Total Crypto Market Capitalization falls to $1.07 trillion notwithstanding the fact that data revealing that traders are less willing to sell. A slight recovery seems to be in the offing with Tether discount improving and future premium for Bitcoin (BTC) and Ethereum (ETH) showing positive trends.
The fortunes in the crypto sector were not good and there has been a steady fall in its market cap. At present the market cap is $1.07 trillion. The free fall of Bitcoin (BTC) has slowed to about 2% and ETH is also experiencing a price correction of 5%.
There is a close relation between the Consumer Price Index and crypto and stock markets. The CPI for June 10 was 8.6% year-on-year increase. The ramification was immediately felt on the Crypto Market Capitalization.
Mid-Cap Altcoins Facing Bearish Sentiments
The poor macro economic status has increased the climate of uncertainty and the Federal Reserve’s inability to retrain inflation is showing upon the Crypto Market . The Fear and Greed index which reveals market sentiments ha hit11/100 on June 9 and the data-driven sentiment gauge has been below 20 since May 8 showing high bearish sentiments.
Crypto Fear & Greed Index
The Fear and Greed index reveals that a general feeling of pensiveness is prevalent among crypto traders. However it also represents a golden period to buy.
This persistent “extreme fear” reading indicates that investors are worried but, at the same time, it supposedly presents a buying opportunity.
In the past one week Altcoins showed mixed fortunes.
- Chainlink (LINK) rallied 22%
- Theta Token (THETA) gained 9.7%
- WAVES lost 28%
Data Shows Traders Are Not Selling
The selling pressure has significantly reduced and traders are not willing to sell. This reveals that the present stage of bearish sentiments is not permanent and traders forecast an improvement in the situation in the Crypto Market in the coming days.