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

The full crypto marketplace headdress surpassed $900 billion connected Jan. 12 to grounds a nine-week high.

In conjunction with respective tokens signaling “monster gains” recently, immoderate person taken this arsenic an denotation of the advent of a caller bull run.

Crypto marketplace headdress shows signs of recovery

Nine weeks ago, the fallout from the FTX illness spooked the market, starring to monolithic superior outflows. A bottommost was reached erstwhile the full marketplace headdress recovered enactment astatine $783 cardinal connected Nov. 21, 2022.

The peak-to-trough question of the fallout equated to a nonaccomplishment of 26% implicit 16 days.

As participants processed the situation, a play of large uncertainty followed. However, with the commencement of the caller year, it appears sentiment has flipped from uncertainty to tentative optimism.

Leading the complaint are respective tokens with a beardown show implicit the past week which has fixed origin for hope. This includes the gaming task Gala, up 120%, and Layer-1 blockchain Aptos, which grew 83% implicit the aforesaid period.

What’s more, with marketplace person Bitcoin seemingly breaking its slumber to sound connected $19,000 — it seems the hazard appetite for cryptocurrencies has returned.

YouTuber Brendan Jordan, aka That Martini Guy, took to Twitter, suggesting caller events could bespeak the instrumentality 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 carnivore marketplace is officially over.” Welcoming his viewers “to f*cking Narnia,” helium confidently stated the full abstraction “is getting sent.”

Bearish sentiment is inactive present

Nonetheless, understandably, others successful the crypto abstraction are little animated. @SatoshiFlipper voiced caution implicit the latest marketplace moves, recommending his followers bash what they mean to bash careless of the “noise.”

“Is it a bull trap? Is is simply a carnivore trap? Don’t marque it complicated. Set it + hide it until 30k, 40k, oregon different people acold distant & hold for it. Don’t merchantability yourself short, don’t get distracted by noise.”

@wizardofsoho was decisively much bearish, calling this “the biggest bull trap” helium has ever seen. He warned that important drawdowns volition follow.

“Capitulation is coming. Everything is gonna driblet 60-70%. You person been warned.”

@tradinglord explained the caller uptick successful prices arsenic thing much than shorts closing, adding it would beryllium “ridiculous” to load up connected altcoins astatine this time.

The station Total crypto marketplace headdress exceeds $900B – marking 9 week high appeared archetypal connected CryptoSlate.