Bitcoin gained 3.1% in the last week to close at $30,000. Ethereum gained 0.9% while the other top altcoins showed mixed dynamics. These ranged from a 10.7% drop (Solana), to a 23.2% increase (Cardano).
The week ahead is looking promising. BTCUSD has gained 4.6% in the past 24 hours, more that 4% since the beginning of the day, and is now testing the $31.0K mark. Investors in cryptocurrency were not alarmed by Friday’s market drop. Key stock indices were higher than the local lows and were adding in recent hours.
According to CoinMarketCap the total capitalisation for the crypto-market rose 3.8% to $1.28 trillion in 24 hours. The Bitcoin Dominance Index increased 0.2% during the same time period to Friday’s 46.5%.
The cryptocurrency fear and greed index climbed from 10 to 13 points Monday. This indicator has been below 20 for about a month – meaning it is in extreme fear.
BTCUSD is currently at levels that are below the consolidation zone at the lows in the middle of last Year. The weekly candlesticks show a change in trend. It is worth noting. The week before, the lows and highs of last week were higher than those of the previous week. Intact charts show that investors are not in the USA, which is pushing the price up. But, it is important to ensure that the demand for this product is global. Retail investors might try to encourage the growth by providing ample supply.
BTC had climbed to three-week highs, but it lost nearly all of its gains by week’s end. For more than three weeks, the first cryptocurrency traded in a sideways range of $30,000 to $30,000 for trading. Long-term investors have given up on the market’s bearish trend. According to CryptoQuant, this indicates that the market has hit a multi-year low.
T. Rabi Sankar, Reserve Bank of India’s Deputy Governor, believes that central banks’ digital currency could totally replace private virtual currencies like bitcoin.
May was a poor month for ETH and BTC miners. Bitcoin miners’ earnings dropped 21.9%, while miners for the second cryptocurrency fell 24.1%.
The Consensus 2022 will be the focus of the market’s attention this week. The Crypto Industry Excellence Expo this year will take place in Austin, Texas from June 9-12.