A Quick Look At The Crypto Market - 23/05/25
Good morning, frens!
It's just crazy how much can happen in a single day in this ever-changing crypto space...
Yesterday, after I had finished my daily crypto analysis, the Cetus DEX on SUI was hacked for $220M. Since Cetus is the biggest DEX on SUI, the impact was obviously seen in $SUI price as well although it were the smaller altcoins that suffered the most. I believe SUI will recover well from this; in the long run, this might have even produced some good buy opportunities in the SUI ecosystem.
BTC
As for Bitcoin, in my yesterday's post, I was hoping there would've been a bit more consolidation, sideways movement just under the ATH, and now it seems we got it. Only above the previous all-time high levels. Not complaining though.
It seems BTC is starting to form a range, even though a very tight one, between $110k and $111k. This could work for altcoins if it brought down the BTC dominance.
BTC Dominance
Speaking of which, yesterday, we paid attention to BTC.D creating these higher highs and higher lows, indicating an uptrend. I was hoping to see a break in this structure, and now it seems to be happening as lower highs and lower lows are created.
Further downtrend in BTC dominance would mean good times for altcoins. I'd look at the previous support line that was just broken and soon perhaps tested as resistance. Bounce below from there creates another lower high, confirming the downtrend.
TOTAL3
However, before anyone declares an altseason, it's good to take a look at other charts as well.
The TOTAL3 (which represents the total crypto market cap excluding BTC, ETH and stablecoins) seems to have hit a major resistance level and is now declining.
Also, even though the USDT dominance has been declining nicely, there are signs that it could be bouncing back up.
Take note that USDT.D Stoch RSI was at an oversold level while the TOTAL3 was showing overbought conditions.
To me, these factors hint that there might be a pullback coming soon. If so, I'd be watching whether BTC can hold the structure, in other words, keep an eye out for the uptrend to stay valid.
Hyperliquid
Lastly, I have to mention the crazy performance of Hyperliquid L1 and its $HYPE token.
Since the lows ($9.4) of April 7th, $HYPE has 3X:d and surged 258% in 48 days.
No matter from which point of view you look at Hyperliquid, the numbers are crazy and can explain the huge demand:
I'm holding some $HYPE but was planning on buying more, but missed the train for now. At $25, I was waiting for $22 to add more, but missed my chance and am looking for possible pullbacks. Not financial advice, but if we do get a drop, strong alts, projects like Hyperliquid are definitely ones to put on a watchlist.
That's all for today, thank you for reading and don't forget to leave a comment!
Apps and Airdrops:
🔹 Hyperliquid - the best perp DEX out there. Trade, stake & farm the next big airdrop!
🔹 HyperSwap - Swap & provide liquidity on HyperEVM, earn points for the airdrop
🔹 LeoDex - multi-chain, multi-wallet dex for all of your swaps
🔹 VOLO - stake SUI to earn APR & airdrop points!
🔹 Grass - $GRASS token launch surprised everyone, don't miss the second season!
Posted Using INLEO