The Critical Bend in the Cryptocurrency Market: Can the Trillion Dollar Market Cap Be Maintained?

cryptocurrencies Started the new year on a positive note. While Bitcoin rose 41% as of the beginning of January, some altcoins, in the words of investors, “going to space” We saw. In today’s article, we will touch on the fact that the market is at a very critical point while the rally shouts are thrown on social media.

Market Cap Reached Trillion Again!

Led by the rise of Bitcoin, the total market value of cryptocurrencies increased by 35% in 1 month, exceeding the 1 trillion dollar mark.

Although the figure reached is satisfactory, according to the historical data of this metric, the market is currently at a critical juncture. $1 trillion The limit was previously tested in September and November, but FTX Panic sales came again due to the bankruptcy of the stock market.

The total market value reached a critical level again after 2 months. Although we have seen the attack of the bulls in the last 10 days, the consecutive needle candles show that the bears are not defending very badly.

of bitcoin It has been gaining value almost non-stop since the beginning of the month. Therefore, short-term investors should be extra careful.

TOTAL The bears’ next likely defensive stop is at $1.17 trillion if the data permanently surpasses the $1.03 trillion resistance.

However, if there is a negative news or situation in the market, $ 836 billion can be retested after the sales.

For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!

source site-5