In the crypto market report prepared by the ICRYPEX Research team and covering the week of May 6 – 13, we compiled the current developments regarding crypto assets, price movements of crypto assets and macroeconomy.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period at Weekly Crypto Market Reports: May 6, 2024.
Overview of May 6 Weekly Crypto Market Report
We see that the entire cryptocurrency market, especially Ethereum, left behind negative pricing with the negative news flows from the USA last week, especially on Mondays and Tuesdays. The cryptocurrency market, which remained at the bottom levels throughout the weekend, especially with the sales pressure on Friday, experienced a significant increase with the opening of the European market, although it was once again exposed to sales pressure with the beginning of the week. While the total cryptocurrency market value ended the week at $2.20 billion with a 4% decrease, Bitcoin ended the week at $61,400 with a 3.95% decrease.
During this period, Bitcoin dominance increased and reached 55.20%. Ethereum, which showed a weak performance compared to the market due to negative news, completed the week at 2929 levels with a decrease of 6.60% and received support from the 2870 region, which can be interpreted positively. Ethereum dominance has fallen below 16% for the first time since July 2022.
Turning to ETFs, although we started the week with small inflows into GBTC, the decrease in the amount of inflows and the slight outflows in GBTC caused a negative outlook in ETFs. ETFs managed to close the week with an entry in the total view. While the total amount of incoming assets remained at the level of 11.68 billion dollars, the amount of assets under management of the funds completed the week above 50 billion dollars. In this process, the fact that JPMorgan and Wells Fargo invested, albeit weakly, in Spot Bitcoin ETFs, especially on Friday, was one of the developments that increased the positive expectations of the market.
Those who want to get more comprehensive information about the week covering May 6 – 13 can review Weekly Crypto Market Reports: May 6, 2024.
