The total crypto market cap has been ranging between the price of $1.19 trillion to $1.36 trillion for the last 3 weeks- which is a tight range of 13%. This range has definitely been encouraging for the 1.6% gains of Ether, along with the 3.5% gains of Bitcoin for the same weeks.
To date, the total crypto market has gone down by 43% in just two months, so most investors seem pretty unlikely to celebrate even if the descending triangle formation does end up breaking to the upside. The worries of the United State regulation seem to be continuously weighing upon investor sentiment. One of the prime examples of such investor sentiment would be the swift decision of Japan to enforce a couple of new laws with the Terra USD collapse.
Crypto Market Cap Could Lose Out On Its Level
This bearish sentiment was seemingly reflected in most of the crypto markets as the Fear and Greed Index, which is a sentiment gauge driven by data, hit 10/100 on the 3rd of June. The indicator has gone down below 20 since the 8th of May, as the total crypto market cap lost the level of $1.7 trillion to reach its lowest level since the 27th of January.
The last two weeks saw the two leading cryptocurrencies putting out presenting modest gains, along with a handful of mid-capitalization altcoins that rallied 13% or higher. One of the leading cryptocurrencies, Waves, rallied by 109% after the liquidity was brought back to Vires Finance and the Neutrino Protocol USDN stablecoin went on to re-establish its peg of $1 after a daily withdrawal of $1000 was imposed on USDC and USDT. This did lend some credibility to the entire crypto market cap.
Another influence on the crypto market cap was Cardano– which gained around 19% as investors did expect the hard fork of Vasil that was scheduled for the 29th of June to improve scalability.
