- Bearish sentiment dominated the cryptocurrency market.
- BTC and ETH led the decline with lower price trends.
While holders of certain meme coins have been enjoying significant gains recently, the broader cryptocurrency market appears to be sluggish.
Recent data indicates that there is widespread negative sentiment in the market and an upward trend is likely in the near future.
However, market capitalization is currently on the decline, with the value of major assets falling over the past 24 hours.
Negative sentiment dominates the cryptocurrency market
AMBCrypto’s analysis of weighted sentiment in the cryptocurrency market, focusing on large-cap assets such as Bitcoin (BTC), Ethereum (ETH), and Binance BNB, revealed a dominant negative sentiment at press time.
that much st tly The charts showed bearish sentiment across the market from May 8th to 14th.
A similar overall bearish pattern was observed from April 10th to 16th and from March 13th to 19th.
At press time, Ripple had the lowest weighted sentiment, closely followed by Bitcoin as the second lowest.
Source: Santiment
Decrease in cryptocurrency market capitalization
AMBCrypto’s examination of cryptocurrency market data from CoinMarketCap shows that market capitalization has declined over the past 24 hours.
At the time of writing, its market capitalization has decreased by more than 1.3% to approximately $2.27 trillion. Despite this decline, trading volume soared, increasing more than 27% to approximately $68 billion.
Moreover, the Fear and Greed Index was 55 at press time, reflecting neutral sentiment. But it seemed like I was getting closer and closer to fear.
This decline in market capitalization is due to the poor performance of major assets such as Bitcoin and Ethereum in recent hours.
Bitcoin and Ethereum remain weak despite their growth.
AMBCrypto’s analysis of Bitcoin price trends over daily time frames shows that the rebound attempt has been frustrated.
The decline began on May 14th when the price fell more than 2%, bringing the price back to the $61,000 region.
However, as of this writing, Bitcoin is up more than 2%, trading above $62,000 once again.
Source: TradingView
Read Ethereum (ETH) price prediction for 2024-25
Likewise, Ethereum experienced a drop of more than 2% in the previous trading session, settling around $2,800. Nonetheless, at the time of writing, it has rallied more than 1% to trade at around $2,900.
Despite these fluctuations, both assets maintained a bearish trend, contributing to the overall bearish sentiment in the cryptocurrency market.
Source: TradingView