Crypto and Macro Weekly Recap
Last week, US equity markets outshined cryptocurrencies as Ether (ETH) experienced a slight decline of 1.1% and Bitcoin dipped by 3.5%.
In contrast, the US stock market witnessed gains, with the NASDAQ index rising by 2.0% and the S&P 500 climbing by 1.8%. The European top 600 stocks index closed slightly lower. The positive performance of US stocks were fueled by the raise of the US debt ceiling and a robust jobs report, which revealed non-farm payrolls rising significantly above economists’ estimates. The US labor market’s strength suggests the possibility of the Federal Reserve considering further interest rate hikes to combat inflation. However, market expectations indicate that the Fed may pause and wait for more data before proceeding with future rate increases. The focus now shifts to upcoming inflation data and the Fed’s next moves, as investors anticipate the release of the US CPI for May 2023.
Performance for week 22
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The Digital Asset market sentiment (Crypto Fear & Greed Index) went up by 1 point to 53/100, indicating Neutral, compared to a week ago. The Total Cryptocurrency Market Cap gained around 1.7% compared to a week ago and stays at around 1.145 billion. Ethereum (ETH)’s Dominance increased to 19.9% while Bitcoin (BTC)’s Dominance slightly dropped to 45.9%.
WHAT TO WATCH FOR: The next monetary policy meeting for the FED: June 13-14th, 2023 and for the ECB: June 15th, 2023; US headline and core CPI figures for May 2023 will be released June 13th, 2023, at 08:30 AM ET.
Weekly Performance of Top Cryptocurrencies
Bitcoin price of $26,425.82 is down -2.88% in the last 24 hours and down -5.85% in the last 7 days.
Bitcoin (BTC) Technical Analysis. See Technical Analyses for 60 cryptocurrencies.
Trade setup: After topping out at $31K, price has been consolidating in a Channel Down pattern. We wait for a breakout. Bullish breakout above $28K would indicate Uptrend resumption, with upside to $32K resistance. Bearish breakout below $25K would indicate onset of downtrend, with downside risk to $21.5K thereafter.
Source: altfins.com
Top projects with the lowest Market Cap / TVL (Total Value Locked) ratio include: Stacks, Tranchess, Tornado Cash and ASTRO.
Market Cap / TVL represents market capitalization of a project divided by total value locked. A ratio below 1.0 means the token is possibly undervalued, while a ratio above 1.0 signals that the project is possibly overvalued. Investors can also compare this valuation metric with other similar projects (peers) to determine possible under- or over-valuation. It helps investors and traders to filter thousands of tokens and select only those that have a potential to grow in value.
Market Cap / Total Value Locked (TVL)xxx
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