Any dip buyers left? Bulls are largely absent as the total crypto market cap drops to $1.65T By Cointelegraph

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Any dip buyers left? Bulls are largely absent as the total crypto market cap drops to $1.65T

The total crypto market capitalization has been trading within a descending channel for 24 days and the $1.65 trillion support was retested on May 6. The drop to $1.65 trillion was followed by (BTC) reaching $35,550, its lowest price in 70 days.

Total crypto market cap, USD billion. Source: TradingView

In terms of performance, the aggregate market capitalization of all cryptocurrencies dropped 6% over the past seven days, but this modest correction in the overall market does not represent some mid-capitalization altcoins, which managed to lose 19% or more in the same time frame.

Weekly winners and losers among the top 80 coins. Source: Nomics
(USDT) peer-to-peer vs. . Source: OKX
Accumulated 7-day perpetual futures funding rate. Source: Coinglass