Herewith you receive from us the weekly overview of crypto market developments. 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 is currently around $1,050 billion, which is almost the same as last week’s position.
Bitcoin’s market dominance has remained the same over the past week at 48.5%. In doing so, Bitcoin’s market cap increased fractionally to $518 billion.
Ethereum’s (ETH) market dominance simultaneously dropped slightly from 18.3% last week to 17.9%, while the number two coin’s market cap fell to $190 billion.
Bitcoin consolidates around $26,500
The crypto market has been trading flat for some time, with Bitcoin remarkably making little progress as well. BTC has made little progress on balance this week, consolidating between $25,000 and $30,000 for some time now.
The Fed met again Wednesday and admittedly maintained interest rates between 5.25% and 5.50% which is still the highest level in the past 22 years. However, Fed Chairman Powell conjured a rabbit out of the top hat in the form of 1 more [possible] rate hike this year.
On balance, the crypto market remained fairly flat. Pessimists will say: the crypto market does not want to go up yet, while optimists will probably say that it is positive that the crypto market did not fall further.
Nonetheless, for the time being there is no momentum and the wait remains for positive impulses that can push the crypto market up.
Fear & Greed Index recovers to ‘Neutral’ level
The value of the Fear & Greed Index, compiled by Alternative.me, rose slightly from the ‘Fear’ level of 45 to 47 over the past week and managed to move into ‘Neutral’ territory. Last month’s reading was 53 showing that crypto investor sentiment did drop significantly last month.