- Bearish sentiment dominated the crypto market.
BTC and ETH led the bearish sentiment with their poor price trends.
As a seasoned crypto investor, I’ve seen my fair share of market ups and downs. And based on the current data, I must admit that bearish sentiment dominates the crypto market once again.
Some meme coin investors are rejoicing over substantial price increases in recent times, yet the overall cryptocurrency sector remains relatively quiet.
Based on the latest information, there seems to be a dominant negative attitude towards the market right now. This could signify that a positive trend may emerge soon.
Currently, the market capitalization is dropping, and significant assets have seen value reductions within the last 24 hours.
Negative sentiments dominate crypto market
At present, AMBCrypto’s examination of the crypto market’s Weighted Sentiment, encompassing major cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], and Binance Coin [BNB], indicated a predominantly pessimistic outlook as of now.
From the 8th to the 14th of May, the Santiment chart indicated a pervasive negative sentiment prevailing in the market.
From the 10th to the 16th of April and the 13th to the 19th of March, similar trends of pessimism were noticeable.
As a researcher examining the cryptocurrency market at this moment, I’ve observed that Ripple has displayed the least favorable Weighted Sentiment among all the digital currencies under review. Bitcoin comes in a close second, showing a similarly negative sentiment.
Crypto market capitalization declines
According to AMBCrypto’s analysis of cryptocurrency market data from CoinMarketCap, there has been a decrease in total market value over the past 24 hours.
At the point of this composition, the market capitalization had dropped by more than 1.3%, amounting to roughly $2.27 trillion. In spite of this decrease, trading activity saw a significant uptick, with a 27% jump to around $68 billion in volume.
At the current moment, the fear and greed index showed a balanced sentiment with a reading of 55. Nevertheless, it seemed to be trending towards fear.
The decline in total value of these markets can be linked back to the disappointing trends seen in prominent assets such as Bitcoin and Ethereum over the past few hours.
Bitcoin and Ethereum remain bearish despite increases
Based on their examination of Bitcoin’s price movement on a daily basis, AMBCrypto identified a reversal in its attempt to bounce back.
On May 14th, there was a significant drop of more than 2%, causing the price to retreat and return to the $61,000 range.
Currently, Bitcoin has bounced back, recording a rise of more than 2%, and is now trading above $62,000.
Read Ethereum’s [ETH] Price Prediction 2024-25
In the past trading day, Ethereum saw a decrease of more than 2%, ending near $2,800. However, there was a recovery of over 1% by the time of reporting, with Ethereum being traded around $2,900.
In spite of the ups and downs, those two crypto assets continued to follow a downtrend, fueling the pessimistic atmosphere in the broader cryptocurrency market.
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2024-05-15 17:12