Weekly Crypto Market Reports: May 13, 2024 - ICRYPEX (2024)

• May 21, 2024

In the crypto market report prepared by the ICRYPEX Research team and covering the week of May 13 – 20, we compiled the current developments regarding crypto assets, price movements of crypto assets and macroeconomy.

You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period at Weekly Crypto Market Reports: May 13, 2024.

Overview of May 13 Weekly Crypto Market Report

The most important stories of the past week were inflation data from the USA and Jerome Powell’s speech. After Powell’s speech, which was perceived as dovish in tone, the inflation data came in lower than the March data as expected, resulting in a significant rise, especially in the cryptocurrency market.

In this process, we see that Bitcoin, which opened the week at 61,484 levels, closed the week at 66,200 dollars with an increase of nearly 8% and rose to 67,700 during the week. With this rise, the market dominance of Bitcoin, which differs positively compared to Ethereum and many altcoins, increased to 56%. Ethereum, which had a weaker and even seller-like price movement, completed the week at 3070 level, having opened from 2920 levels and testing the 2860 support level, with the rise it made over the weekend. Following Ethereum, which showed much weaker pricing compared to Bitcoin, negative pricing was also seen in altcoins, except for a few sectors.

While the total market value of the crypto asset started the week at 2.20 trillion dollars, it completed the week at 2.334 trillion dollars with a 6% increase. As for altcoins, first of all, it was seen that memecoins, especially PEPE and Floki, became active and made significant increases, along with the news flows about GameStop and the nearly 200% price movement of its share, GME. In the rest of the week, it was seen that LINK, SOL, LPT, ONDO and FTM were the most valuable coins of the week, driven by the news flows. Especially at the beginning of the week, Meme and AI sectors and towards the end of the week, Layer 1 and RWA projects differed positively compared to the market. was seen.

It seems that the expectations for Ethereum ETFs are taking shape further as the announcement gets closer. The clear stance and behavior of the SEC, as well as the changes in ETF applications and the withdrawal of Grayscale’s application the previous week, caused the expectations for ETFs to shift further to negative. Coinbase’s statement that they see the probability of approval of the decision that will come at the end of the month at 30-40% shows that although it is above market expectations, the probability of rejection is higher in their opinion.

Those who want to get more comprehensive information about the week covering May 13 – 20 can review Weekly Crypto Market Reports: May 13, 2024.