Crypto Market Cap Slumps 3% in Seven Days
The crypto market capitalization fell over the last seven days although slight upticks have been recorded today as the price rebounds. The total market cap plunged 3.2% this week as sentiments plummeted across Bitcoin (BTC), altcoins, and memecoins.
The low sentiments saw the price of Bitcoin drop below $61,000 although net inflows have been recorded in multiple assets. Despite the crypto market’s bottom, several bulls are keen on a future market rise with the increased market and macroeconomic conditions.
Bitcoin and Altcoins Post Weekly Losses
The wider crypto market recorded lows with some assets showing double-digit losses. Market leader Bitcoin saw 0.5% weekly losses as its 2% daily gains wiped off losses. Recent flows place the monthly performance of BTC in the green zone above 1.3%.
Ethereum and Solana posted weekly outflows of 2.57% and 0.78% respectively. Both assets have also seen daily gains as the crypto market picked up on Monday. Ethereum has seen short-term losses due to reduced institutional investment in its products. Despite anticipation, for spot Ethereum ETFs, sentiments have slowed in recent weeks.
Ripple (XRP) tanked 6.85% in the last seven days amid its ongoing lawsuit with the Securities and Exchange Commission (SEC). Avalanche (AVAX) and Chainlink (LINK) posted larger weekly losses of 12.92% and 8.27%. Memecoins also recorded plunging figures 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 in the last seven days.
Factors Behind The Crypto Market
The short-term fall in the crypto market cap was due to reduced institutional investment in the market as a result of plunging sentiment. The SEC’s approach to crypto regulation has made investors skeptical of the market.
Despite this plunge, crypto bulls tip a run on the back of an anticipated increase in macroeconomic factors. The stock market has also seen slight upticks with uses anticipated similar inflows to stocks.
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