Recurring market commentary on what’s happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.
Market commentary
Good morning!
The crypto market saw another week of severe losses. At the time of writing, Bitcoin (BTC) is trading at $19.4k (-8.1% in 7 days), Ethereum (ETH) is trading at $1.05k (-7.9% in 7 days), and the ETH/BTC spread is trading at 0.0544 (+0.34% in 7 days).
Market remains on the bear side
The current market cap of all cryptocurrencies now stands at roughly $850bn. Last November, the total market cap was nearly 3tn, which means that the market has suffered a downturn of more than 70% so far since the last (all-time) highs. Market participants certainly are used to crypto bear markets. Nevertheless, many investors are getting nervous and fearful, and some are selling, despite the current levels.
In terms of market cap, we are now roughly at the same level as during the market highs in 2018, shortly before the three year-long "crypto winter". It remains to be seen if we are on the verge of a new "crypto winter", or if enthusiasm will revert soon. At the moment, we cannot feel much optimism in the market. This week, 76% of our client volume was on the sell side.
Happy Trading!
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