Proactive Investors - Bitcoin (BTC) had a positive trading session on Monday, adding 0.9% in the green to close around US$27,160.
This morning’s Asia trading session has remained relatively unchanged, with bulls reclaiming the US$27,200 price point.
Bitcoin (BTC) has been largely bearish in May – Source: currency.com
Binance’s order book suggests a short-term resistance point pitched at US$27,400 and support at US$27,100, though intraday price action is showing a large degree of volatility driven by historically low trading volumes.
Underscoring the current unease among bitcoin investors is the fact that exchange-traded long-bitcoin futures products including CoinShares (ST:CS) and ProShares saw the fourth straight week of outflows in the seven-day period ending May 12, with a total of US$37.5mln being withdrawn, according to CoinShares’ latest report.
Short-bitcoin products also saw outflows of US$10.4mln.
CoinShares’ data show the degree to which bitcoin has been dominating the cryptocurrency investment scene in recent weeks and months, with over 89% of outflows comprising bitcoin EFT products, and barely one percent comprising Ethereum ETF products.
Altcoin ETF products barely register any activity at all.
In pure market capitalisation terms, bitcoin’s dominance is at 47.89%, marking a 13.7% year-to-date increase.
Ethereum also closed Monday in the green, adding 0.94% to SU$1,816, with a push above US$1,820 this morning.
Any long-tail price rally in the blue-chip space will be dependent on a return of liquidity into the market, which remains persistently low as investors remain wary of risk-on assets such as bitcoin.
Litecoin leads the altcoins
In anticipation for the next halving event on August 2, Litecoin (LTC) remains by far the strongest player in the altcoin space.
Week on week, LTC is up nearly 13%, bringing the payment coin’s market capitalisation close to the US$6.5bn mark.
In comparison, Ripple (XRP), Cardano (ADA) and Solana (SOL) have added low single digits, while Polygon (MATIC) is down 3.5% and BNB and Dogecoin are down less than 1%.
Global cryptocurrency market capitalisation dipped 1% to US$1.13tn overnight.
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