Bitcoin Daytime returns exceeded altcoin returns as the global cryptocurrency market capitalization rose 0.9% at the time of the press to $ 1.3 trillion.
|Bitcoin BTC / USD||1.4%||-3%||$ 29,609.99|
|Ethereum ETH / USD||-0.1 %%||-5.8%||$ 1,977.28|
|Dogecoin Doge / USD||-0.01%||-8%||$ 0.08|
|Cryptocurrency||24-hour rate of change (+/-)||price|
|Hippo (KAVA)||+ 12.6%||$ 2.88|
|Tezos (XTZ)||+ 11.5%||$ 2.09|
|Ethereum Classic (etc)||+ 9.2%||$ 23.99|
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Important reason: Risk assets are still unattractive to investors. On Tuesday, the S & P 500 and Nasdaq posted losses of 0.8% and 2.35%, respectively.
The slowdown in economic growth is now reflected in the number of earnings of listed companies, including: Snap Inc snapEspecially those who are active in the technology sector.
Tuesday said it showed a resurgence of risk aversion across asset classes except gold. Edward MoyaOANDA Senior Market Analyst.
“Everything is weakening with a faster-than-expected clip, and that’s not a good omen for the short-term outlook for US consumers and stocks,” Moya said in a note that Benzinga saw.
Moya is pessimistic about cryptocurrencies in the short term. “Bitcoin is in danger because sentiment towards risky assets has fallen off the cliff. Cryptocurrencies usually become attractive when Treasury yields plummet, but so far no one has bought this dip. I don’t want to, “he said.
Benchmark 10-year bond yields have fallen to 2.738%, the lowest since April 27, according to a Reuters report.
Analysts said Apex Coin could test the $ 25,424 level as the stock market has not yet surrendered and the $ 20,000 level may be functioning as a support zone.
Equity losses are more severe, crypto traders Michael van de poppe Reminded his Twitter followers.He pointed it out Amazon.com, Inc AMZN It has lost $ 900 billion in value alone in the last six months. Bitcoin, on the other hand, has a market capitalization of $ 550 billion.
Remember that $ AMZN It has lost $ 900 billion in value in the last six months.
—Michaëlvan de Poppe (@CryptoMichNL) May 24, 2022
The gap between Bitcoin price volatility and altcoin widened as investors lost their desire for risk in the face of positive emotional decline.
This can be seen in the big gap between the 7-day price fluctuations of Bitcoin and Ethereum. BTC has fallen by 3%, but Ethereum’s weekly decline has almost doubled.
Throughout the quarter, Bitcoin dominance rose from 42.61% to 44.51%, according to CoinMarketCap data.
Major cryptocurrencies by market capitalization percentage — Courtesy CoinMarketCap
Bitcoin holders’ beliefs are still intact, as evidenced by the last active supply in the chart over 10 years posted by Glassnode. This metric reached a record high of 2,443,600.434 BTC on Tuesday.
Total Bitcoin Supply Last Active> 10 Years — Provided by: Glassnode
Meanwhile, Ethereum’s average price has dropped to just $ 2.54 per transaction, Santiment tweeted. The Market Intelligence Platform has historically pointed out that the price of ETH will rise after the average transaction fee drops below $ 5, but warned that this is by no means automatic.
# EthereumThe average commission is very low and currently the trader costs only $ 2.54 per transaction.This is the worst $ ETH Cost level after July. Historically (but not automatically) $ ETH Prices will rise after the average transaction falls below $ 5. https://t.co/JS3paxdfwz pic.twitter.com/hsc9BoGwPx
— Santiment (@santimentfeed) May 24, 2022
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