Despite many uncertainties, the cryptocurrency market has been performing well and is actually quite strong until today. The market has stabilized after a period of recovery last month and the positive results of the US employment rate. The US government added 272,000 jobs in May, which is much higher than any expectations and forecasts. However, the current political changes and other reasons have led to the situation of falling markets.

According to the Fear and Greed Index, greed levels have fallen today, and with it the global market cap. The market cap has decreased by 2.82% after individual cryptocurrencies fell, and is currently at $2.47 trillion. Almost all other cryptocurrencies are trending down today, and the heat map of the cryptocurrency market is showing red.

The biggest factor affecting the cryptocurrency market should be the results of the EU parliamentary elections. These results affect the sentiment of cryptocurrency users towards the upcoming regulation and discussions in the industry. In addition, economic factors have become another factor. When the European Central Bank announced a 25 basis point interest rate cut, it was originally good news, but economic growth may have an impact on cryptocurrencies.

Furthermore, the Bitcoin chart showed the presence of a bear flag pattern earlier, which led to a drop in price. Due to Bitcoin's dominance, its price has a significant impact on the performance of the cryptocurrency market. Bitcoin's dominance has surpassed the 54% mark and is currently at 54.2%, which is quite high. However, analysts do not expect a continued drop in Bitcoin's price, which is good news. But this does not mean that the market will be fine. Ethereum's price is already struggling, and if it falls further, investors will not be able to bear it.

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