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Crypto trading volume

On May 4 (11:00 UTC), the global cryptocurrency market capitalization stands at $2.68 trillion, largely unchanged since Sunday, May 3. However, it decreased compared to Monday, April 27, when it was $2.7 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 $93 billion, higher than the level posted last Monday when it recorded $79.23 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, USDC, and BTC recorded $126 billion, $59 billion, and $37 billion, respectively. Over the last week, USDT posted $521 billion, BTC $274 billion, and ETH $268 billion. Below you can see the ranking over the past month as well.

Altcoins post minor changes 

Of the top 100 coins by market cap, 40 have seen their prices drop on Monday, May 4, while the rest have increased. MemeCore (M) fell the most, 9.5% to the price of $2.69, followed by Provenance Blockchain (HASH)’s 7.6% to $0.01049. At the same time, SkyAI (SKYAI) is the winner in this category, having risen 86.6% to $0.6461. Dash (DASH) is next with an increase of 21.8% to $46.28. The changes are more notable in either direction compared to the week prior.

In the 7-day timeframe, we find 54 of the top 100 coins in the red. MemeCore lost the most in this category as well. World Liberty Financial (WLFI) follows with an 18% drop to the price of $0.06041. On the other hand, eight coins recorded double- or triple-digit rises. SkyAI posted a 257% rise in this period, with DASH following, having surged nearly 30% in seven days.

Now, let’s shift our focus to the top 10 coins. On May 4, we find that all coins are green over the past 24 hours (not taking the two stablecoins into account). The changes are not particularly great, however. The winner in the category is Dogecoin (DOGE), having risen 2% to $11.03. The only other coin that appreciated over 1% is Ethereum (ETH). It’s up 1.2% to the price of $2,341.

In the 7-day period, four coins are green, the highest of which is DOGE’s 12%. Of the four red coins, Hyperliquid (HYPE) recorded a 1.9 drop, currently trading at $41.47.

Bitcoin revisits $80,000

Bitcoin hasn’t really changed since Sunday, May 3, rising just 0.6% and standing at $78,917 on Monday. In the 7-day category, it posted a 1.3% increase. It continues rising in the 1-month period, currently standing at 18%. It’s down 17.4% in a year. It is also 37.4% away from its all-time high of $126,080.

The week’s biggest point is that the BTC price finally managed to move above the $80,000 on Monday morning, but it failed to hold that level this time. It jumped from its intraday low of $78,328 to $80,529, which is also the intraweek high. The lowest 7-day point was $75,436. Investors are now watching to see if the rally will resume, and if so, will BTC hold the $80,000 level and potentially break above $81,800 and $83,660.

The increase was presumably driven by easing US-Iran tensions and strong ETF demand. Spot ETFs recorded $630 million in inflows, and over $150 million was liquidated in an hour on Monday. Importantly, the squeeze may still have more room to run, so it’s something to keep an eye on.

Ethereum briefly nears $2,400

Ethereum appreciated 1.17% in a day, as the second-best performer in this timeframe, and it’s currently changing hands at $2,341. It added just 0.03% to the price over a week, meaning that, much like BTC, it remained mostly unchanged in the 7-day period. Overall, it’s up 14% in a month and 28% in a year, while it also pulled back by 52.7% from its ATH of $4,946.

Over the past day, ETH surged from the low of $2,310 to the day’s and the week’s highest point of $2,393. This rally wasn’t strong enough to push the price above the $2,400 level. Either way, ETH pulled back to the current price. Its lowest point over the past week was $2,231.

Its further moves will be decided most likely by the macro catalysts, and should the bull start running again, the price is set to climb over the $2,400 mark and to $2,500, which could open doors to $2,670. Yet, a downturn could push it down to the $2,100 level.

Sentiment stays put

Much like the rest of the crypto market, the sentiment is largely unchanged as well. Still sitting in the natural zone, this metric stands at 45 at the writing time, compared to 44 this time a week ago. It did, however, revisit the fear zone mid-week, falling to 39 but swiftly recovering.

The current level indicates that the market is slightly risk-off, without selling pressure or capitulation. The investors aren’t particularly confident, but the market is mostly stable, even if undecided. For now, it’s neither indicating panic selling nor euphoric buying. The sentiment level re-confirms the consolidation argument.

Key drivers behind market moves

Per the latest CryptoQuant report, Bitcoin rose 20% in April 2026, driven entirely by growth in perpetual futures demand. At the same time, spot demand “remained in contraction territory throughout the rally, signalling the absence of overall organic buying during the rally.”

The current demand structure mirrors the pattern at the beginning of the 2022 bear market. Back then, the perpetual futures demand surged while spot demand contracted, which was then followed by “a sustained multi-month price decline. History suggests this setup carries meaningful downside risk as Bitcoin remains in a bear market regime,” the analysts write.

Overall, the report concluded that,

“The divergence between rising price and contracting spot demand is one of the clearest on-chain signals that price gains are speculative rather than structural.”

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, they posted a mixed week, with three straight days of outflows, followed by two days of inflows, but ending the week with a bang of $629.73 million in positive flows on Friday, May 1.

Notably, it has posted three consecutive green months, following a significant red monthly streak.

Moreover, the ETH spot ETFs recorded four out of five days of negative flows last week, but then posted $101.18 million in inflows on Friday. Looking at its monthly chart, we find the last two months mildly in green, following five straight months of negative flows. The reversal may indicate a major investor return to the vehicle, providing a boost to the market for the next leg up.

Additionally, an analyst argued that the average cost basis of investors who entered the market following the ETF approval is now BTC’s key support level, with a rebound rising from it.

“What stands out is that this cycle is structurally different from previous ones,” the analyst Crypto Dan writes. “While various data points suggest that a bottom has not yet been reached, the large-scale influx of institutional capital through spot ETFs is a variable that simply did not exist in past cycles.”

Events to watch

We’ve continued to see short-lived upswings, with quick retreats to lower levels across the board. And yet, the weekly and monthly timeframes have recorded minor increases, though still within the consolidation realm. Will anything be a stronger catalyst this week? These are the key points to watch.

Geopolitical factors: no major change

Though the price seems to have reacted to a potential easing in geopolitical tensions and a possibility of the world seeing a resolution of the Hormuz issue, there was no actual change to discuss. Accusations are flying from all sides, and despite the US president’s ongoing grand claims of a solution, the country doesn’t seem willing to negotiate with Iran on equal terms.

That said, the war continues, the Strait of Hormuz standoff remains a major issue, and any optimism surrounding potential resolutions without a concrete plan of action to back it up will likely continue to be short-lived.

Macro factors could be a key driver

The US macro data is still one of the most relevant factors investors are keeping an eye on, especially any numbers related to inflation or jobs. Strong data can delay rate cuts, which is bearish for crypto, but weaker data can boost expectations of easier policy, which is bullish for the industry.

The next US Employment Situation report (aka jobs report) for April 2026 is set to be released on Friday, May 8, 2026. Investors will watch to see the strength of the data.

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. Buyers remain selective and not aggressive, waiting to see the direction the market will take in the near term. Last week saw a brief rally with no major changes, and unless there is a notable catalyst this week, we can expect much the same: relative stability and lower volatility.

Certain bullish forces remain strong, such as the continual ETF positive flows and the neutral-to-bullish sentiment. So keep an eye on the macro and geopolitical developments, as these may push the prices higher. But also remember that a short-term bearish move presents a good chance for those looking to buy.

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.

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