Markets
Bitcoin and Ethereum Underperform as Crypto Market Remains Bearish
- Bearish sentiment has dominated the cryptocurrency market.
- BTC and ETH led the bearish sentiment with their poor price action.
While the owners of some meme coins could celebrate significant gains in recent, broader days cryptocurrency market appears subdued.
Recent data has indicated an overall negative sentiment prevailing in the market, potentially paving the way for an uptrend in the near future.
However, at the moment, the market capitalization is in decline, with major assets experiencing declines in value over the past 24 hours.
Negative sentiments dominate the cryptocurrency market
AMBCrypto’s analysis of weighted cryptocurrency market sentiment, focusing on large-cap assets such as Bitcoin [BTC], Ethereum [ETH]AND BinanceBNBrevealed a prevailing negative sentiment at the time of writing this article.
THE Most Holy The chart illustrated bearish sentiment in the market from May 8th to May 14th.
Similar universal bearish patterns were observed from April 10th to 16th, as well as from March 13th to 19th.
At press time, Ripple showed the lowest weighted sentiment, followed by Bitcoin in second lowest place.
Source: Santimento
Cryptocurrency market capitalization declines
Examining AMBCrypto’s cryptocurrency market data on CoinMarketCap revealed a decline in market capitalization over the past 24 hours.
At the time of this writing, the market capitalization had fallen by more than 1.3% to approximately $2.27 trillion. Despite this decline, volume increased, showing an increase of more than 27% to approximately $68 billion.
Additionally, the Fear and Greed Index reflects neutral sentiment, sitting at 55 as of this writing. However, he seemed to be getting closer and closer to fear.
This decline in market capitalization is attributed to the lackluster performance of major assets such as Bitcoin AND Ethereum in the last hours.
Bitcoin and Ethereum remain bearish despite the gains
AMBCrypto’s analysis Bitcoin price action on a daily time frame revealed a setback in its rebound attempt.
The decline was marked by a drop of more than 2% on May 14, bringing the price back to the $61,000 zone.
However, as of this writing, Bitcoin had recovered with an increase of more than 2%, trading above $62,000 again.
Source: TradingView
Light That of Ethereum [ETH] Price forecast 2024-25
Likewise, Ethereum saw a decline of more than 2% in the previous trading session, settling around $2,800. However, as of this writing it had rebounded more than 1%, trading at around $2,900.
Despite these fluctuations, both assets remained in a downtrend, contributing to the overall bearish sentiment in the market cryptocurrency market.
Source: TradingView