Intraday profitability bitcoin exceeded the indicators of altcoins; the capitalization of the global crypto market increased by 0.9% to $1.3 trillion.
Performance of main coins Token from 24 hours to 7 days Price Bitcoin (CRYPTO:BTC) +1.4% – 3% $29,609.99 Ethereum (CRYPTO:ETH) – 0.1% – 5.8% 1977, $28 Dogecoin ( CRYPTO:DOGE) – 0.01% – 8% 0.08 USD in 24 hours Top gainers (data sourced from CoinMarketCap) Token 24 hour change % (+/-) Kava Price (CRYPTO:KAVA) +12.6 % $2.88 Tezos (CRYPTO:XTZ) +11.5% $2.09 Ethereum Classic (CRYPTO:ETC) +9.2% $23.99
Why is it important
Risky assets still remain unattractive for investors. On Tuesday, the S&P 500 and Nasdaq lost 0.8% and 2.35%, respectively.
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The slowdown in economic growth is now visible in the profit margins of listed companies such as Snap Inc. (NYSE:SNAP), especially those in the technology sector.
Risk aversion affects all asset classes except gold. Edward MoyaSenior Market Analyst at OANDA.
“Things are weakening faster than expected, and this does not bode well for US consumers or the short-term outlook for stocks,” he wrote in a note read by Benzinga.
The expert is pessimistic about the near future of cryptocurrencies. “BTC is in the danger zone as risk sentiment has collapsed. Usually falling Treasury yields make cryptocurrencies more attractive, but right now nobody wants to buy them at a low price.”
Indeed, benchmark 10-year contract yields fell to 2.738%, hitting their lowest level since April 27, Reuters reported.
The centerpiece of the cryptosphere could test the $25,424 level as the stock market capitulation may not have happened yet, with the $20,000 level acting as a support zone, according to Moya.
Stock losses were more visible, the cryptocurrency trader recalled. Michael van de Poppe to your Twitter followers, indicating that the ratingAmazon.com Inc. (NASDAQ:AMZN) has dropped $900 billion in the last 6 months. On the other hand, the total market capitalization of Bitcoin is $550 billion.
Remind yourself that $AMZN has lost $900 billion in the last 6 months.
The entire #Bitcoin market capitalization is only $550 billion. pic.twitter.com/OXTBfdd8N1
— Michael van de Poppe (@CryptoMichNL) May 24, 2022
The gap between the price action of BTC and altcoins has widened as investors lose their appetite for risk and their optimism wanes.
This is reflected in the significant difference between the 7-day price movements of Bitcoin and Ethereum: while BTC has fallen by 3%, ETH has almost halved.
Over the quarter, Bitcoin dominance jumped from 42.61% to 44.51%, according to data from CoinMarketCap.
Top Cryptocurrencies by Total Market Cap – Courtesy of CoinMarketCap
The bitcoin holder’s criminal record remains unchanged, as seen in the Last Active Supply 10+ chart published by Glassnode. On Tuesday, this figure reached an all-time high of 2,443,600,434 BTC.
Last active offer over 10 years old – courtesy of Glassnode
Meanwhile, the average Ethereum fee dropped to $2.54 per transaction, Sentiment tweeted. The Market Information Platform explained that, historically, ETH prices rise whenever the average transaction fee drops below $5, but this is by no means automatic.
#Ethereum average fees are extremely low, currently costing traders just $2.54 per transaction. This is the lowest price level for $ETH since July. Historically (but by no means automatically) ETH prices rise after the average transaction volume drops below $5. https://t.co/JS3paxdfwz pic.twitter.com/hsc9BoGwPx
— Sentiment (@santimentfeed) May 24, 2022
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