- The crypto market is currently experiencing a bearish sentiment, with large-cap assets seeing declines in prices.
- Bitcoin (BTC) and Ethereum (ETH) are leading this bearish trend with their poor price performance.
- Despite some meme coins seeing significant gains, the broader cryptocurrency market appears subdued.
As Bitcoin and Ethereum lead a bearish trend, the crypto market sees a decline in prices. Despite some meme coins gaining, the overall market sentiment remains negative.
Bearish Sentiment Dominates Crypto Market
The broader cryptocurrency market is currently subdued, with recent data indicating an overall negative sentiment. This could potentially pave the way for an uptrend in the near future. However, at present, the market capitalization is on the decline, with major assets experiencing decreases in value over the past 24 hours.
Negative Sentiments and Declining Market Capitalization
Analysis of the crypto market’s Weighted Sentiment, focusing on large-cap assets such as Bitcoin [BTC], Ethereum [ETH], and Binance BNB, reveals a prevailing negative sentiment. The Santiment chart illustrates a bearish sentiment across the market from the 8th to the 14th of May. Similar patterns of universal bearishness were observed from the 10th to the 16th of April, as well as the 13th to the 19th of March. At press time, Ripple exhibited the lowest Weighted Sentiment, with Bitcoin following closely as the second lowest.
Bitcoin and Ethereum Remain Bearish Despite Increases
Bitcoin’s price trend on a daily timeframe reveals a setback in its attempted rebound. The decline was marked by an over 2% decline on the 14th of May, bringing its price back to the $61,000 zone. However, at the time of this writing, Bitcoin had recovered with an over 2% increase, trading above $62,000 once again. Similarly, Ethereum experienced a decline of over 2% in the previous trading session, settling around $2,800. Nevertheless, it had rebounded by over 1% at the time of writing, trading at approximately $2,900. Despite these fluctuations, both assets remained in a bearish trend, contributing to the overall bearish sentiment in the crypto market.
Conclusion
While some meme coins are seeing significant gains, the broader crypto market is currently experiencing a bearish sentiment. This is largely due to the poor price performance of Bitcoin and Ethereum. Despite some recovery, both assets remain in a bearish trend, contributing to the overall negative sentiment in the market. As the market capitalization continues to decline, it remains to be seen whether this trend will continue or if an uptrend is on the horizon.
