The attached overview from Coin360 illustrates the development of the crypto market over the past 7 days. According to coinmarketcap.com, the total crypto market cap currently stands at $1,100 billion and now numbers 24,090 crypto currencies.
Bitcoin’s market dominance has remained steady at 46.1% over the past week, with Bitcoin’s market cap reaching $520 billion. Ethereum’s (ETH) market dominance has also remained steady at 19.3%, with the number two coin’s market cap now at $215 billion.
Bitcoin is slowing down
The crypto market has taken a sharp step back in recent weeks, with Bitcoin moving further away from the $30,000 mark but in a downward direction. This in itself is remarkable, given that recent inflation data in America came in a bit lower than expected.
That means less pressure on the Fed to raise interest rates further in June. According to the CME FedWatch Tool, there is a 96% consensus that the Fed will not raise interest rates further for now. In principle, that should bring calm to the market. Given the somewhat depressed crypto market, there is not as much calm as yet.
Bitcoin is struggling to find its way up, as is smaller brother Ethereum. Of these 2 largest crypto currencies, the crypto market has to make do. Together, these 2 crypto currencies hold nearly 66% of the crypto market….
Fear & Greed Index declines
The value of the Fear & Greed Index, compiled by Alternative.me, has taken a step back in line with the crypto market. The value is currently quoting 52, compared to 64 on the board last week. Consequently, the index has become more neutral.