Total crypto market cap exceeds $900B – marking 9 week high

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The total crypto market cap surpassed $900 billion on Jan. 12 to record a nine-week high.

In conjunction with several tokens recording “monster gains” recently, some have taken this as an indication of the advent of a new bull run.

Crypto market cap shows signs of recovery

Nine weeks ago, the fallout from the FTX collapse spooked the market, leading to massive capital outflows. A bottom was reached when the total market cap found support at $783 billion on Nov. 21, 2022.

The peak-to-trough movement of the fallout equated to a loss of 26% over 16 days.

As participants processed the situation, a period of great uncertainty followed. However, with the start of the new year, it appears sentiment has flipped from uncertainty to tentative optimism.

Leading the charge are several tokens with a strong performance over the past week which has given cause for hope. This includes the gaming project Gala, up 120%, and Layer-1 blockchain Aptos, which grew 83% over the same period.

What’s more, with market leader Bitcoin seemingly breaking its slumber to knock on $19,000 — it seems the risk appetite for cryptocurrencies has returned.

YouTuber Brendan Jordan, aka That Martini Guy, took to Twitter, suggesting recent events could indicate the return of the bull market.

“#BITCOIN NEARLY $19,000

#ALTCOINS BLOWING UP

IS THIS THE START OF THE BULL MARKET!!!”

Similarly, @Crypto Bitlord emphatically declared, “the bear market is officially over.” Welcoming his viewers “to f*cking Narnia,” he confidently stated the entire space “is getting sent.”

Bearish sentiment is still present

Nonetheless, understandably, others in the crypto space are less animated. @SatoshiFlipper voiced caution over the latest market moves, recommending his followers do what they intend to do regardless of the “noise.”

Is it a bull trap? Is is a bear trap? Don’t make it complicated. Set it + forget it until 30k, 40k, or another target far away & wait for it. Don’t sell yourself short, don’t get distracted by noise.”

@wizardofsoho was decisively more bearish, calling this “the biggest bull trap” he has ever seen. He warned that significant drawdowns will follow.

Capitulation is coming. Everything is gonna drop 60-70%. You have been warned.”

@tradinglord explained the recent uptick in prices as nothing more than shorts closing, adding it would be “ridiculous” to load up on altcoins at this time.

The post Total crypto market cap exceeds $900B – marking 9 week high appeared first on CryptoSlate.

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