🔊Weekly Market Highlights #97: May 6 - May 12
✨The cryptocurrency market experienced a week of relative stability, pausing the bearish momentum and undergoing some consolidation.
✨Over the past week, the crypto market total capitalization decreased by ~$115B (from ~$2,363B to ~$2,248B).
✨Bitcoin Bulls Regrouping
✅BTC started this week at $64K, recovering from a sharp drop to $56.5K last week. After some price fluctuation, it fell ~6% to $60.2K on Friday. This seems to have been caused by a statement from a US Federal Reserve representative, who said it may be too early to think about rate cuts.
✅The market has calmed since then, and the worst seems behind us.
✅The bulls even attempted a recovery, but it was quickly halted at around $61.8K, and now BTC is trading around ~$61.3K
✅It’s worth noting that despite the recent declines, the
Fear and Greed index still points out that the market is in a state of “greed.”
✨Red Dominates Altcoins
✅On a seven-day scale, most altcoins are trading in the red.
✅AVAX, DOT, and MATIC, among the prominent altcoins, recorded the most significant price declines, ranging from 11% to 13%.
✅The leading names of meme coins, DOGE and SHIB, also bled strongly, with a price drop of ~11%.
✅On the contrary, TON had an impressive week of growth with an increase of ~16%
✨Bitcoin Fear and Greed Index is 57 - Greed, lower than at the beginning of the week (71)
✨Dominance:
✅BTC: 53.7%
✅ETH: 15.5%
📣See you next week!
🔶
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