The combined market capitalization of all cryptocurrencies has bounced back from recent losses, and has tipped over into $2 trillion once again. Are Bitcoin and the altcoins going to rekindle the bull market once more?
Bitcoin is still in the doldrums of September, a month that typically has the worst returns for $BTC in the whole of the year. That said, the $BTC price still needs to keep above critical support levels, and a break back into a $2 trillion market cap augurs well.
All eyes on Bitcoin still
The crypto market is up currently. Bitcoin is holding just above the important resistance at $58,000, and the altcoins are mostly in the green. Thus far, it’s all eyes on Bitcoin still. The king of the cryptocurrencies is still the star of the show, and will probably continue to be so, at least until it can get back to, and beyond, the all-time high. After this point, once the bull market potentially goes into its final parabolic stage, the altcoins are likely to surge past and outperform.
Of course, there is still a lot of work to be done by the Bitcoin bulls, and it really wouldn’t be a surprise if the $BTC price was rejected at $58,000, or even at $59,000, considering that it has risen more than 10%, over six days, going into this horizontal resistance level, and the short term Stochastic RSIs are topping out, potentially signalling that price momentum could turn back down.
Crypto Total Market Cap in bull flag
Source: TradingView
Looking at the Crypto Total Market Cap on the weekly time frame, it can be noted that, just like Bitcoin, the market cap is in a bull flag. It might appear that the market cap is now going to start taking out the resistances, which would eventually take it back to the top of the flag, and a potential breakout, coinciding with that last, parabolic stage of the bull market.
However, it may be that Bitcoin could be rejected from its own big resistance at $58,000. This still remains to be seen. That said, even if it is rejected, macro indicators are signalling that potentially, strong upward momentum could arrive in the next week or two. Time will tell if it will be enough to send Bitcoin, and the Crypto Total Market Cap out of the top of their respective bull flags.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/09/crypto-total-market-cap-hits-2-trillion