The total crypto market capitalization has been trading within a descending channel for 24 days and the $1.65 trillion support was retested on May 6. The drop to $1.65 trillion was followed by Bitcoin (BTC) reaching $35,550, its lowest price in 70 days.
Total crypto market cap, USD billion. Source: TradingView
In terms of performance, the aggregate market capitalization of all cryptocurrencies dropped 6% over the past seven days, but this modest correction in the overall market does not represent some mid-capitalization altcoins, which managed to lose 19% or more in the same time frame.
As expected, altcoins suffered the most
In the last seven days, Bitcoin price dropped 6% and Ether (ETH) declined by 3.5%. Meanwhile, altcoins experienced what can only be described as a bloodbath. Below are the top gainers and losers among the 80 largest cryptocurrencies by market capitalization.
Weekly winners and losers among the top 80 coins. Source: Nomics
Tron (TRX) rallied 26.9% after TRON DAO rolled out a USDD, a decentralized stablecoin, on May 5. The algorithmic stablecoin is connected to the Ethereum and BNB Chain (BNB) through the BTTC cross-chain protocol.
1inch (1INCH) gained 5.6% after the decentralized exchange governance application became Polygon’s (MATIC) network leader by completing 6 million swaps on the network.
STEPN (GMT), the native token of the popular move-to-earn lifestyle app, declined 35.7%, adjusting after a 70% rally between April 18 and April 28. A similar movement happened to Apecoin (APE) after the token pumped 94% between April 22 and April 28.
The Tether premium flipped negative on May 6
The OKX Tether (USDT) premium gauges China-based retail demand and it measures the difference between the China-based peer-to-peer trades and the United States dollar.
Excessive buying demand puts the indicator above fair value at 100%. On the other hand, Tether’s market offer is flooded during bearish markets, causing a 4% or higher discount.
Tether (USDT) peer-to-peer vs. USD/CNY. Source: OKX
The OKX Tether premium peaked at 1.7% on April 30, indicating some excess demand from retail. However, the metric reverted…