Crypto adds $800 billion market cap in two months
The post Crypto adds $800 billion market cap in two months appeared on BitcoinEthereumNews.com.
Cryptocurrency bulls and bears have shared their insights and built their positions during a slightly bearish seven-month consolidation phase. Cryptocurrencies have now proved the bears wrong, adding over $800 billion in capitalization in two months, starting a bull market. Finbold looked at TradingView’s Crypto Total Market Cap Index (TOTAL) on November 10, currently marking a $2.667 trillion capitalization. TOTAL had been in a seven-month downtrend range, touching the range’s bottom for the last time in early September. Since then, the crypto market has added over $800 billion in capitalization, up over 40% in two months. Notably, the highest inflow occurred in the last five days, adding over $465 billion. This happened after testing the range’s top as support for the second time, which was previously a resistance. TOTAL broke out of the downtrend in mid-October as “Uptober” was playing out. Crypto Total Market Cap Index (TOTAL) daily chart. Source: TradingView / Finbold / Vini Barbosa Beware: Short squeeze first, long squeeze second The weekend has already seen significant volatility after Bitcoin (BTC) reached a price target of $77,500, as Finbold forecasted. With that, the market registered nearly $400 million in liquidations from short and long positions in the last 24 hours. In particular, $290 million was liquidated in a short squeeze, punishing the bears, while $105 million was of long liquidations. Bitcoin had the largest single liquidation of $13.10 million and a total of $105 million liquidated. Liquidation Heatmap and Total Liquidations in 24 hours. Source: CoinGlass / Finbold The move has punished bears like Credible Crypto, who were eagerly shorting Bitcoin and altcoins since early October. Give me a bounce so I can short this “altseason” to the ground. $BTC — CrediBULL Crypto (@CredibleCrypto) October 3, 2024 However, the same analyst, CrypNuevo, who predicted $77,500 as this weekend’s price…
Filed under: News - @ November 10, 2024 12:26 pm