- Bearish sentiment dominated the crypto market.
- BTC and ETH led the bearish sentiment with their poor price performance.
While holders of certain meme coins may be celebrating significant gains in recent days, the broader cryptocurrency market appears subdued.
Recent data has indicated overall negative sentiment in the market, potentially paving the way for an uptrend in the near future.
However, as of now, the market capitalization has been declining, with major assets falling in value over the past 24 hours.
Negative sentiments dominate the crypto market
AMBCrypto’s weighted sentiment analysis of the crypto market, focusing on large-cap assets like Bitcoin [BTC]Ethereum [ETH]and Binance BNB revealed an overall negative sentiment at the time of writing.
The Santiment The chart illustrated bearish sentiment in the market from May 8 to 14.
Similar patterns of universal bearishness were observed from April 10 to 16, as well as from March 13 to 19.
At the time of writing, Ripple showed the lowest weighted sentiment, while Bitcoin followed closely as the second lowest.
Source: Santiment
The market capitalization of cryptocurrencies is declining
AMBCrypto’s research into the crypto market data on CoinMarketCap revealed a drop in market capitalization over the past 24 hours.
The market cap had fallen by more than 1.3% to around $2.27 trillion at the time of writing. Despite this decline, volume has soared, up more than 27% to approximately $68 billion.
Furthermore, the fear and greed index reflected neutral sentiment, which stood at 55 at the time of writing. However, it seemed to be getting closer to fear.
This drop in market capitalization is attributed to the lackluster performance of major assets such as Bitcoin and Ethereum in recent hours.
Bitcoin and Ethereum remain bearish despite gains
AMBCrypto’s analysis of Bitcoin price movement on a daily time frame revealed a setback in the attempted recovery.
The decline was marked by a drop of more than 2% on May 14, bringing the price back to the $61,000 zone.
However, at the time of writing, Bitcoin had recovered with an increase of over 2% and was once again trading above $62,000.
Source: TradingView
Read Ethereum’s [ETH] Price forecast 2024-25
Similarly, Ethereum saw a decline of more than 2% during the previous trading session, reaching around $2,800. Nevertheless, at the time of writing, the stock was up more than 1%, trading at around $2,900.
Despite these fluctuations, both assets remained in a bearish trend, contributing to the overall bearish sentiment in the crypto market.
Source: TradingView