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▲ Bitcoin (BTC), Nasdaq (NASDAQ)/ChatGPT Generated Image ©
The New York stock market has plummeted due to geopolitical risks, but the cryptocurrency market is showing signs of 'decoupling' by continuing its upward trend.
According to CoinMarketCap, as of 9:57 AM KST on May 5, the total cryptocurrency market capitalization rose by 1.7% from the previous day to approximately $2.64 trillion. Bitcoin (BTC), the market's leading asset, recorded $80,110.44, and Ethereum (ETH) recorded $2,357.07, both maintaining an upward trend of around 2% over 24 hours. The market's Fear & Greed Index remained in the 'neutral' zone at 47, and the Altcoin Season Index was 38, interpreted as still being in the pre-entry phase of a full-fledged altcoin market.
Major altcoins also showed a synchronized upward trend. XRP recorded $1.39, Solana (SOL) $84.30, and Dogecoin (DOGE) $0.1107, continuing a moderate upward movement. Dogecoin, in particular, showed relatively strong performance with an 11.78% increase on a weekly basis. Stablecoins such as Tether (USDT) and USD Coin (USDC), on the other hand, maintained a stable flow around $1.
This uptrend is noteworthy for its divergence from traditional financial markets. The New York stock market showed weakness with the Dow Jones falling by 1.13%, the S&P500 by 0.41%, and the Nasdaq by 0.19%, due to escalating US-Iran tensions and risks in the Strait of Hormuz. While soaring international oil prices and rising treasury yields fueled inflation concerns, cryptocurrencies, conversely, saw an influx of funds, highlighting their nature as alternative assets.
Behind this bullish trend are institutional demand centered on Bitcoin and expectations for regulation. Recent large-scale Bitcoin purchases by corporations and continuous inflows into Bitcoin spot ETFs have strengthened the demand base, and expectations for the passage of US cryptocurrency market structure bills and the Clarity Act are also supporting investor sentiment. Additionally, a rotation into some altcoins is continuing, expanding the overall market's gains.
In the short term, whether Bitcoin maintains its $80,000 support level is considered a key variable that will determine market direction. If this price range is maintained, a test of the $84,000-$85,000 range is expected, but if it falls below $77,000, a correction is also possible. The current trend is dominated by cautious optimism, and the direction is expected to be determined by ETF fund flows and macroeconomic variables.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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