Market selling might ease, but traders are on the sidelines until BTC confirms $20K as support By Cointelegraph


Market selling might ease, but traders are on the sidelines until BTC confirms $20K as support

The total crypto market capitalization fell off a cliff between June 10 and 13 as it broke below $1 trillion for the first time since January 2021. (BTC) fell by 28% within a week and Ether (ETH) faced an agonizing 34.5% correction.

Total crypto market cap, USD billion. Source: TradingView

Presently, the total crypto capitalization is at $890 million, a 24.5% negative performance since June 10. That certainly raises the question of how the two leading crypto assets managed to underperform the remaining coins. The answer lies in the $154 billion worth of stablecoins distorting the broader market performance.

Crypto Fear and Greed Index. Source: alternative.me
Weekly winners and losers among the top 80 coins. Source: Nomics
(USDT) peer-to-peer vs. . Source: OKX
Accumulated perpetual futures funding rate on June 17. Source: Coinglass