If one were to analyze the aggregate crypto market performance over the last week, one would have the impression that the total market cap increased just by 4%. Nevertheless, this data is impacted quite heavily by the top 5 cryptocurrencies, which happen to also include a couple of stable coins.
Excluding Ether, Bitcoin, Binance Coin, and stable coins do reflect a 9.2% increase in the market cap from $382 billion to $418 billion on the 4th of February. This also explains why so many of the top-80 altcoins have seen a hike of 25% or more while a limited few have showcased a negative performance.
Crypto Market Has Been Experiencing Market Bullishness
On the 9th of February, Gala Games did announce a partnership with Snoop Dogg, the world-renowned hip-hop artist to launch his new album as well as his exclusive NFT campaign. Gala Games also have major plans of supporting additional content like access to comics, films, and several more in the future.
Another platform for decentralized video sharing, Theta Network, was recently granted funding from Theta Labs for the end-to-end solution of Replay, a Web3 content payment, and tracking protocol. It definitely deserves to be seen as to how this would affect the crypto market.
The USDT premium has been measuring the difference between the peer-to-peer trades taking place in China and the official US Dollar currency. Excessive cryptocurrency retains demand also tends to pressure the indicator above the fair value, or 100%. On the other hand, most of the bearish markets will be likely flooding the crypto market offer of Tether- something that would lead to a discount of 4% or higher.
While the Tether premium, as well as the funding rate, have been neutral-to-bearish despite the weekly gain of 4%, one should also factor in that cryptocurrencies have recently faced a drawdown of 50%, meaning that the indicators for casting a doubt on the crypto market could be skewed.