The CoinDesk Market Index is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.
In May, we began to see some slight weakness across the asset class due to the macro headwinds of rising interest rate expectations, as market expectations for interest rates repriced higher and for longer, as the U.S. 2-year yield increased ~30bps and the U.S. treasury yield curve eliminated rate cuts expectations for the rest of the year.
This Bitcoin positive development, combined with the SEC action against Coinbase for allegedly listing specific alt coins as unregistered securities, resulted in an increase in the ratio of Bitcoin Market Cap to Total Crypto Market Cap to accelerate above 50% to levels not seen since 2021 and a dramatic underperformance of small cap vs large cap crypto tokens.
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