Market Cap: Testing Waters and Holding Strong
The cryptocurrency market has been riding a slightly upward trend for the last three months. Just recently, on April 27, we witnessed the market capitalization testing the robust support level of $1.75 trillion. On this day, Bitcoin (BTC) made a vibrant comeback at $38,000, while Ether (ETH) bounced back to an encouraging $2,800. Hold onto your hats, because in the wild world of crypto, nothing is ever certain!
Winners and Losers: A Mixed Bag of Performance
Despite the overall positive market sentiment, the crypto market saw a dip of about 3.5% in the last week. Key losers included Ripple (XRP), which plummeted by 18.8%, Cardano (ADA) with a 10.2% loss, and Polkadot (DOT) sinking by 9.7%. Talk about a rough week for these coins! But not all is doom and gloom—some gaming and metaverse projects saw 25% gains, proving that in crypto, it’s all about perspective!
Stars of the Show: The Altcoin Comeback
Highlighting the altcoin scene, Apecoin (APE) skyrocketed by an impressive 44% ahead of the Otherside metaverse land auction. Expectations are high, and for good reason, with Yuga Labs and the Bored Ape Yacht Club leading the charge. Not to be outdone, STEPN’s (GMT) native token surged by 28% following an announcement from a major exchange about its listing. Meanwhile, Nexo, the crypto credit card contender, celebrated a 15% rise. Crypto sure knows how to keep us on our toes!
Tether Premium: A Measure of Market Sentiment
The Tether (USDT) premium serves as a vital indicator of buyer enthusiasm in the market, particularly among retail investors in China. This premium hovers around a neutral 0%, indicating a collective shrug from traders. The Tether premium hit an optimistic 2% on April 28, but alas, it didn’t last long once Bitcoin broke above $40,000 and promptly fell back. It seems retail traders are feeling a bit wary, echoing the sentiment of the broader market stability.
Futures Market: Trends and Sentiments
In the perpetual contracts world, things are looking a little dicey. A slightly positive funding rate for Bitcoin and Ether points to some confidence among buyers, but it’s nothing to write home about. Terra’s (LUNA) modest 0.15% weekly rate hints at a secure future, but perhaps a little more excitement wouldn’t hurt! The overall mixture in the futures market and the absence of Tether premium suggests that retail traders are still cautiously optimistic amidst a fluctuating market backdrop.
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