Cryptocurrency Market Overview
Monday, May 27, 2024
Bitcoin: Throughout the day, Bitcoin moved within the range of $68,137 to $69,536.
Market Capitalization: $2.52 trillion
Dominance Index: 53.93%
Fear Index: 74
Stock markets are performing well: the yield on 10-year bonds is decreasing, the dollar index is around 104.6, Asian indices are rising, and the S&P 500 futures are mostly steady.
There will be no trading on the American markets today. Notable data releases this week include the Beige Book on May 29, 2024, GDP and labor market data on May 30, 2024, and the PCE Price Index on May 31, 2024.
After recent reports, the markets appear strong, with indices reaching new highs several times. This is primarily due to the renewed generation of money, increasing liquidity in the system. From June, the process will accelerate as the Federal Reserve begins bond purchases, announced earlier this month.
Bitcoin: Bitcoin has encountered resistance in the $69,300 - $69,500 range, with support at $68,500 - $68,300. It is likely to continue moving within this range today. An alternative scenario would be a consolidation above $69,500.
Ethereum: Ethereum has attempted twice to rise above $3,950, but so far, it has not succeeded. However, the trend remains positive.
Dominance Index: The dominance index continues to decline, signaling a potential altcoin season.
Signs of an approaching altcoin season:
1. Dominance index moving towards 53-52%
2. Ethereum consolidating above $4,000
3. Total market capitalization remaining above $2.5 trillion
4. Market capitalization excluding Bitcoin above $1.2 trillion
From the listed signs, we see the completion of point 3 and movement in the right direction for point 1. In the next 24 hours, we might see point 2 (Ethereum above $4,000) achieved, which would significantly indicate the start of the altcoin season.