Bitcoin intraday returns topped those of altcoins, with the global cryptocurrency market cap rising 0.9% to $1.3 trillion at press time.
| Piece of money | 24 hours | 7 days | Price |
|---|---|---|---|
| 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 | % change over 24 hours (+/-) | Price |
|---|---|---|
| kava (KAVA) | +12.6% | $2.88 |
| Tezos (XTZ) | +11.5% | $2.09 |
| Classic Ethereum (ETC) | +9.2% | $23.99 |
See also: How to get free crypto
Why is this important: Risky assets still remain unattractive for 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 visible in the earnings figures of listed companies like Snap inc. INSTANTANEOUSespecially those operating in the technology sector.
Tuesday marked a return to risk aversion in all asset classes except gold, noted Edouard Moyasenior market analyst at OANDA.
“Everything is weakening at a faster pace than expected and that doesn’t bode well for the US consumer and for the short-term outlook for equities,” Moya said, in a note seen by Benzinga.
Moya is bearish on cryptocurrencies in the short term. “Bitcoin is in the danger zone as sentiment for risky assets has fallen off a cliff. Normally, falling Treasury yields make crypto attractive, but right now no one wants to buy this dip,” a- he declared.
Yields on 10-year benchmark notes fell to 2.738%, the lowest since April 27, according to a report from Reuters.
The analyst said that the apex coin may 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.
Losses on the equity side were steeper, cryptocurrency trader Michael van de Poppe reminded his Twitter followers. He pointed out that Amazon.com, Inc. AMZN alone lost $900 billion in value in the last 6 months. The total market capitalization of Bitcoin, on the other hand, is $550 billion.
remember that $AMZN lost $900 billion in value in the last 6 months.
The entire market capitalization of #Bitcoins is only $550 billion. pic.twitter.com/OXTBfdd8N1
— Michael van de Poppe (@CryptoMichNL) May 24, 2022
The chasm between Bitcoin’s price movement and altcoins has widened as investors lose their appetite for risk amid eroding positive sentiment.
This can be seen in the large discrepancy between the 7-day price movements of Bitcoin and Ethereum. While BTC is down 3%, Ethereum’s drop over the week was almost double.
During the quarter, Bitcoin dominance jumped to 44.51% from 42.61%, according to data from CoinMarketCap.
Top Cryptocurrencies as a Percentage of Total Market Cap – Courtesy of CoinMarketCap
The Bitcoin holder’s conviction remains intact, as seen in the Last Active Supply 10+ chart published by Glassnode. This metric hit an all-time high of 2,443,600.434 BTC on Tuesday.
Total Bitcoin supply Last activity > 10 years – Courtesy of Glassnode
Meanwhile, average Ethereum fees have dropped to just $2.54 per transaction, Santiment tweeted. The market information platform pointed out that historically, ETH prices rose after average transaction fees fell below $5, but warned that this was by no means automatic.
#EthereumAverage fees are at an extremely low level, currently costing traders only $2.54 per transaction. It’s the lowest $ETH cost level since July. Historically (but not automatically), $ETH prices rise after average trades break below $5. https://t.co/JS3paxdfwz pic.twitter.com/hsc9BoGwPx
— Santiment (@santimentfeed) May 24, 2022
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