FameEX Weekly Market Trend | May 4, 2023

1. Market Trend

Between April 28 and 9:00 am on May 3, the BTC price fluctuated between $27,667 and $29,969, with a volatility of 8.32%. According to the 1-hour candle chart, after fluctuating at a high level for a period of time, the price of BTC fell below the weekly chart at 9:00 am on May 1 and has been running below the chart ever since, with a weak and fluctuating price.

Source: BTCUSDT | Binance Spot 

According to the ETH/BTC trend between April 28 and May 3, the ETH/BTC price fluctuated by about 2.65%. Looking at the 1-hour candle chart, the ETH/BTC price has been fluctuating around 0.065, with narrowing volatility.

Source: ETHBTC | Binance Spot 

Overall analysis shows that the current market volatility has slightly decreased, but it is still in a state of high-level fluctuation, and the trend of the market is unclear. Thus, it is recommended to be patient and wait for a clear trend.

The Bitcoin Ahr999 index of 0.75 is above the buying-the-dip level ($21,920) but below the DCA level ($35,800). It is viable to purchase popular coins through DCA.

Source: OKLink

From the perspective of MVRV Z-Score, the value is 0.61. When the value is greater than 6, it enters the market tops, while a value below 2 indicates that it enters the market bottoms. Currently, the present value exceeds the buying-the-dip range (-0.4-0.1).

Source: coinsoto

2. Perpetual Futures

In general, the 7-day cumulative funding rates for the popular coins across major exchanges were positive, indicating that long leverages are relatively high.

Source: coinsoto

There is no significant change in the contract open interest of BTC and ETH from major exchanges, implying no violent fluctuations in the market.

Exchange BTC Contract Open Interest:

Source: coinsoto

Exchange ETH Contract Open Interest:

Source: coinsoto

3. Industry Roundup

1. 1) On April 28, data showed that Arbitrum One had over 5 million independent users and nearly 200 million total transactions.

2. 2) On April 29, the total amount of inscriptions for the Bitcoin NFT protocol Ordinals exceeded 2 million.

3. 3) On April 29, PayPal launched a cryptocurrency transfer function for over 60 million Venmo customers in the U.S.

4. 4) On April 29, the daily transaction volume of both Arbitrum One and Arbitrum Nova exceeded one million transactions, surpassing Ethereum.

5. 5) On April 30, the Bitcoin halving time is estimated to be April 28, 2024, with fewer than 364 days remaining.

6. 6) On April 30, the on-chain Bitcoin transactions hit a new historical high due to the surge in Ordinals transactions.

7. 7) On May 1, PEPE’s market value soared to $525 million in just two weeks after launch, making it one of the top 100 cryptocurrencies in the market.

8. 8) On May 2, the total market value of BRC-20 tokens reached $137 million, an increase of 682% compared to last week.

9. 9) On May 3, SUI was listed on major exchanges.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.