Bitcoin and other major cryptocurrencies were observed trading in the red on Sunday evening as the global cryptocurrency market cap declined by 1.1% to $1.63 trillion.

The apex cryptocurrency did not receive a boost, at the time of publishing, from the news that President Nayib Bukele of El Salvador — who is a major backer of the digital coin — declared victory in the country’s presidential elections.

Bukele announced on X, formerly Twitter, that he had won the election with more than 85% of the votes and a minimum of 58 of 60 deputies in the nation’s assembly, calling it a “record” in democratic history.

It should be noted that the official declaration of results was yet to come in at the time of publishing this report.

Investor sentiment leaned towards greed on the eve of a fresh trading week. The “Crypto Fear & Greed Index” by Alternative was observed hovering at “Greed,” unmoved since last week.

Top Gainer (24-Hours)

Macro Economic Buzz: During an appearance on CBS News’ 60 Minutes program, Federal Reserve Chair Jerome Powell acknowledged that inflation was not yet dead. He emphasized the need to see “more good data” before deciding on cutting interest rates.

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Analyst Takes

Cryptocurrency trader Michaël van de Poppe said during the weekend that the second-largest cryptocurrency by market cap, Ethereum, is holding up the crucial support level of $2,150. He said that as long as it does that and its upward grind continues “I still think we’ll see $3,000+ in Q2.”

Meanwhile, cryptocurrency analyst Ali Martinez said that The Bollinger Bands on Dogecoin, a currency often discussed by Tesla CEO Elon Musk,  are experiencing the tightest squeeze since October 2023 which signals “an impending spike in $DOGE price volatility.”

Bollinger Bands are used for measuring cryptocurrency and other asset volatility. They consist of three bands representing standard deviations from a simple moving average. The bands widen with price increases and contract with decreases, providing insight into relative volatility. Overall, BBs offer a snapshot of a cryptocurrency’s volatility compared to historical norms.

Santiment noted that the cryptocurrency market caps have edged up 0.5% over the past week despite a shrinkage seen in trading volumes to the tune of 20.3% in the prior week.

The market intelligence platform said Bitcoin “continues seeing less attention as eyes turn to pumping #altcoins.”

Photo by Igor Faun on Shutterstock

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