Ekta Mourya
FXStreet
The cryptocurrency market capitalization holds above $3.45 trillion while the top three cryptos (Bitcoin (BTC), Ethereum (ETH) and XRP are in the green on Wednesday. Sentiment among market participants has improved as the uncertainty surrounding the trade war crisis settles following the Trump’s administration trade deal with the UK and its temporary agreement to lower reciprocal tariffs with China.
The Crypto Fear & Greed Index shows the sentiment has improved steadily over the past week. The indicator reads 73 at the time of writing, up from 67 last week.
Crypto Fear & Greed Index | Source: Alternative.me
Crypto token categories like meme coins, utility tokens and altcoins also extend gains, riding on market optimism.
Data from CoinGecko shows that top 10 cryptocurrencies by market capitalization registered nearly double-digit gains in the last seven days. The total market capitalization of cryptocurrencies barring Bitcoin is back to a level previously recorded in February, just 6.33% away from $1.34 trillion, a key level marked by the upper boundary of a Fair Value Gap (FVG) on the daily price chart.
Crypto total market cap excluding BTC
Ruslan Lienkha, Chief of Markets at YouHodler, told FXStreet that the agreement between the US and China to reduce tariffs is viewed as a positive development for the crypto market. Lienkha believes this could ease inflationary pressures and support global trade flows.
Lienkha said:
“Reduced tariffs can improve liquidity conditions and boost investor confidence, factors that are typically supportive of risk assets, including cryptocurrencies. Reduced trade tensions and improved macro stability should create a more constructive environment for risk assets. While both equities and crypto may benefit, crypto could experience relatively higher upside given its sensitivity to shifts in liquidity and investor sentiment.”
Still, the recent tariff adjustments still leave duties higher than the values noted prior to the initial trade policy shift, the analyst said, so the long-term deflationary impact may therefore be limited and gradual.
Commenting on Bitcoin’s price performance, Lienkha told FXStreet:
“A stable or rising equity market creates favorable conditions for Bitcoin to challenge new all-time highs. Conversely, if equity markets come under pressure, that negative sentiment is typically mirrored in Bitcoin’s price performance.”
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Solana's (SOL) price is nursing minor losses, down almost 2% to trade at $180 at the time of writing on Wednesday. Over the past weeks, the meteoric rise changed the trend from bearish to bullish, reflecting strong risk-on sentiment in the broader crypto market.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continue to show strength as the broader crypto market sustains its bullish momentum. BTC is testing a critical resistance level that could mark a fresh push toward record highs while ETH remains supported by a key level, signaling potential for upward continuation.
The global crypto market capitalization rose by another 2% on Tuesday, retaking the $3.5 market cap milestone after a brief dip towards $3.2 trillion on Monday. In terms of key bullish catalysts, vital figures in the US CPI data released have raised expectations of imminent Fed rate cuts.
Bitcoin (BTC) saw a 1.4% uptick on Tuesday — reclaiming $104,000 — and Ethereum (ETH) gained 9% after the US Consumer Price Index (CPI) for April came in at 2.3%, below market expectations of 2.4%.
Bitcoin price stabilizes around $103,000 on Friday after rallying nearly 10% this week. Risk-on sentiment prevails as Trump announced a trade deal with the UK and ahead of the meeting with China this weekend.
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