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- Dgenz Crypto Weekly 029
Dgenz Crypto Weekly 029
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
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Weekly Snapshot
Market Pulse
Bitcoin briefly pushed above $105K this week before pulling back as markets reacted to news that the U.S. and China are scaling back tariffs. Equities loved it—the Nasdaq rallied 3.4% and the S&P 500 gained 2.4%, while Bitcoin still boasts a 21% gain over the past month. In New York, Mayor Eric Adams announced the city’s first official crypto summit happening on May 20th, while boldly declaring that NYC is “doing in blockchain what Silicon Valley did in tech.” Meanwhile, Dubai continues to flex its digital leadership, announcing at the Fintech Summit that it will now accept crypto for government fees via a new deal with Crypto.com—fitting for a city that already processes 97% of payments digitally. On the corporate front, Strategy added another 13,390 BTC to its balance sheet, now holding 568,840 BTC worth roughly $59 billion. Not to be outdone, Bitcoin Magazine’s David Bailey launched Nakamoto Holdings in partnership with KindlyMD, raising $710 million to kickstart a new Bitcoin treasury—news that sent KindlyMD’s stock soaring over 300%. It’s just the latest in a wave of corporate BTC plays, joining the likes of Tether-backed “Twenty One,” a soon-to-launch public company loading 42,000 BTC straight onto its balance sheet.
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Crypto Insights: Weekly Charts
Bitcoin Dominance
This is an important spot for altcoins as $BTC.D is currently bouncing off support here and causing most altcoins to drop at least a couple percent from their recent gains. For now, there is nothing to worry about, this is most likely just a retracement wave with an expected rejection from the orange box which is a bearish fair value gap with the 0.618 fibonacci level also laying within it. This box marks a good spot to scale out of any shorts and start jumping back into long positions on alts. Although unlikely, if we do see a 4HR close above that box then Bitcoin dominance will likely continue up until we reach that red resistance band, and that move will take with it all of the recent gains made across the alt market.
The BTC.D chart shows Bitcoin’s market dominance, revealing its share of the total crypto market cap and helping investors understand capital flow trends and overall confidence in Bitcoin versus altcoins.
TOTAL2
Just as $BTC.D is bouncing off support, we also have our $TOTAL2 sitting under resistance. This is going to be big for altcoins if we can reclaim this resistance level, but so far we are still trading under the resistance.
The TOTAL2 chart shows the market cap of all cryptocurrencies excluding Bitcoin, offering insight into the altcoin market's health. A rising TOTAL2 often signals increased interest in altcoins, while a decline may indicate a shift back to Bitcoin or reduced altcoin investment.
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