The Market Turnover Declined
The market value of cryptocurrencies went up to approximately US$1.32 trillion last week. Bitcoin was range-bound at approximately US$30,000, while the turnover of both spot and futures markets fell. Almost half of the top 100 coins went up, indicating a better market performance than last week, but lacking an overall market direction. The U.S. Bureau of Labor Statistics released the new employment data that non-farm payrolls increased by 390,000 in May, above the estimation of 320,000, while the growth in April was 428,000, which is the lowest monthly gain since April 2021. Wages rose by 3% month-on-month in May, falling short of the expectation of 4%. The Ropsten testnet, Ethereum’s longest-lived Proof-of-Work testnet, is moving to Proof-of-Stake with the Merge scheduled on June 8. Many view this merge as a “rehearsal” for the future of the Ethereum mainnet. Vitalik Buterin indicated previously that the main net merge would take place in August at the earliest. The Bitcoin Lightning Network’s capacity attained an all-time high of over 3900 BTC, while Bitcoin mining difficulty fell by 4.3%, it’s biggest drop since August 2021. The NFT CC0 NFT project Goblintown was one of the actively traded NFT projects last week. The overall market lacked new points of interest and momentum. With weak performance of both the mainstream coins and altcoins, the market is still expected to hover at a low level under macro pressure.
- Total market value increased. Last week, the total market value of digital assets increased to around US$1.32 trillion. Bitcoin was range-bound at approximately US$30,000.
- Performance of top 100 digital assets was mixed. Last week, among the top 100 digital assets, 43 witnessed decline, while 57 staged growth.
- Exchanges showed a decline in turnover. Last week, turnover on the 10 exchanges tracked by us decreased by 5%. Binance moved down by -5.6%. Bitfinex, Bitstamp and Coinbase recorded changes of 7.8%, -3.9% and -1.3%, respectively.
- Turnover of futures declined. Turnover of Bitcoin futures and Ethereum futures dropped by 10.7% and 19% respectively.
- Turnover of DEXes increased to approximately US$11 billion. Weekly turnover of DEXes dropped by 15.3% as compared to last week.
- Turnover of OpenSea increased to approximately US$0.25 billion. Weekly turnover of OpenSea went up by 14% as compared to last week.
Digital Currency Market Capitalization Change:
Source: HashKey Capital Research, Coin360
Bitcoin Futures Daily Trading Volume:
Source: HashKey Capital Research, The Block
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