Have the buyers gone? The total value of the cryptocurrency drops to $1.65 million, bulls generally do not exist.
The total market value of the cryptocurrency has been trading for 24 days and the $ 1.65 trillion support was retested on May 6. Bitcoin ( BTC ) reached $ 35,550 after falling to a 70-day low of $ 1.65 trillion.
In terms of performance, the aggregate market value of all cryptocurrencies has fallen 6% in the last seven days, but in the wider market, this modest adjustment does not take into account a few mid-level subcoins that are 19% or more lower. at the same time. Frame.
As expected, altcoins have suffered huge losses
Over the past seven days, the price of bitcoin has fallen by 6%, and ether ( ETH ) by 3.5%. Meanwhile, altcoins have experienced an event that can only be described as a pool of blood. Below are some of the 80 biggest market value winners and losers.
TRX DAO USDD Decentralized Stable 5 May Algorithm Fixed Coin connected to Ethereum and BNB Chain ( BNB ) via BTTC cross-chain protocol.
The decentralized exchange management application gained 5.6% 1 inch after becoming the leader in the MATIC network.
After a 70% gain between April 18 and April 28, STEPN (GMT), originally shown on the popular Move-to-Find lifestyle program, fell 35.7%. Apecoin ( APE ) saw a similar move after the addition of Symbol 94. % Between April 22 and 28
Tetter Premium Premium was negative on May 6th
OKX Tether ( USDT ) Premium measures retail demand in China and measures the difference between peer trading and the US dollar in China.
Overload causes the index to be 100% higher than the actual price. On the other hand, the supply of the Tether market was flooded by 4% or more during the underground markets.
OKX Tether Premium rose 1.7% on April 30, indicating some retail interest. However, the event was returned a 0% bonus over the next five days.
Recently, in the early hours of May 6, OKX Tether Premium turned negative to 1%. Bitcoin was reportedly trading below $ 37,000, and retail sales sentiment worsened.
Futures markets show different emotions
Permanent contracts, known as reverse trading, are usually paid every eight hours. Currency exchanges use this payment to avoid the risk of currency fluctuations.
Long-term buyers want more profit. However, the opposite happens when shorts (sellers) need more energy, which can negatively affect the amount of money.
As mentioned above, the seven-day accumulated financial support for bitcoin and ether is somewhat positive. The data points to a slightly higher demand compared to long-term (buyers), but there is nothing that forces traders to close their positions. For example, a positive weekly rate of 0.15% is equal to 0.6% per month, so the risk of injury is high.
On the other hand, altcoin 7-Day Eternal Future Financing was -0.30%. This rate is 1.2% per month and is in high demand by short sellers.
According to OKX Tether, weak retail demand and negative financial support for altcoins are a sign that traders are hesitant to buy the $ 1.65 trillion cryptocurrency market. Apparently, buyers are waiting for more declines before entering, leaving additional price adjustments open.
The views and opinions expressed in this document are those of the author and should not reflect the views of Cointelegraph. Every investment and every business involves risk. You need to do your own research when making a decision.