Crypto investors have felt the impact of the recent Fed meeting, which intensified market fluctuations, yet the market is recovering. The $67,000 threshold has not yet been surpassed, and altcoins have largely failed to recover their losses. What is the current situation? What should investors expect now? BTC and altcoin could provide some clues for our path forward.
Current Crypto Status
The total market value of cryptocurrencies has once again exceeded $2.35 trillion. Bitcoin‘s market dominance has climbed to 53.4% while its trading volume has decreased to $50 billion. We have transitioned from days when $100 billion was easily surpassed daily to a period where investors are more cautious. Many experts believe this consolidation phase could continue for months.
The lack of enthusiasm across the market is not out of sync with past cycles. After the halving event, such distasteful periods occur, followed by aiming for historical peaks. If we have reached the real bottom at $56,552, we might witness bulls getting ready for a rally while lingering under $67,000 for a while.
Bitcoin and Altcoins
Among the top 100 cryptocurrencies by market value, the most notable altcoins were CORE and SUI. Despite BTC’s rise, they saw weekly losses of 13%. PYTH, CFX, and NEO experienced nearly 10% declines. HNT, WIF, RNDR, PEPE, W, and WLD seem less concerned about the drop. Compared to last week, six altcoins gained between 12% and 22% today.
On the last trading day of the week, ETFs were promising. GBTC saw a net entry of $63 million for the first time after a long break, boosting hopes for Monday. This marked the first net entry day since April 24, a previously uncommon occurrence for almost all ETFs.
According to data from May 3, we can say that ETF channel investors have returned to the markets. With the stock market opening on Monday, crypto volumes in ETF data could increase further. Of course, predicting the future is impossible, but the encouraging last trading day close in the ETF channel could lead to an increase in appetite triggered by expectations in the coming hours.
