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Crypto trading volume

On May 11 (7:00 UTC), the global cryptocurrency market capitalization stands at $2.78 trillion, largely unchanged since Sunday, May 10, going up by only 0.3%. However, it increased compared to Monday, May 4, when it was $2.68 trillion. Notably, it is green in the 14-day and the 30-day periods, remaining red in the 3-month timeframe.

At the time of writing, the total crypto trading volume in the last day is at $99.2 billion, slightly higher than the level posted last Monday when it recorded $93 billion, but still quite low compared to the levels we’re used to seeing during the last bull run.

When it comes to the top coins by volume, four coins take the first three spots, depending on the timeframe: Tether (USDT), Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC). Tether is always at the top though. In the past day, USDT, BTC, and ETH recorded $82 billion, $31 billion, and $21 billion, respectively. Over the last week, USDT posted $478 billion, BTC $401 billion, and ETH $220 billion. However, DAI entered the ranking for the 30-day period, in second place, with $3.8 billion. Below you can see the rankings over the 7-day period.

Altcoins post notable changes in a week 

Of the top 100 coins by market cap, about 60 have seen their prices rise on Monday, May 11, over the past day (7:00 UTC), while the rest have decreased. Sui (SUI) jumped the most, 19% to the price of $1.29, followed by Ondo (ONDO)’s 9.4% to $0.4507. At the same time, Siren (SIREN) fell the most in this category, 8.9% to $1.13. Toncoin (TON) is next with a decrease of 6.6% to $2.32. As seen, the changes are moderate over the past day.

In the 7-day timeframe, we find 79 of the top 100 coins in the green. Notably, 27 of these posted double-digit increases. TON is the winner in this category, having appreciated 68%. Next up is Venice Token (VVV)’s 62%, now trading at $15.64. On the other side, only six coins saw drops above 1%. The highest of these is Figure Heloc (FIGR_HELOC), which fell 3.9% to $1. Sky (SKY) posted a 3.6% fall in this period to $0.07841, with Dogecoin (DOGE) following, having dropped 3.1% in seven days to $0.1097.

Now, let’s shift our focus to the top 10 coins. On May 11, we find that all but one are green over the past 24 hours (not taking the two stablecoins into account). The changes are not particularly high, however. The winner in the category is XRP (XRP), having risen 2.4% to $1.45. Solana (SOL) follows with a 2.2% rise to $95. The only other coin that appreciated over 1% is Dogecoin (DOGE). It’s up 1.1% to the price of $0.1097.

The only drop in this category is Figure Heloc, having dropped 2.8% to $1.

In the 7-day period, five coins are green, the highest among which are SOL’s 11.3%, followed by Tron (TRX)’s 3.6% to the price of $0.3501.

Of the three red coins, Figure Heloc recorded a 3.9% drop, followed by DOGE’s 3.1% and Ethereum (ETH)’s 2.3%.

Bitcoin holds above $80,000

Bitcoin hasn’t really changed since Sunday, May 10, rising just 0.1% and standing at $80,903 on Monday. In the 7-day category, it posted just a 0.8% increase. It continues rising in the 1-month period, currently standing at 11%. It’s down 22% in a year. It is also 36% away from its all-time high of $126,080.

The week’s biggest point is that the BTC price held the $80,000 level, which it had taken the week prior. It jumped from its intraday low of $80,520 to $82,347, nearly hitting the intraweek high again of $82,496. The lowest 7-day point was $78,794.

The brief and moderate rally last week was followed by an expected pullback, placing the prices across the market back into a range. Investors are now watching to see if a rally will resume, which could take BTC to reclaim the $83,000 zone and move towards $85,000.

Ethereum briefly reclaims $2,400

Ethereum barely moved since Sunday, posting a 0.3% increase in a day, and it’s currently changing hands at $2,335. It fell 2.3% over a week, the least of the three red coins in this timeframe. Overall, it’s up 4.5% in a month, and it has turned red in a year after a long time, dropping 8% at the time of writing. It also pulled back by 52.7% from its ATH of $4,946.

Over the past day, ETH moved from the low of $2,320 to the day’s highest point of $2,379. The price finally managed to move above the $2,400 level, though briefly. The intraweek low stands at $2,274, while the intraweek high reached $2,411. Either way, ETH pulled back to the current price, though it still has enough room to move upwards.

Its further moves will be decided most likely by the intercrypto catalysts, and should the bull start running again, the price is set to climb over the $2,400 mark and toward $2,500, which could open doors to $2,670. Yet, a downturn could push it down to the $2,230 level.

Sentiment increases within neutral zone

The crypto market sentiment is still sitting in the natural zone, but has moved from 45 recorded on Monday, May 4, to 50 seen this morning. It had no trips to the fear zone this past week, the last time dipping into it at the very end of April. On a similar note, the last time it briefly visited the greed zone was April 23.

The current level indicates that the market’s not seeing selling pressure or capitulation. Investors are neither strongly fearful nor overly optimistic. It also reflects a balanced market where traders are waiting for clearer macro, geopolitical, regulatory, or price-direction signals before making more aggressive moves.

Key drivers behind market moves

According to Glassnode, Bitcoin broke through resistance and pushed into the $82,000-$83,000 area. This brought “volatility back into the market after weeks of compression,” the analysts said.

They further found that almost 2 billion of short gamma is concentrated around the $82,000 strike. Short gamma forces dealers to hedge with the move, buying strength and selling weakness, they add, and this can amplify price action around current levels.

ETFs post a monthly inflow streak 

Exchange-traded funds (ETFs) are both a key market driver and an indicator of its direction. When it comes to BTC spot ETFs, the total weekly net inflow was $622.75 million.

The ETFs posted a mixed week, with three straight days of inflows, followed by two days of outflows. The highest of the green days was Monday with 532.21 million in positive flows. The highest outflow was Thursday’s $277.5 million.

Notably, it has posted six consecutive green weeks. What would otherwise be an 11-day streak had been interrupted by a single week of negative flows at the end of March.

Moreover, the ETH spot ETFs recorded four out of five days of positive flows last week, the exact opposite of the week prior. Tuesday recorded the highest amount of inflows, with $97.57 million. Thursday’s outflows amounted to $103.52 million.

Looking at its weekly chart, we find the total net inflow for the past week at $70.49 million. Its four-week green streak was interrupted by outflows two weeks ago, returning to the moderate positive flows of this past week. The ETFs also saw three consecutive weeks of negative flows in March, displaying a different performance compared to their BTC counterparts.

BTC and ETH outperformed

Escalating Middle East tensions and rising oil prices affected the market, as higher energy prices increased inflation fears globally. This also exerted pressure on the traditional risk assets. All of this resulted in an interesting dynamic where crypto showed relative resilience compared with some traditional markets.

Analysts noted that both BTC and ETH outperformed during parts of the geopolitical turmoil. This reinforced the growing narrative that institutional investors are beginning to treat Bitcoin more like a strategic macro asset than simply a speculative trade.

Optimism around U.S. crypto regulation lifted sentiment

The progress on U.S. crypto legislation was a significant catalyst this past week, particularly regarding the Digital Asset Market Clarity Act. We saw reports that lawmakers were moving toward a compromise and a potential markup. This has raised expectations that there could be clearer regulation in the US sometimes in July.

Markets reacted positively to this. It’s usurping as regulatory clarity is increasingly viewed as a prerequisite for deeper institutional adoption. The investors and the industry need these rules as they’re likely to accelerate ETF expansion, custody services, and bank participation in the space.

Events to watch

BTC reaching $88,000

CryptoQuant found that $88,000 is a critical resistance for BTC. If BTC clears this level and the price settles above it, all short-term cohort clusters will turn positive. Short-term holders will move into profit and will “start telling success stories to everyone around them. That would be the real signal of a trend reversal,” the report argues.

Per the analyst, “short-term holders are the momentum engine of the market. When this group is in loss, they create selling pressure. When they turn profitable, they deliver the first signal of a sentiment shift.”

The CLARITY Act discussions

The U.S. Senate Banking Committee is expected to consider the CLARITY Act this week, on Thursday, making this one of the most important crypto-policy weeks of the year. This bill has been facing obstacles, and the latest indicators point to a potential resolution in the next couple of months.

The market is increasingly reacting positively to signs of clearer regulation for digital assets, so progress or setbacks could strongly influence institutional sentiment. Keep an eye out for further developments.

Spot Bitcoin ETF flows

This is still one of the strongest real demand signals. The flows are currently steady, instead of explosive, and spot BTC ETFs continue to act as a price floor. This absorbs sell pressure and prevents deeper corrections.

Is it a good time to buy crypto right now?

Based on what we’ve seen above, this is still a good time to buy crypto, but with a bit more restraint than the weeks prior. It’s recommended for buyers to wait and see if the market will decide on the near-term direction. Last week saw a brief rally, followed by a pullback that nonetheless left the prices at higher levels than the week prior. Should there be another rally, the existing holders will benefit, but a decrease would present a buying opportunity for both the current holders and the new investors.

Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile and involve significant risk. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions. Never invest more than you can afford to lose.