Total crypto market cap risks a dip below $1 trillion if these 3 metrics don’t improve

The total crypto market capitalization has ranged from $1.19 trillion to $1.36 trillion for the past 23 days, which is a relatively tight 13% range. During the same time, Bitcoin’s (BTC) 3.5% and Ether’s (ETH) 1.6% gains for the week are far from encouraging.

To date, the total crypto market is down 43% in just two months, so investors are unlikely to celebrate even if the descending triangle formation breaks to the upside.

Total crypto market cap, USD billion. Source: TradingView

Regulation worries continue to weigh investor sentiment, a prime example being Japan’s swift decision to enforce new laws after the Terra USD (UST) — now known as TerraUSD Classic (USTC) — collapse. On June 3, Japan’s parliament passed a bill to limit stablecoin issuing to licensed banks, registered money transfer agents and trust companies.

A few mid-cap altcoins rallied, but overall sentiment was unaffected

The bearish sentiment was clearly reflected in crypto markets as the Fear and Greed Index, a data-driven sentiment gauge, hit 10/100 on June 3. The indicator has been below 20 since May 8, as the total crypto capitalization lost the $1.7 trillion level to reach the lowest level since January 27.

Crypto Fear & Greed Index. Source:

Below are the winners and losers from the past seven days. While the two leading cryptocurrencies presented modest gains, a handful of mid-capitalization altcoins rallied 13% or higher.

Weekly winners and losers among the top 80 coins. Source: Nomics

Waves rallied 109% after liquidity was brought back to Vires Finance and the Neutrino Protocol USDN stablecoin re-established its $1.00 peg after a $1,000 daily withdrawal limit was imposed on USDT and USDC.

Cardano (ADA) gained 19% as investors expect the “Vasil” hard fork scheduled for June 29 to improve scalability and smart contract functionality, incentivizing deposits to the long-hyped decentralized finance applications on the network.

Stellar (XLM) hiked 18.6% after the remittance giant MoneyGram partnered with the Stellar Development Foundation, launching a service that allows its users to send and convert stablecoins into fiat…



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