Crypto’s red relapse | No bank

Trend down. Crypto assets shook off the recession and managed to hit a green candle last week, but are at risk of falling back into the all-too-familiar red pattern that has been affecting prices since April. What happened this week in the markets and where is the outsized advantage?

With BTC once again pressed against the bottom of its local range and funding rates remaining at relatively healthy levels, bulls could make comfortable entries here if markets maintain their uptrend, but should remain aware that a Breaking $60K support will extend the downside.

Source: Trading View

While the gains made by the total crypto market lagged those of BTC last week, Bitcoin’s dominance fell slightly this week, which can clearly be seen through the strength of some alts amid the broader bearish week.

Two of the leading projects enabling decentralized computing sharing, Akash and Render Network, managed to break away from Nvidia’s performance this week, ranking among the top-performing coins despite the AI ​​heavyweight’s relatively stable performance.

Additionally, The Open Network (TON), a blockchain originally created by the popular messaging app Telegram, was the top performer, recovering more than 22% from crypto fund Pantera’s announcement on May 8 that it had made the token its own. biggest investment of all time.

Unfortunately for Ethereans, their chosen asset was left out of this week’s altcoin rally, with the token not only falling over 10% from its weekly high in dollar terms, but also losing relative strength in the ETH/BTC ratio.

The news that ARK Invest had removed staking from its pending spot ETH ETF application – a feature not considered in the approval process for spot BTC ETFs and the inclusion of which could make approval of an application unfeasible – raised the odds approval ratings increased to 18% in Polymarket.

While some traders interpreted the move as an indication that approval for non-staking applications may be imminent, it appears that participants in more liquid markets continue to prepare for denial given the relatively unchanged nature of the ETH/BTC ratio following the news and the pair’s continued slide ahead of the SEC’s first May 23 decision deadline.

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