Crypto Market Overview

Crypto Market Review

Yesterday, there was finally an update of the year’s highs for BTC, but not for ETH. BTC dominance continues to move towards the coveted 50%, similar periods have occurred before, and the last time such dominance levels were seen was during last year’s market downturn. Unfortunately, investors have not been able to enjoy a full-fledged alt season this year. Perhaps dominance will fall together with a decrease in BTC, and then we will simply see a smooth decline in alts. The external background is positive enough, and there is a chance to see another wave of growth in BTC and ETH today.


SEC Chairman Gary Gensler said that there is no need for additional legislation for cryptocurrencies, and that tokens can be considered either securities or commodities.

Unexpectedly positive data from Europe:

  • In Germany, inflation is decreasing.
  • In Italy, consumer inflation is practically unchanged and producer inflation looks positive.
  • In Spain, inflation is 3.3% with a forecast of 3.8%.
  • At 15:30, data on US GDP and unemployment will be released. There is unlikely to be a strong market reaction.
  • From 19:45, there will be several speeches by members of the Federal Reserve, where a more significant market reaction is possible, most likely negative.

Basic scenario

Moderate correction closer to the evening. I expect mixed dynamics in alts, and we will definitely see several more big pumps by the end of the week.

Alternative scenario, during the American session, there could be another test of the $29,000 – $30,000 zone.