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Bitcoin dominance increasing
Bitcoin’s role as the most trusted cryptocurrency has been clear over the past week, as its market share is climbing while the market is crashing.Although the bitcoin price is down 13% over the past seven days, we see a massive increase in the bitcoin dominance. After increasing by 2.9%, it’s now sitting at 44.4%, the highest level since October.Preview
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Extreme fearfulness in the broad financial markets
The Fear and Greed Index has signaled extreme fear for almost one month, an unusually long period of such a negative market sentiment. Crypto market participants are not alone in feeling extremely fearful, as CNN's Fear & Greed Index for the stock market bottomed at 7 last week, the most fearful level since the covid-crash more than two years ago. We have seen this general fearfulness play out in the financial markets as traditional safe-haven assets like the USD has increased in value relative to most other assets.Preview
Seven red weeks in a row for bitcoin – First time in its existence
Another red week for bitcoin, as the price fell all the way down to ~$25,300 last week before recovering sharply.This marked the seventh consecutive red week for bitcoin. This has never been seen before in bitcoin’s existence and clearly shows the bearish sentiment in the market at the moment.We have to go back to December 2020 to find the last time bitcoin was below $25,500. However, the price bounced quickly this week and closed above $31,000.Preview
Bitcoin spot volume continues higher
The 7-day average real* bitcoin spot volume continues to increase and is now sitting just below this year’s high from January. Four of the previous seven trading days saw more than $10 billion in volume, as the combination of the Luna situation and the general fearfulness in the financial markets spurred increased trading activity. As usual, volumes calmed down over the weekend, but the weekend still saw almost twice as high volumes as the average weekend volume in April.Preview
Volatility pushing towards yearly high
Bitcoin’s 7-day volatility continues increasing and is now sitting close to its highest level in 2022. Unlike the last volatility spike in March, bitcoin’s elevated volatility this time was caused by several sizeable downwards price movements. This chart only considers the daily volatility, and although it has been high lately, the intraday volatility has been even more elevated, reaching its highest level in one year.Preview