It does not seem that the crypto market shows signs of weakness yet, on the contrary, the Total Market Cap remains high despite having reached its ATH in early January.
An interesting thing that we can see in the consolidation of the Total Market Cap is the formation of an Inverted Head and Shoulders Pattern that, although it is true that these types of patterns usually predict the beginning of a Market Reversal in a bear market, in a Bull market are usually associated with the clear indication of MARKET CONTINUATION.
So again, we can draw a sloping frontier at 1,070 Billion USD which would be our NECKLINE.
The volume continues its upward trend as well with what is very likely that we will see a strong break of the NECKLINE confirming the continuation of the market and the price discovery in all cryptocurrencies, starting with BITCOIN
If this breakout occurs, it would be easy to get 1,330 Billion USD, in a blink of eyes.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
It's about time you know. If BTC will reach $300,000 then the market cap should start pumping.
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Could it be due to the fact that there's more dollar in circulation?
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I'd say rather to stronger demand for crypto.
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at the end of the day, it is still demand vs supply battle :D