Market capitalization of crypto-currencies in may fell by 26%
Chain of negative events continues to haunt the cryptocurrency market, as a result, total market capitalization for the month plunged more than 26% from $439 billion as at April 29, to $323 billion as of may 29. Course reference of cryptocurrency Bitcoin (BTC) has grown in the last 24 hours by 2.3% to $7,400 after the correction to $7,100, about which determined the future direction of the reference coins.
The data of the Chicago Mercantile exchange (CME) show the increase in bearish sentiment among large speculators increased their net position on the sale of contracts up to maximum for the last 4 weeks prior to 0.44 million (+0.07 million), which may indicate a further decline in Bitcoin (BTC).
The community is also concerned about the assumption that team EOS has fallen off course Ethereum (ETH) 28 may due to massive sales on Bitfinex. The volume of trading on the crypto currency exchange within an hour has increased by 9 times. Recently the project got rid of 1.3 coins ETH, which could not have a negative impact on the course.
Moreover, the market realized that the entire sector ICO to pressure on the course ETH, as the money for projects involved in this cryptocurrency, so after raising funds they will have to spend to bring in Fiat and the Finance charges in the real world.
With all the prevailing market negative holders rating Agency Weiss Ratings still believe that the U.S. government inevitably recognize the authority of cryptocurrency in the world financial system, while now this and prevent excessive volatility and a low degree of regulation. In the end cryptocurrency will be in the banking sector, as Uber taxi.
The current correction is a “purification by fire”. The cryptocurrency market is now leaving speculators winter wave of hype, random non-professional investors and panic-salary disposing of their assets near the levels at which large investors are just beginning to think about buying. However, the point of the bottom of pessimism is not yet completed, as the community continues to believe in the future, so the market is where to fall.