Crypto Market Sentiment Research Report (2024.05.31-06.07): BNB breaks all-time high with market value exceeding 100 bil

Binance Coin BNB is the first to break the historical high market value of over 100 billion US dollars

Binance Coin (BNB) has surpassed $100 billion in market capitalization, marking an important achievement and recognition for the cryptocurrency in the market. This makes BNB one of the few cryptocurrencies with a market capitalization of over $100 billion, highlighting the importance of Binance Exchange and BNB in the cryptocurrency industry.

Compared to giants in the traditional financial industry, such as JP Morgan and Goldman Sachs, whose market capitalizations are $500 billion and $150 billion respectively, Binance鈥檚 market capitalization has not yet reached the level of these traditional financial institutions, but it is approaching and growing rapidly. This shows the potential of the cryptocurrency market and Binance鈥檚 leading position in it.

In addition, Binance鈥檚 market capitalization has also surpassed that of the Commodity Exchange (CME), a major commodity futures exchange that plays an important role in global commodity trading. Binance鈥檚 surpassing is indicative of the growing influence that the cryptocurrency industry is gaining.

In general, Binances market capitalization exceeding $100 billion represents the cryptocurrency markets high recognition of the project and the increase in investor confidence. This achievement marks Binances important position in the cryptocurrency industry and lays a solid foundation for its future development.

Currently, BNB has taken the lead in breaking through its historical high, and mainstream currencies are still fluctuating near the new high, and are expected to break through the new high to drive a new round of rise.

There are about 7 days until the next Fed meeting (2024.06.13)

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Market technical and sentiment environment analysis

Sentiment Analysis Components

Technical indicators

Price trend

Over the past week, BTC prices have risen 3.58% and ETH prices have risen 1.75%.

The above picture is the price chart of BTC in the past week.

The above picture is the price chart of ETH in the past week.

The table shows the price change rate over the past week.

Price Volume Distribution Chart (Support and Resistance)

In the past week, BTC broke through the concentrated trading area upward, while the price of ETH as a whole fluctuated widely within the concentrated trading area.

The above picture shows the distribution of BTCs dense trading areas in the past week.

The above picture shows the distribution of ETHs dense trading areas in the past week.

The table shows the weekly intensive trading range of BTC and ETH in the past week.

POC_SARPoint Of ControlSupportResistancebtc67733.2367200.9570106.38 eth 3780.773742.853867.12

Volume and Open Interest

In the past week, BTCs trading volume began to increase after the rise on June 3, while ETHs trading volume was generally sluggish; the open interest of both BTC and ETH increased.

The top of the above picture shows the price trend of BTC, the middle shows the trading volume, the bottom shows the open interest, the light blue is the 1-day average, and the orange is the 7-day average. The color of the K-line represents the current state, green means the price rise is supported by the trading volume, red means closing positions, yellow means slowly accumulating positions, and black means crowded state.

The top of the above picture shows the price trend of ETH, the middle is the trading volume, the bottom is the open interest, the light blue is the 1-day average, and the orange is the 7-day average. The color of the K-line represents the current state, green means the price rise is supported by trading volume, red is closing positions, yellow is slowly accumulating positions, and black is crowded.

Historical Volatility vs. Implied Volatility

Historical volatility of BTC and ETH remained at a low level over the past week; implied volatility of BTC and ETH declined.

The yellow line is the historical volatility, the blue line is the implied volatility, and the red dot is its 7-day average.

Event-driven

In terms of events, on June 7, 2024 at 20:30, the U.S. non-farm data was significantly better than expected, and the prices of mainstream currencies fell sharply and then rebounded.

Sentiment Indicators

Momentum Sentiment

In the past week, among Bitcoin/Gold/Nasdaq/Hang Seng Index/CSI 300, Bitcoin was the strongest, while CSI 300 performed the worst.

The above picture shows the trend of different assets in the past week.

Lending Rate_Lending Sentiment

The average annualized return on USD lending over the past week was 10.8%, and short-term interest rates fell to around 9.2%.

The yellow line is the highest price of USD interest rate, the blue line is 75% of the highest price, and the red line is the 7-day average of 75% of the highest price.

The table shows the average returns of USD interest rates for different holding days in the past

Funding Rate_Contract Leverage Sentiment

The average annualized return on BTC fees in the past week was 12.2%, and contract leverage sentiment remained at a normal level.

The blue line is the funding rate of BTC on Binance, and the red line is its 7-day average

The table shows the average return of BTC fees for different holding days in the past.

Market Correlation_Consensus Sentiment

The correlation among the 129 coins selected in the past week rose to around 0.75, and the consistency between different varieties increased significantly.

In the above figure, the blue line is the price of Bitcoin, and the green line is [1000 floki, 1000 lunc, 1000 pepe, 1000 shib, 100 0x ec, 1inch, aave, ada, agix, algo, ankr, ant, ape, apt, arb, ar, astr, atom, audio, avax, axs, bal, band, bat, bch, bigtime, blur, bnb, btc, celo, cfx, chz, ckb, comp, crv, cvx, cyber, dash, doge, dot, dydx, egld, enj, ens, eos,etc, eth, fet, fil, flow, ftm, fxs, gala, gmt, gmx, grt, hbar, hot, icp, icx, imx, inj, iost, iotx, jasmy, kava, klay, ksm, ldo, link, loom, lpt, lqty, lrc, ltc, luna 2, magic, mana, matic, meme, mina, mkr, near, neo, ocean, one, ont, op, pendle, qnt, qtum, rndr, rose, rune, rvn, sand, sei, sfp, skl, snx, sol, ssv, stg, storj, stx, sui, sushi, sxp, theta, tia, trx, t, uma, uni, vet, waves, wld, woo, xem, xlm, xmr, xrp, xtz, yfi, zec, zen, zil, zrx] overall correlation

Market Breadth_Overall Sentiment

Among the 129 coins selected in the past week, 65% of them were priced above the 30-day moving average, 35% of them were above the 30-day moving average relative to BTC, 26% of them were more than 20% away from the lowest price in the past 30 days, and 64% of them were less than 10% away from the highest price in the past 30 days. The market breadth indicator in the past week showed that the overall market was in a stage where most coins resumed their upward trend.

The above picture shows [bnb, btc, sol, eth, 1000 floki, 1000 lunc, 1000 pepe, 1000 sats, 1000 shib, 100 0x ec, 1inch, aave, ada, agix, ai, algo, alt, ankr, ape, apt, arb, ar, astr, atom, avax, axs, bal, band, bat, bch, bigtime, blur, cake, celo, cfx, chz, ckb, comp, crv, cvx, cyber, dash, doge, dot, dydx, egld, enj, ens, eos,etc, fet, fil, flow, ftm, fxs, gala, gmt, gmx, grt, hbar, hot, icp, icx, idu, imx, inj, iost, iotx, jasmy, jto, jup, kava, klay, ksm, ldo, link, loom, lpt, lqty, lrc, ltc, luna 2, magic, mana, manta, mask, matic, meme, mina, mkr, near, neo, nfp, ocean, one, ont, op, ordi, pendle, pyth, qnt, qtum, rndr, robin, rose, rune, rvn, sand, sei, sfp, skl, snx, ssv, stg, storj, stx, sui, sushi, sxp, theta, tia, trx, t, uma, uni, vet, waves, wif, wld, woo,xai, xem, xlm, xmr, xrp, xtz, yfi, zec, zen, zil, zrx ] 30-day proportion of each width indicator

Summarize

In the past week, Bitcoin (BTC) rose 3.58% to a record high, while Ethereum (ETH) fluctuated near its previous high. At the same time, their historical volatility remained low. Bitcoins trading volume increased after the rise on June 3, while Ethereums trading volume was generally sluggish. The open interest of Bitcoin and Ethereum increased slightly, and the implied volatility decreased. In addition, Bitcoins funding rate remained at a normal level, and the market breadth indicator showed that the overall market was in a stage where most currencies resumed their upward trend. 2024.6.7 20:30 The US non-farm data was significantly better than expected, and the price rebounded after a sharp drop.

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