$365 billion inflows crypto market cap in a month, but what’s next?

A short bull run marked the last 30 days in the cryptocurrency market, with Bitcoin (BTC) leading the way for multiple cryptocurrencies. Greed started dominating investors’ sentiments as most digital assets registered massive capital inflows in a month.

Notably, the leading index by TradingView (CRYPTOCAP: TOTAL) surged 35%, adding $365 billion in 30 days. By press time, a $1.024 trillion total crypto market cap quickly became $1.392 trillion from October 12 to November 11.

CRYPTOCAP: TOTAL - Total cryptocurrency market capitalization
CRYPTOCAP: TOTAL – Total cryptocurrency market capitalization. Source: TradingView

The bearish short-term case for cryptocurrencies

However, the Relative Strength Index (RSI) is overbought at 88.29 points in the daily chart. This state has lasted since October 22, when RSI crossed 70 points. In the meantime, total capitalization has distanced itself by $155 billion from the 30-day exponential moving average (EMA).

Essentially, these indicators suggest cryptocurrency trading could expect a natural retracement at any moment from this point. In this case, traders must look for important support zones in the market cap index. If these support zones hold, the now-claimed bull market can continue healthy.

Cryptocurrency

Why is crypto market up today?

Cryptocurrency

What’s next for Cardano as $2 billion flows into ADA market cap in a week?

Cryptocurrency

Top 3 cryptocurrencies under $1 to buy next week

Cryptocurrency

Can we expect 'Santa rally' for Bitcoin this Christmas?

Cryptocurrency

3 cryptocurrencies to avoid next week

On the other hand, a break out from capitalization supports would threaten a bearish trend reversal.

The bullish short-term case for the crypto total market cap

Interestingly, there is an appealing psychological resistance at the $1.50 trillion total market cap for the indexed cryptocurrencies. This could act as a magnet for the current movement’s continuation.

Moreover, Crypto Tony, a cryptocurrency analyst on X, is rooting for altcoins to close above the current resistance zone. The crypto market cap, excluding Bitcoin and Ethereum (ETH), registers a $405 billion capitalization by press time.

Crossing this line in the weekly would also favor a bullish bias for the global market cap. Nevertheless, a rejection would strengthen this resistance, favoring the previous bearish case.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Comments

Post a Comment

Popular posts from this blog

1 in 4 investment firms assign senior execs to digital assets: Report

Image
One-quarter of asset managers and hedge funds in the US and Europe have recruited senior executives to oversee digital asset strategies, according to a recent report. Based on the findings of a market intelligence firm, an increasing number of investment firms in the United States, United Kingdom, and Europe are appointing senior executives to lead digital asset investment strategies. According to a recent Amberdata report titled 'Digital Assets: Managers' Data Infrastructure Fuel,' 24% of asset management firms have adopted a digital assets strategy, with an extra 13% planning to do so in the next two years. “These roles are being staffed up, with almost a quarter of firms with a senior role dedicated to digital assets, reflecting seriousness about implementation as well as senior management buy-in.” Organizations with a senior role dedicated to dedicated asset strategy implementation. Source: Amberdata The report surveyed 60 investment professionals across the United St
Read more

Bitcoin Price Prediction for Today, December 28: BTC/USD Could Avoid another Downtrend If Closes Above $17k

Image
The Bitcoin price prediction shows that BTC sees a 0.63% decline after trading near the $17,000 resistance level, the first digital asset heads lower. Bitcoin Prediction Statistics Data: Bitcoin price now – $16,593 Bitcoin market cap – $319.5 billion Bitcoin circulating supply – 19.2 million Bitcoin total supply – 19.2 million Bitcoin Coinmarketcap ranking – #1 BTC/USD Long-term Trend: Ranging (Daily Chart) Key levels: Resistance Levels: $21,000, $23,000, $25,000 Support Levels: $14,000, $12,000, $10,000 BTC/USD loses its momentum after trading near the resistance level of $17,000. As of writing, the king coin is down 0.63% on the day at $16,733 below the 9-day and 21-day moving averages. Meanwhile, Bitcoin (BTC) may struggle to close above $17,000 and if it does, it should be free to rise well above $18,000 if it moves in the next positive direction. Bitcoin Price Prediction: Bitcoin (BTC) Range-bounds After a slightly positive move above $16,700, the Bitcoin price is
Read more

Huobi To Cancel Bonuses, Cut Salaries & Lay Off 600 Employees?

This year has been difficult for crypto-based organizations. Companies that exuded a strong foothold in the crypto space shut shop, the profitability numbers of the ones that managed to stay afloat went downhill, and investors paid a hefty price. With just a day left for the year to end, another not-so-positive development has shaped up. Chinese Journalist Colin Wu took to Twitter to claim that Huobi is allegedly going to cancel all year-end bonuses. Wu also stated that the exchange is preparing to lay off nearly half of its team. The size is likely to reduce from 1,200 people to 600-800 people. Citing anonymous insider sources, Wu also revealed that Huobi will slash the salaries of senior employees. Justin Sun ’s Huobi exchange will cancel all year-end bonuses, and will prepare to lay off the team of 1,200 people to 600-800 people, and cut the salaries of senior employees, according to several insiders. Exclusive — Wu Blockchain (@WuBlockchain) December 30, 2022 This
Read more