Recent Trends and Recoveries in the Cryptocurrency Market
Release: 2024/05/14 10:34 Reading: 580
Recent Trends and Recoveries in the Cryptocurrency Market
Despite a decline in overall volume over the past week, the cryptocurrency market experienced a slight increase following today's price recovery. However, Bitcoin (BTC), altcoins, and memecoins witnessed a 5.2% decrease in volume due to waning interest. Bitcoin's price fell below $61,000 due to low sentiment, despite multiple assets experiencing net inflows.
Current Status of Bitcoin and Altcoins
The broader crypto market was shaken by low levels following double-digit losses in some crypto assets. Bitcoin, the market leader, regained some lost ground with a 2% gain today but still maintains a 0.9% loss overall. Recent price movements have kept BTC's outlook above 1.3% in the green zone.
Ethereum and Solana saw weekly increases of 4.30% and 4.50%, respectively. The crypto market experienced a recovery today, Monday, with both assets gaining within the day. Ethereum, however, saw short-term losses due to declining institutional investments.
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Ripple (XRP) experienced a 6.85% loss over the past seven days due to its ongoing lawsuit with the Securities and Exchange Commission (SEC). Avalanche (AVAX) and Chainlink (LINK) recorded larger weekly losses of 12.92% and 8.27%, respectively. Memecoins also declined as investors moved funds away from risky assets. Dogecoin (DOGE) and Shiba Inu (SHIB) showed losses of 5% and 3%, respectively.
Amid falling figures, Toncoin (TON) and TRON (TRX) traded against the market with gains over the last seven days.
Factors Behind the Crypto Market
The short-term decline in the crypto market was attributed to a decrease in institutional investments as a result of falling sentiment. The SEC's approach to crypto regulation has caused investors to approach the market with caution.
Despite this downturn, crypto bulls point to an expected increase in macroeconomic factors. The stock market also saw slight rises with applications expecting similar inflows to stocks.
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