Bitcoin is down 9.4% over the past week, ending at around $31,000. Ethereum lost 16.1%, while other leading altcoins in the top 10 fell from 13.9% (Binance Coin) to 25.4% (Solana).

The total capitalisation of the crypto market, according to CoinMarketCap, sank 15% over the week to $1.30 trillion. The bitcoin dominance index jumped 2.9 points to 44.4% over the same period due to a sharp weakening of altcoins.

The cryptocurrency fear and greed index fell 8 points in the week to 10 and continues to be in "extreme fear". By Monday, the index had climbed to 14 points, thanks to the cryptocurrency market's retreat from local lows at the end of last week.

Bitcoin has declined for six weeks in a row, along with stock indices. A prolonged one-way move in Bitcoin was last seen in late 2018 when the first cryptocurrency hit a cyclical bottom. That was followed by many more months of sluggish momentum, so investors have an essential question: choose a low point to buy or join the move when it is certain. Prudence suggests that it is less risky to follow the second strategy.

Last week's decline intensified after breaking through last year's lows near $30,000, becoming the most significant weekly drop since January.

The story of the Terra (LUNA) crash and the TerraUSD stablecoin project added to the negativity on the crypto market, hitting all altcoins hard.

According to Global Macro Investor CEO Raul Pal, May and June will be the most worrying months, so a new wave of sell-offs in the crypto market is inevitable.

Legendary investor Bill Miller said he sold some of his BTC holdings. Although bitcoin may continue to decline in the short term and even drop by half from current levels, Miller looks at bitcoin positively and expects it to grow over a long time.

Robert Kiyosaki, the world-famous author of the bestselling book Rich Daddy, Poor Daddy, is looking to buy bitcoin once it tests the 'bottom' at $17,000. The businessman has once again expressed distrust of the US government. of a new wave of long-term growth, the first impulse of which was in 2018-2020, followed by a prolonged wide side trend. A potential bull target, in this case, could be the $2500 area. 

Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why LUNA traders do not have to be in the market all the time

Why LUNA traders do not have to be in the market all the time

Terra (LUNA) price action has slipped below a critical level outlined a few days ago. As price action moves start to get smaller, a big move is set to happen, but it is very cloudy to see where that move will be going.

More Terra News

SEC vs. Ripple case, two key decisions awaited by XRP holders

SEC vs. Ripple case, two key decisions awaited by XRP holders

XRP holders are awaiting key decisions in the SEC vs. Ripple case. Experts believe judge Sarah Netburn could rule on the two key decisions in the lawsuit against payment giant Ripple. 

More Ripple News

MATIC price explodes as Polygon achieves Carbon neutrality

MATIC price explodes as Polygon achieves Carbon neutrality

MATIC’s purchase of carbon credits through KlimaDAO partnership represented 104,794 tonnes of greenhouse gasses, equivalent to the Ethereum scaling solution’s debt since 2019. Carbon neutrality has fueled a bullish sentiment among traders and 

More Polygon News

Things have suddenly changed for the Shiba Inu price, is the bottom in?

Things have suddenly changed for the Shiba Inu price, is the bottom in?

Shiba Inu price may have bottomed but this can only be confirmed if the current rally persists. Traders should be aware of several factors. Shiba Inu price has suddenly changed as the bulls have printed a significantly large bullish engulfing candle on the daily chart. 

More Shiba Inu news

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP