days ago on Binance.

Interestingly, on other exchanges like Kraken, the token’s market top was $1.60 or lower, suggesting it was in “price discovery” mode after the launch.

Still, SUI maintains its overall market gains, up nearly 1,200% from its market debut.

Early SUI price fundamentals

SUI’s initial uptrend drew support from traders who view Sui — a new entry into the long list of layer-1 blockchain projects — as potentially more scalable than its rivals.

Memecoins have been part and parcel of the cryptocurrency space since the inception of Dogecoin back in 2013, with fortunes made and ruined in equal measure. But a new token on the block caused a stir in recent weeks, as Pepe (PEPE) grabs a chunk of the memecoin market share from plucky investors.

As previously reported by Cointelegraph, PEPE saw a 2,000% boom in value following its launch in late April 2023. The token’s rally is primarily attributed to zealous memecoin hype, with the project widely shared on Twitter over the past month.

The Pepecoin website itself is brandished with a closing disclaimer, labeling $PEPE as "a meme coin with no intrinsic value or expectation of financial return." The project also stipulates that it has no formal team or roadmap and that the token is "completely useless and for entertainment purposes only.

Data analytics firm Nansen provided insightful data and key takeaways following the rise of PEPE’s market capitalization. Research analyst Xin Yi estimated that the total memecoin market value is around $20 billion, with the top five tokens, DOGE, SHIB, PEPE, BABYDOGE and FLOKI, accounting for over $18 billion of the value.

Data provided from Nansen Query shows the massive spike in token value and market capitalization of PEPE in relation to the other top five memecoins. Yi also notes that the infographic does not paint a complete picture, given that the data for PEPE reflects its listing on Coingecko, which came a couple of weeks after its inception.