The total crypto market capitalization has been trading within a descending channel for 24 days and the $1.65 trillion support was retested on May 6. The drop to $1.65 trillion was followed by Bitcoin (BTC) reaching $35,550, its lowest price in 70 days.
In terms of performance, the aggregate market capitalization of all cryptocurrencies dropped 6% over the past seven days, but this modest correction in the overall market does not represent some mid-capitalization altcoins, which managed to lose 19% or more in the same time frame.
As expected, altcoins suffered the most
In the last seven days, Bitcoin price dropped 6% and Ether (ETH) declined by 3.5%. Meanwhile, altcoins experienced what can only be described as a bloodbath. Below are the top gainers and losers among the 80 largest cryptocurrencies by market capitalization.
ທຣອນ (TRX) rallied 26.9% after TRON DAO rolled out a USDD, a decentralized stablecoin, on May 5. The algorithmic stablecoin is connected to the Ethereum and BNB Chain (BNB) through the BTTC cross-chain protocol.
1inch (1INCH) gained 5.6% after the decentralized exchange governance application became Polygon’s (MATIC) network ຜູ້ນໍາ by completing 6 million swaps on the network.
STEPN (GMT), the native token of the popular move-to-earn lifestyle app, declined 35.7%, adjusting after a 70% rally between April 18 and April 28. A similar movement happened to Apecoin (ເອພີ) after the token pumped 94% between April 22 and April 28.
The Tether premium flipped negative on May 6
OKX Tether (USDT) ຄ່ານິຍົມວັດແທກຄວາມຕ້ອງການຂາຍຍ່ອຍທີ່ອີງໃສ່ຈີນແລະມັນວັດແທກຄວາມແຕກຕ່າງລະຫວ່າງການຄ້າ peer-to-peer ຂອງຈີນແລະເງິນໂດລາສະຫະລັດ.
ຄວາມຕ້ອງການຊື້ຫຼາຍເກີນໄປເຮັດໃຫ້ຕົວຊີ້ວັດຂ້າງເທິງມູນຄ່າຍຸດຕິທໍາຢູ່ທີ່ 100%. ໃນທາງກົງກັນຂ້າມ, ການສະເຫນີຂາຍໃນຕະຫລາດຂອງ Tether ແມ່ນ້ໍາຖ້ວມໃນລະຫວ່າງຕະຫຼາດທີ່ຫຼຸດລົງ, ເຊິ່ງກໍ່ໃຫ້ເກີດສ່ວນຫຼຸດ 4% ຫຼືສູງກວ່າ.
The OKX Tether premium peaked at 1.7% on April 30, indicating some excess demand from retail. However, the metric reverted to a 0% premium over the next five days.
More recently, in the early hours of May 6, the OKX Tether premium flipped to -1% negative. Data shows retail sentiment worsened as Bitcoin moved below $37,000.
ຕະຫຼາດອະນາຄົດສະແດງໃຫ້ເຫັນຄວາມຮູ້ສຶກປະສົມ
ສັນຍາຕະຫຼອດໄປ, ເຊິ່ງເອີ້ນກັນວ່າ ການແລກປ່ຽນແບບປີ້ນກັບ, ມີອັດຕາການຝັງຕົວທີ່ປົກກະຕິຈະຄິດຄ່າບໍລິການທຸກໆແປດຊົ່ວໂມງ. ການແລກປ່ຽນໃຊ້ຄ່າທໍານຽມນີ້ເພື່ອຫຼີກເວັ້ນການບໍ່ສົມດຸນຄວາມສ່ຽງຂອງການແລກປ່ຽນ.
ອັດຕາເງິນທຶນໃນທາງບວກຊີ້ໃຫ້ເຫັນວ່າຜູ້ຊື້ (ຜູ້ຊື້) ຕ້ອງການຄວາມແຮງຫຼາຍຂຶ້ນ. ຢ່າງໃດກໍຕາມ, ສະຖານະການກົງກັນຂ້າມເກີດຂຶ້ນໃນເວລາທີ່ສັ້ນ (ຜູ້ຂາຍ) ຕ້ອງການ leverage ເພີ່ມເຕີມ, ເຮັດໃຫ້ອັດຕາເງິນທຶນຫັນເປັນລົບ.
As shown above, the accumulated seven-day funding rate is slightly positive for Bitcoin and Ether. Data indicates slightly higher demand from longs (buyers), but nothing that would force traders to close their positions. For instance, a positive 0.15% weekly rate equals 0.6% per month, thus unlikely to cause harm.
On the other hand, altcoins’ 7-day perpetual futures funding rate was -0.30%. This rate is equivalent to 1.2% per month and indicates higher demand from shorts (sellers).
Signs of weak retail demand as indicated by OKX Tether data and the negative funding rate on altcoins are a signal that traders are unwilling to buy at the critical $1.65 trillion crypto market capitalization. Buyers seem to be waiting for further dips before stepping in, so further price corrections will likely follow.
ຄວາມຄິດເຫັນແລະຄວາມຄິດເຫັນທີ່ກ່າວມານີ້ແມ່ນພຽງແຕ່ຂອງ ຄຳ ແນະ ນຳ ເທົ່ານັ້ນ ຜູ້ປະພັນ ແລະບໍ່ ຈຳ ເປັນຕ້ອງສະທ້ອນເຖິງທັດສະນະຂອງ Cointelegraph. ທຸກໆການລົງທືນແລະການເຄື່ອນໄຫວການຄ້າແມ່ນກ່ຽວຂ້ອງກັບຄວາມສ່ຽງ. ທ່ານຄວນ ດຳ ເນີນການຄົ້ນຄ້ວາດ້ວຍຕົນເອງໃນເວລາຕັດສິນໃຈ.
Source: https://cointelegraph.com/news/any-dip-buyers-left-bulls-are-largely-absent-as-the-total-crypto-market-cap-drops-to-1-65t