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Altcoin prices briefly rebounded, but derivatives metrics predict worsening conditions

Published 05/20/2022, 03:15 PM
Updated 05/20/2022, 05:00 PM
Altcoin prices briefly rebounded, but derivatives metrics predict worsening conditions
USD/CNY
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USDT/USD
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LUNAt/USD
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On May 12, the total crypto market capitalization reached its lowest close in 10 months and the metric continues to test the $1.23 trillion support level. However, the following seven days were reasonably calm while Bitcoin (BTC) gained 3.4% and Ether (ETH) added a modest 1.5%. Presently, the aggregate crypto cap stands at $1.31 trillion.

Total crypto market cap, USD billion. Source: TradingView

Ripples from Terra's (LUNA) collapse continue to impact crypto markets, especially the decentralized finance industry. Moreover, the recent decline in traditional markets has led to a loss of $7.6 trillion in market cap from the Nasdaq Stock Market Index, which is higher than the dot-com bubble and the March 2020 sell-offs.

Weekly winners and losers among the top 80 coins. Source: Nomics
Tether (USDT) peer-to-peer vs. USD/CNY. Source: OKX
Accumulated perpetual futures funding rate on May 20. Source: Coinglass

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